New York’s rent regulation laws are set to expire June 15, which affects over a million apartments in New York City. As the politically charged debate in Albany heats up, Assembly Speaker Sheldon Silver has released a report with the snazzy title “The New Housing Emergency.”
The Assembly’s report seems primarily designed to create a greater sense of urgency around the rent-regulation issue, which is in danger of being subsumed by the more pressing budget debate. The substantive recommendations are few, but the report does provide some interesting data:
-In 2009, 13,500 apartments were deregulated (which is, in fact, a relatively small percentage of the estimated 1.1 million regulated apartments in the city). The majority of the apartments that have been destabilized in the last few years were in Manhattan.
-The median income of a tenant in a rent-regulated apartment is $38,000.
-The median rent paid by a rent-regulated middle-income tenant is $900 a month. An unregulated middle-income tenant pays a median rent of $1,100.
Check out the full report here.