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HPD Says There’s Still a Need for Rent Regulation
Initial results from the 2017 New York City Housing and Vacancy Survey show a net rental vacancy rate of 3.63% citywide. That’s well below the 5% vacancy threshold that constitutes a “housing emergency,” and underscores the need for continued rent regulation protection, according to the city’s Department of Housing Preservation and Development.
“The HVS findings confirm that while we are finally seeing incomes rising more than rents, the city is still facing a dire affordability crisis,” said HPD Commissioner Maria Torres-Springer. Accordingly, she added, “We must continue to aggressively build and preserve more affordable homes, while also pushing to strengthen rent stabilization laws.”
The 5% threshold has been in place since 1965, when HPD began conducting the survey. Vacancy has remained below that threshold since then and continued into 2017, even as 69,000 housing units were added for the city’s largest inventory on record.
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