Whom You Know: MAYOR BLOOMBERG SIGNS LEGISLATION EXTENDING THE RENT STABILIZATION LAW THROUGH APRIL 2015 Remarks by Mayor Michael R. Bloomberg at a Public Hearing on Local Laws

Wednesday, March 28, 2012

MAYOR BLOOMBERG SIGNS LEGISLATION EXTENDING THE RENT STABILIZATION LAW THROUGH APRIL 2015 Remarks by Mayor Michael R. Bloomberg at a Public Hearing on Local Laws

“The next bill before me is Introductory Number 791, sponsored by Speaker Quinn and Council Members Gonzalez, Arroyo, Brewer, Chin, Dromm, Gentile, James, Koppell, Koslowitz, Lander, Lappin, Levin, Recchia, Rose, Seabrook, Vann, Williams, Mark-Viverito, Palma, Vacca, Garodnick, Mendez, Gennaro, Van Bramer, Mealy, Rodriguez, Jackson, Barron, Dickens, Eugene, Koo, Reyna and Weprin.

“Introductory Number 791 extends the Rent Stabilization Law from April 1, 2012 through April 1, 2015. In order to extend the Rent Stabilization Law, the City must determine that a housing emergency exists to merit the need for rent stabilization. The 2011 Housing Vacancy Survey, conducted by the New York City Department of Housing Preservation and Development, reports the vacancy rate in rental apartments to be 3.12 percent, well below the 5 percent rate at which the law requires that rent regulation be discontinued.

“The Rent Stabilization Law, enacted in 1969, has been extended in three-year periods since 1979, and requires owners of properties with six or more rental units to abide by the annual rent increase set by the Rent Guidelines Board.

“I would like to thank Department of Housing Preservation and Development Commissioner Matthew Wambua and his staff for their work on this bill along with my Office of City Legislative Affairs. I would also like to thank the City Council for approving this legislation.”

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