New York City needs rent regulation for affordability, diversity, and strong communities!
According to the Furman Center's recent statistics on rent-regulated tenants,
- About 47% of apartments in New York City were rent regulated (stabilized or controlled) in 2011.
- The median income of rent-regulated tenants is lower than that of their neighbors.
- More of the regulated tenants are elderly and have lived in their homes significantly longer than market-rate tenants.
- Rent-regulated tenants pay a higher percent of their income in rent than do market-rate tenants - well over 30% (the HUD standard of a "reasonable" percentage to pay).
- Rent regulated tenants more ethnically diverse than market-rate tenants.
- Apartments are being de-regulated at a rapid rate: Even though many owners chose to regulate their newly-built apartments (for tax benefits) in the twenty years since 1981, there were 200,000 fewer units in 2011.