Thursday, April 19, 2012

Telling Statistics About Rent Regulation

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. 
             Most of these apartments are outside Manhattan's core.

  • 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.  
Read the report for yourself!