Cuomo’s Promise to End Decontrol
Governor Cuomo made a surprise announcement last week: he will support a bill to end vacancy decontrol in New York City. In effect since 1994, the vacancy-decontrol policy deregulates apartment rents (once they have reached a certain threshold) when tenants move out, leaving it to the market to establish a new rate. More than 150,000 apartments have been deregulated under this rule. Rent regulation has been the largest single cause of the housing crisis in New York City. Letting the market set rents—instead of the government—would free up existing housing and give builders incentive to build more. The governor should reconsider his position.
The Facts You Need to Know
Crisis: 63% of all of New York City’s rental units are regulated, and the housing crisis is as dire as ever. Read more.
Move: Because of regulated rents, New York City has the lowest housing turnover of any large city in the country. Read more.
Build: Spending on new construction in New York City boomed after the passage of vacancy decontrol in 1994. Read more.
“A less-regulated NYC housing market would, over time, alleviate its constant sense of crisis and desperation.”
And so it begins. Press release from @LindaBRosenthal on @NYGovCuomo comment yesterday on @BrianLehrer that he will sign a bill ending vacancy decontrol for rent regulated apartments. I’m actually surprised by how little pickup this got. pic.twitter.com/TVRq7dtwRR— Zack Fink (@ZackFinkNews) November 20, 2018
The Past is Present
“Misguided policies keep some New Yorkers in subsidized apartments and raise costs for everyone else.”
And in other news...
“The base fare of a bus or subway ride could go up to $3 next March, as commuters get set to pay more for public transportation for the sixth time in a decade.”