3:31 am, Wednesday, 22 May 2024

Testimony: New York City’s Housing Emergency

A Public Emergency
New York defines a housing emergency by a clear threshold: a vacancy rate below 5 percent for rental housing in habitable condition. The Select Initial Findings of the 2023 Housing and Vacancy Survey show that New York City remains deep in such an emergency, not only justifying the continuation of rent control and rent stabilization, but clarifying the very connection between low vacancy and the need for rent regulation.

The 2023 HVS shows that New York City’s net rental vacancy rate is 1.41 percent, one of the lowest on record. It is a steep fall from 2021’s 4.54 percent rate, one of the highest on record. Such an extreme swing denotes extreme times when the need for a regulatory framework that balances the scales between tenants and landlords is most needed. This swing captures turbulence in the housing market, as New York City pulled out of the most extreme phase of the Covid pandemic, and a remarkable 22 percent of households moved into their current home (including both intra-city moves and moves from elsewhere).

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Testimony: New York City’s Housing Emergency

Update Time : 02:20:51 pm, Wednesday, 6 March 2024

A Public Emergency
New York defines a housing emergency by a clear threshold: a vacancy rate below 5 percent for rental housing in habitable condition. The Select Initial Findings of the 2023 Housing and Vacancy Survey show that New York City remains deep in such an emergency, not only justifying the continuation of rent control and rent stabilization, but clarifying the very connection between low vacancy and the need for rent regulation.

The 2023 HVS shows that New York City’s net rental vacancy rate is 1.41 percent, one of the lowest on record. It is a steep fall from 2021’s 4.54 percent rate, one of the highest on record. Such an extreme swing denotes extreme times when the need for a regulatory framework that balances the scales between tenants and landlords is most needed. This swing captures turbulence in the housing market, as New York City pulled out of the most extreme phase of the Covid pandemic, and a remarkable 22 percent of households moved into their current home (including both intra-city moves and moves from elsewhere).