NEW YORK CITY—The Speaker of the City Council recommended a hold on one-year leases and a very modest increase in two-year leases, noting wage stagnation.
By: Rayna Katz
In testimony to be given before the Rent Guidelines Board, New York City Council Speaker Melissa Mark-Viverito once again will call for a rent freeze for one-year leases. In addition, since a freeze is not on the table for two-year leases, the Speaker will call for at most a .5% increase.
Her testimony states: “New York City is a city of renters. According to the most recent Housing and Vacancy Survey, rental units comprise approximately 64% of the city’s housing stock. Further, rent stabilized units comprise 47% of the city’s rental stock. Affordable housing, including rent stabilized housing, allow our nurses, policemen, teachers, firefighters, social workers and construction workers, to continue to live in the city and to contribute critical services to the city.”
Source: GlobeSt.com New York