Resolution calling on the New York City Rent Guidelines Board to adopt a rent decrease for one- and two-year leases beginning on or after October 1, 2023 and on or before September 30, 2024.

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Res. No. 546 ..Title Resolution calling on the New York City Rent Guidelines Board to adopt a rent decrease for one- and two-year leases beginning on or after October 1, 2023 and on or before September 30, 2024. ..Body By Council Members De La Rosa, Richardson Jordan, Abreu, Far�as, Marte, Hudson, Hanif, Brewer, Oss�, Cab�n, Won, Avil�s, Joseph, Krishnan, Nurse, Guti�rrez, Louis, Barron and Brooks-Powers Whereas, New York City (NYC) has a system of rent regulations, known as "rent stabilization," that was enacted in 1969 due to the rising rent of many post-war buildings; and Whereas, Under the Rent Stabilization Law, tenants in rent stabilized apartments are protected from dramatic increases in rent and have the right to renew their leases; and Whereas, The NYC Rent Guidelines Board (RGB) is mandated to establish rent adjustments for the approximately one million dwelling units subject to the Rent Stabilization Law in NYC; and Whereas, Each year, the RGB holds a number of meetings and hearings to consider research from staff, and testimony from owners, tenants, advocacy groups and industry experts, largely to establish basic rent adjustments for renewal leases in apartments, hotels and lofts; and Whereas, Since 1983, tenants of rent stabilized apartments have had the option of choosing between one- and two-year renewal leases, with an estimated 90% of all stabilized tenants having a renewal lease, and 10% of stabilized tenants move or "turn over" each year; and Whereas, Typically, the RGB votes on rent adjustments each June, which are meant to apply to leases with effective dates between October 1 of that year and September 30 of the following year; and Whereas, The RGB, as required by the Rent Stabilization Law, must consider the following before adopting rent guidelines: the economic condition of the residential real estate industry in NYC, including the prevailing and projected real estate taxes and sewer and water rates, gross operating maintenance costs, costs and availability of financing, and over-all supply of housing accommodations and over-all vacancy rates; relevant data from the current and projected cost of living indices for the affected areas; and other data as made available; and Whereas, In June 2021, the RGB adopted 2022 Apartment and Loft Order #54, which increased rent levels for one- and two-year leases of apartments and lofts beginning October 1, 2022 through September 30, 2023 by 3.25% and 5%, respectively, from the previous year; and Whereas, The adoption came after a divided RGB vote, which passed by a vote of only five to four, and represents the largest rent increase for rent stabilized apartments since 2013, with average rent increases during the administration of former-Mayor Bill de Blasio being just over 1% per year; and Whereas, As NYC is in the midst of an affordable housing crisis, with NYC's eviction rate increasing since January 2022 after the eviction moratorium expired, and the number of people sleeping in a NYC Department of Homeless Services shelter reaching a record high in January of 2023, the RGB should adopt a rent decrease, sometimes called a "rollback," for leases beginning on or after October 1, 2023 and on or before September 30, 2024; now, therefore, be it Resolved, That the Council of the City of New York calls on the New York City Rent Guidelines Board to adopt a rent decrease for one- and two-year leases beginning on or after October 1, 2023 and on or before September 30, 2024. KK LS #12343 3/28/23

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