Freeze rents for older New Yorkers: advocates

Proposed change would cost city $324M a year in forgone tax revenue

New York /
May.May 17, 2016 11:28 AM

A pair of organizations advocating for New York’s senior citizens will issue a report Tuesday calling for a sweeping rent freeze for the city’s aged residents.

Enterprise Community Partners, an affordable housing nonprofit, and LiveOn NY, a nonprofit advocate for seniors, are calling for the city to hold rents for qualifying seniors at 33 percent of income.

If enacted, the change would reduce the city’s tax take by about $324 million a year.

An alternate proposal, to set the level at 50 percent of income, would cost $225 million.

The groups proposed changes to the city’s Senior Citizen Rent Increase Exemption program, which gives landlords tax abatements to cover the cost of subsidizing seniors’ rent. The program currently freezes enrollees’ rent at the level they’re at at the time of enrollment, often far higher than the 33 percent or even the 50 percent level, Politco reported.

In addition, as many as 80,000 of the city’s seniors aren’t enrolled in the program, simply because they’ve never heard of it, according to the city’s Department of Finance, which manages the program. By the time they do enroll, their rents have often risen faster than seniors’ fixed incomes.

The program currently costs the city about $137 million a year. The DOF said in a statement it would back the proposed changes. A vote by state legislature would be required to alter the rules. [Politco] – Ariel Stulberg


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
JLL CEO Christian Ulbrich. (Getty)
JLL explores sale of China property management wing
JLL explores sale of China property management wing
Birmingham and Bournemouth both saw a giant increase in demand. (Getty)
Demand for rentals rises in UK’s largest cities in Q1
Demand for rentals rises in UK’s largest cities in Q1
This Arkansas compound  sits directly across from the University of Arkansas football stadium. (Getty, Realtor.com)
Arkansas’ priciest home lists near Fayetteville football stadium
Arkansas’ priciest home lists near Fayetteville football stadium
Philip Falcone and his homes at 142 Crestview Lane in Sagaponack and  22 East 67th Street (Getty, Corcoran, Google Maps)
Foreclosure on Phil Falcone’s homes can move forward
Foreclosure on Phil Falcone’s homes can move forward
Softbank CEO Masayoshi Son and Compass CEO Robert Reffkin (Getty, Compass)
SoftBank buys $72M of Compass stock
SoftBank buys $72M of Compass stock
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...