The Real Deal New York

Number of rent-stabilized units rises for first time since deregulation began

City saw a net gain of nearly 4,400 units last year: report
May 29, 2018 08:58AM

Bill de Blasio with the Eugene at Manhattan West and 325 Kent in Williamsburg

The city saw a net gain in the number of rent-stabilized apartments added to the housing stock last year for the first time since vacancy decontrol became law in 1994.

The saw a net gain of 4,387 stabilized units in 2017 — 11,044 new apartments and a loss of 6,657 units — according to new figures from the Rent Guidelines Board cited by Politico.

The return of 421a helped the production of new stabilized apartments. Owners who benefitted from the new law clocked 9,376 new rent-stabilized apartments last year – a 91 percent increase from 2016. The tax break accounted for 85 percent of new stabilized units last year, according to the rent board.

On the other end of the equation, vacancy decontrol accounted for 3,517 units leaving the system last year, the lowest number since 1999. Since 1994, 147,512 apartments have been deregulated.

Median rents for newly registered rent-stabilized apartments fell to $2,685 — 2 percent down from 2016, Politico reported.

Mayor Bill de Blasio said his administration’s new policy of funding attorneys in housing court has encouraged tenants to fight back against unfair evictions.

“On our watch, fewer rent regulated apartments are being lost than at any time since 2000, and we are building and protecting more affordable homes than at any point on record,” the mayor said. “That’s progress. But we have to keep deepening our approach and adding new tools to fight this affordability crisis.” [Politico]Rich Bockmann