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

TRD New York /
May.May 29, 2018 08:58 AM

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

Related Articles

Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

Some landlords say they plan to close the door to vacant apartments and wait for the laws to change (Credit: iStock)

Creative ways NYC landlords are getting around the new rent rules

A New York court’s greenlight of a class action against Big City Realty could change the dynamic of class action suits. (Credit: iStock)

“Nightmare” for landlords: Court OK’s class action against Harlem owner

Jay Martin, James Whelan and Joe Strasburg

Rent-pocalypse 2.0: Real estate industry reacts to tenant demands

Alexandria Ocasio-Cortez, Bernie Sanders and Elizabeth Warren

By the numbers: Breaking down national housing agendas from the far left

Cases to challenge tenant residency have declined since June (Credit: iStock)

More rent-law fallout: Landlords back off “absentee” tenants

Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Blackstone just sold off a 29M sf national industrial portfolio