QUESTION
How do recent rent regulation laws and the Supreme Court's decision support housing stability in NYC?
0:57:43
·
3 min
The NYC Department of Housing Preservation and Development (HPD) outlines strategies reinforcing housing stability and tenant protections, affirming the positive impact of recent rent regulation laws.
- HPD utilizes various preservation term sheets, local and federal funds to improve housing and ensure compliance with mandates like decarbonization.
- The city prioritizes tenant protections and uses the rent stabilization framework to protect residents in financed buildings.
- Recent Supreme Court decision not to review a rent-regulated housing case reinforces confidence in the legal framework for rent stabilization.
- HPD commits to defending tenant protections as a critical aspect of any future housing plans.
Lincoln Restler
0:57:43
think the first deputy commissioner is about to jump in as well, but wanna tack on one more question for him to respond to in addition if if the chair would be so gracious.
0:57:52
The You know, when rent regulation laws were passed in Albany a few years ago, everybody said, you know, the landlord community said that the sky was falling.
0:58:03
And that we have vacant apartments and perpetuity and that we would not see improvements to people's homes in our rent regulated housing stock.
0:58:12
It certainly seems to me from the top lines of this survey that we have a very different story to tell in New York City.
0:58:18
And I just wonder if you could in any further elaboration we're gonna gonna offer on what Doctor.
0:58:22
Gommer was just sharing.
0:58:25
Also comment on that and how you see that trend.
0:58:28
And then last thing, because why not?
0:58:31
I I don't think I saw it in your testimony.
0:58:34
If you do and I don't know if there are any lawyers up here, but just interested if you do have any analysis you'd like to share on the Supreme Court's decision not to take up case around rent regulated housing and how much more confident we can be in the protection for this long term stability of the rent regulated system in New York.
0:58:57
Sorry for those a lot.
Ahmed Tigan
0:58:59
Sure.
0:59:01
I'm gonna try to and please tell me if I miss any point that you you need me to make, but to the original question, again, I'll stress.
0:59:09
We have about 12 different preservation term sheets that range from various levels of intensity.
0:59:17
And a lot of what puts an owner in a position about whether or not they should work with us is based on what requirements and regulations they have to face.
0:59:26
There are a number of mandates have been passed over the last couple of years, whether it has to do with gas piping or facades or changes in facade rules, local log 97.
0:59:36
We have gone ahead and either designed programs.
0:59:41
We have sought both local money.
0:59:42
We are using federal money around electrification and decarbonization.
0:59:47
So that the incentive is beyond just getting a unit aligned.
0:59:52
There is further incentive in the fact that they have to be in compliance with these rules and regs.
0:59:58
The city has then made it its priority to make sure that we have money, resources, and tools to put them in the pipeline to do that.
1:00:06
And we are looking at the way we move through that pipeline since we understand that there are owners of different backgrounds and familiarity So we do have preservation tools that we think are very competitive.
1:00:18
They speak to the moments of the time.
1:00:20
They use a number of different resources, and we hope that will continue to bring people in.
1:00:25
And as a, you know, as a bedrock of that work, we use rent stabilization and rent stabilization framework.
1:00:32
To make sure that the people in those buildings that we that we finance are protected.
1:00:39
I also would say that, you know, to the point about rent regulation, all I can say to the the results of the Supreme Court decision is that We feel that the law and framework is something that sound and critical to preserving the the, again, most abundant affordable housing source that we have.
1:01:01
It's something that we use our resources to fend, to protect on behalf of tenants, and we believe that tenant protections is a critical piece to any housing, you know, plan that we work on moving forward.
1:01:14
I think the only other, you know, I'll let Doctor.
1:01:17
Gommer speak to the data behind these pieces, but again, we think that we And