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QUESTION
What is the number of units in NYC that have at least 50% rent-stabilized apartments renting below 80% of the area median income?
1:17:03
ยท
82 sec
The Department of Housing Preservation and Development estimates around 700,000 potentially eligible units meet the criteria of having at least 50% rent-stabilized units renting below 80% of area median income.
- Of that 700,000 estimate, approximately 360,000 units are specifically rent-stabilized units renting under 80% of area median income.
- Owners of buildings not currently meeting the 50% rent-stabilized requirement could potentially qualify for J51 benefits by entering some units into rent stabilization.
- The area median income for an 80% rent level for a one-bedroom is stated as around $23,100.
Pierina Ana Sanchez
1:17:03
And what about just rent stabilized at the affordability levels defined in the bill?
Kim Darga
1:17:10
So the requirement is that the buildings have to be at least 50% rent stabilized, and the rents in those units have to be below 80% of area median income, which I believe is about 23100 for a one bedroom.
Pierina Ana Sanchez
1:17:31
It's an ant.
1:17:32
It's an or?
Kim Darga
1:17:33
It's an ant.
1:17:34
Rent stabilized, and the rents need to be below 80% percent.
Pierina Ana Sanchez
1:17:39
And so how many how many units in in the city are have 50% rent stabilized units and are renting for under
Kim Darga
1:17:46
So that is what we believe.
1:17:47
So that's 700,000 of potentially eligible units, includes the universe what we believe are potentially eligible rent stabilized housing.
1:17:59
That being said, an owner that doesn't meet the 50% requirement today could, going forward, say, I would like to qualify for J51.
1:18:09
I will enter some units into rent stabilization.
Pierina Ana Sanchez
1:18:13
Okay.
Lucy Joffe
1:18:14
If if I may, of that estimate, what I what I think you're asking council member, about 360,000 is our estimate.
1:18:21
So about half of what we're talking about are rent stabilized units.