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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

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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.

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What is the number of buildings corresponding to 360,000 rent-stabilized units?