REMARKS
Council Member Farah Louis introduces Intro 1107 to expand short-term rental flexibility for small homeowners
0:49:04
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125 sec
Council Member Farah Louis introduces Intro 1107, a bill aimed at expanding flexibility for 1 and 2 family homeowners to provide short-term rentals in New York City. She explains the bill's purpose, highlighting the economic challenges faced by small homeowners and the need for a more balanced approach to short-term rental regulations.
- The bill aims to address oversights in Local Law 18, which Louis argues has marginalized responsible small homeowners.
- Louis emphasizes that these homeowners are often struggling with rising costs and mortgages, and short-term rental income has become vital for many.
- The legislation seeks to allow homeowners to rent out their properties responsibly while balancing the interests of various stakeholders.
Farah Louis
0:49:04
Thank you, majority leader.
0:49:07
Today, I am proud to introduce intro 1107, a bill aimed at expanding flexibility for our city's 1 and 2 family homeowners to provide short term rentals alongside speaker Adrian Adams and council members Narcisse and Riley.
0:49:22
While we support local law eighteen's goal of safeguarding our housing stock, we must ensure that we are not marginalizing responsible small homeowners.
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These families are the backbone of our city.
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These are union workers, service providers, and hardworking individuals.
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Local law 18 overlooked the reality faced by these homeowners.
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Families who, like so many across the city, are now in an economic crisis.
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Rising costs and mortgages coupled with the increasing lack of affordable housing have left them struggling to make ends meet.
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For many short short term rental income has become a vital resource to help cover these escalating mortgage costs.
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In fact, single and 2 family homes are now account for 66% of foreclosures in New York City, which neighborhoods like East Flappish and Canarsie seeing the highest rates of foreclosure.
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These homeowners are not large corporations.
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These are everyday families who live in diverse mixed income neighborhoods from Crown Heights, Southeast Queens, parts of the Bronx, Harlem, and beyond.
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These homeowners pursuing the American dream are being held back by a policy that treats them as if they are commercial enterprises.
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Intro 1107 addresses these change these challenges, allowing homeowners to rent out their properties responsibly.
0:50:48
We are committed to working collaboratively with the hotel association, unions, and advocates to ensure this legislation serves the best interest of all New Yorkers.
0:50:57
I I encourage and urge my colleagues to support intro 1107 to keep the American dream alive in our city and to help bring urgently needed relief to those who are struggling to maintain their homes.
0:51:08
Thank you.
