Statement from Housing Advocates: The Approved Rent Laws Deal is A Huge Loss for Low and Moderate- Income Tenants

Albany, NY — Real Affordability for All, a coalition of close to 50 organizations committed to push for affordable housing is expressing complete disappointment about the rent laws deal approved last week.

“This deal is very bad for tenants, good for corruption and a step further to eliminating the largest source of affordable housing in the state,” said Maritza Silva-Farrell, spokesperson from Real Affordability for All.

“The changes included to the laws are as insignificant as the reforms made in 2011, which led to the displacement of thousands of working class New Yorkers and to the high record number of families who ended up in city shelters. It completely ignores the affordable housing crisis. In terms of affordability levels, the 421a program with AMI levels up to 130%, would do nothing to create the number of apartments our communities really need when the vast majority of New Yorker in need of affordable housing don't make $110,000 a year.”

A report by Alliance for Tenant Power estimates the loss of 87,000 affordable units as a result of the approved rent laws deal for the next four years. That is 7,000 more than what Mayor Bill de Blasio is planning to build in 10 years.

There were several crucial reforms that Governor Cuomo and the State Legislature failed to deliver. They include:

  • An end to vacancy deregulation 
  • Ending vacancy bonus 
  • Preventing preferential rents from being rescinded 
  • Making MCIs for Individual Apartment Improvements temporary 
  • Ending the 421a program