Res. No. 44
Title
Resolution calling upon the New York State Legislature to pass and the Governor to sign, a bill that would authorize New York City's Department of Finance (i) to freeze the rent of units in the Rent Freeze Program at the preferential rent rate and (ii) notify New York State Homes and Community Renewal when a unit in the Rent Freeze Program receives preferential rent
Body
By Council Member Cornegy
Whereas, New York State Homes and Community Renewal (HCR) oversees over 1 million rent stabilized apartments in New York City; and
Whereas, Rent Stabilization restricts how much rent a certain residential housing unit can increase per year; and
Whereas, The Rent Stabilization Code (RSC) allows a property owner to charge tenants "preferential rent," which is rent that is less than what the property owner would ordinarily be entitled to receive under the Rent Stabilization system; and
Whereas, The "preferential rent" can be either for the term of the lease or for the entire term of the tenancy; and
Whereas, When a tenant's lease is up for renewal, property owners can increase rents to what they are entitled to receive under rent stabilization (also known as the legal rent) and such rent increase can be hundreds of dollars higher than the preferential rent; and
Whereas, According to AARP, many older and disabled residents on fixed and limited incomes are vulnerable to rising rental costs; and
Whereas, Under the State's Real Property Tax Law, New York City protects eligible senior citizens and people with disabilities from certain rent increased that are imposed by the property owners if they have total annual household income of $50,000 or less; and
Whereas, This benefit is provided pursuant to the senior citizen rent increase exemption (SCRIE) and disability rent increase exemption (DRIE) programs, collectively referred to as the New York City Rent Freeze Program (Rent Freeze Program); and
Whereas,...
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