Mayor Eric Adams signed Intro 70 into law on Wednesday, extending the city’s deadline for the Housing and Vacancy Survey (HVS) – a tool used to track housing stock and understand difficulties New Yorkers may face when trying to find affordable housing.
Sponsored by NYC council members and Housing and Buildings Committee Chair, Pierina Sanchez, Intro 70 extends the HVS deadline from April 1, 2022 to July 1, 2022. The law also ensures that rent stabilization regulations are maintained in the city.
“I am pleased that my first bill signing and hearing is one that gets stuff done for New York City renters and working people,” said Mayor Adams after signing Intro 70 into law on March 30. “Too many New Yorkers are struggling to keep a roof over their heads and put food on the table, and this bill provides the time needed for the city to make an informed decision on the extension of rent stabilization.”
During the pandemic, thousands of New Yorkers were faced with homelessness amid skyrocketing rent prices and job loss. Intro 70 aimed to help ease this burden by allowing families living in rent-stabilized dwellings to maintain their rent prices, protecting an estimated 1 million New Yorkers from high rent raises.
“Stabilized housing is essential to maintaining affordability for our New Yorkers,” said New York City Councilmember Pierina Sanchez. “This bill is critical to ensuring rent stabilization can continue in New York City, upon proper findings in the city’s Housing Vacancy Survey. I am proud to have sponsored this bill as my first act as chair of the Housing and Buildings Committee, and I look forward to continuing all efforts to maintain rent stabilization for the two million New York households relying on city leaders to maintain our rent stabilization laws in this city.”
The HVS is completed once every three years in compliance with New York State and New York City rent regulation laws, however the survey for 2020 was postponed until 2021 due to the COVID-19 pandemic as well as the 2021 census.
Per NYS law, rent stabilization law is triggered by “housing emergencies” which is in effect when New York City’s rental vacancy rate – measured by HVS – is below five percent.
“The pandemic is still impacting New York City on multiple fronts, including exacerbating the housing affordability crisis that predated the arrival of COVID,” said New York City Council Speaker Adrienne Adams. “Extending the period of determination for our city’s housing emergency will allow tenants to remain protected under rent stabilization laws for additional time. I thank Councilmember Sanchez for her leadership on this important legislation.”
Last updated 3/30/2022 2:05 pm