RGB Reports Net Increase in NYC Rent-Stabilized Housing Stock
Newly released data by the Rent Guidelines Board shows the total number of rent-stabilized apartments in New York City increased in 2014, up 169 units. There were 9,182 apartments added to rent stabilization last year, compared to 9,013 that were removed from the rolls.
It is the second consecutive year New York City increased the number of rent-stabilized apartments. In 2013, the number grew by 1,087 units, according to the report. From 2003 through 2012, the city lost an average of 6,000 units more per year than it gained.
Of the 9,013 units of stabilized housing the city lost last year, 6,235 were removed due to a vacancy and high rent. Another 789 were removed through high-rent/high-income deregulation. Another 1,011 units left the system when their 421-a tax benefits expired. The 421-a tax benefit generated 3,110 new stabilized units in 2014, the second greatest number of units of new stabilized housing in 2014.
The greatest number of apartments added to the stabilization system in 2014 (5,279 units) came from the 420-c program, which provides tax exemptions for low-income housing projects where at least half of the project is owned by a nonprofit.