With concerns about rent stabilized apartments sitting vacant making headlines, the New York City Independent Budget Office (IBO) today released its study of apartment vacancies using New York State Homes and Community Renewal (HCR) data from 2017 through 2022.
To find out how many rent stabilized apartments are vacant, NYCIBO released its study of NYSHCR data from 2017-2022. On average, less than five percent of rent stabilized apartments were vacant, and of those, the majority were rented within a year.
In this report, IBO explores the potential roadblocks to the Trust’s success, and its benefits and risks, as well as other operational reforms contained in NYCHA’s greater reform plan, A Blueprint for Change.
The New York City Housing Authority regularly passes its five-year operating budget with funding gaps, which in last year’s plan exceeded $300 million in most years. IBO examines changes in NYCHA’s budget, including the subsidies the city provides to NYCHA, and looks at challenges ahead.
While 421-a Affordable New York has expired, talks on the future of the city’s largest tax expenditure continue. IBO examined how many affordable units it created since its start through June 2021, what incomes they serve, and how many received other subsidies.
In recent years, the City Council and de Blasio Administration have greatly expanded the funding for legal services for low-income New Yorkers facing civil proceedings in court. IBO examines how this funding for civil legal assistance has grown.
When a low-income household loses their income or faces an extraordinary bill, they can face a utilities cutoff--or eviction. Did the pandemic lead to a surge in one-time emergency housing grants by the city?
IBO reviewed 131 NYC Housing Connect listings for 3,605 new affordable apartments over a recent six-month period, surveying the distribution of rents by income group and by apartment size, as well as rent-to-income ratios.
Following cutbacks in traditional federal aid for repairing or replacing public housing, the U.S. Department of Housing and Urban Development created new programs that rely on leveraging private dollars to help address the needs of deteriorating housing developments nationwide.
The city’s diminishing stock of rent-stabilized apartments is highly sought after by prospective tenants because these regulated units often rent at below-market rates and offer a variety of tenant protections including the right to lease renewal.
FOCUS ON THE PRELIMINARY BUDGET: With the addition of more capital funding, the Department of Housing Preservation and Development is expanding its Our Space program to build housing for New Yorkers currently living in the city's homeless shelters.
Mayor Bill de Blasio is again calling for the implementation of a “mansion tax:” a surcharge on the sale of high-end residences in the city. The Mayor made this one of the featured proposals in his state of the city speech as well as in recent testimony to the state Legislature.