I regret that the legislative sessions makes it impossible for me to be here in person, but I wanted to take this opportunity to speak to you on an issue of the greatest importance to me, New York's rent laws. I urge you to protect 2.5 million people, residents of this city, by renewing rent control and rent regulation. In addition, Local Law 4, which was passed in 1994, must be repealed. Clearly and simply, redistributing income from tenants to landlords is the motivation behind the movement to end rent regulations. But preserving our rent laws is not just a pocketbook issue.
Rent regulations protect the homes and neighborhoods of millions of tenants.
We must defend seniors, families, entire neighborhoods from unfair rents, lack of maintenance and service and unwarranted evictions. Rent regulations developed in response to a housing crisis. This crisis still exists. The most recent Housing and Vacancy Survey reveals that the current vacancy rate is around four percent. While this number is higher than what we have seen in recent years, it is still a full point under five percent, which constitutes a housing emergency.