The latest onslaught against rent stabilization remains in high gear as the real estate lobby (via the media) tries to persuade people that rent stabilization is being exploited by the wealthy for their own use.
In fact only about 1/200th of all rent stabilized apartments are de-regulated because the household income exceeds $175,000 for two consecutive years and the rent is $2000 or more. The other 199/200ths of apartments that are de-regulated are lost when they are vacant - so there is no occupant whose rent can even be considered.
Yes, there are a few extremely wealthy people whose occupancy in rent stabilized apartments is a joke.
But according to the Community Service Society report by Tom Waters and Victor Bach, senior housing analysts, the "tenants who live in rent-regulated housing had lower incomes, were more likely to be people of color, and were more likely to be immigrants than other New Yorkers." (From "Destabilized Rents: The Impact of Vacancy Decontrol on Low-Income Communities" 2009).
The real estate lobby wants rent regulation to be seen as a subsidy - and we all agree subsidies shouldn't be paid to help the wealthy or even the middle class. But just like banking regulation, securities regulation, and the regulation of restaurant cleanliness, RENT
regulation protects the consumer. The occasional cheater should not result in a change in the very regulation we need to protect everyone else. We need MORE affordable housing, not less.
Click on the for a NY Observer article - and respond to it!