Tenants Assoc. to Cuomo: Loopholes in rent laws are eroding Stuy Town’s stability
Dear Governor Cuomo,
I’m writing on behalf of the 25,000 residents of Stuyvesant Town and Peter Cooper Village. Our residents, as well as tenants throughout New York City, are facing the worst housing affordability crisis in the city’s history. This crisis is damaging the economic and social fabric not only of our city but of our state as well.
As our residents devote an ever-increasing percentage of their income to rent, the drop in their discretionary income has impacted local businesses.
We see more and more empty storefronts. Local businesses have not only experienced precipitous drops in sales, their own rents are rising. The small, individually owned stores that provided a great diversity of needed services are disappearing, replaced by an oversupply of chain pharmacies and banks.
The ST-PCV Community is at the center of the loss of affordable housing. Our apartments are currently rent regulated. However, in the wake of the NY State Court of Appeals decision Roberts v. Tishman-Speyer, which reregulated destabilized units, many of our apartments are renting at or above market rate.
We want new families – not just the transient renters who currently make up a large percentage of new residents – to be able to afford to come to ST-PCV, put down roots and return this community to what it was originally designed to be during the administration of Gov. Thomas E. Dewey.
However, excessive rent increases due to loopholes in the existing regulations are destroying the laws that keep New York affordable for more than one million people. One of these loopholes, known as preferential rent, slams preferential renters with hundreds-of-dollar increases at lease renewal time. Many of our neighbors, young families with preferential rents, are one lease renewal away from having to move.
Major capital improvements have also unfairly burdened tenants. Tacked on to the rent in perpetuity, this windfall for owners simply is not justified beyond the recovery of actual costs. It is unconscionable.
But the overarching issue which we hope you will support is repeal of Vacancy Deregulation, which has been responsible for the loss of thousands of rent-regulated apartments over recent years. This continued bleeding of affordability will ultimately destroy the city.
Thirty-one years ago, your father addressed our nation about a “shining city on a hill.” It was a vivid presentation about what people could accomplish with hard work and a little help from their government in times of need. We are doing the hard work. Now we need that help from our government so that people who work in this shining city can afford to live in it.
For the sake of our community’s future and for all other rent-stabilized middle- and lower-income New Yorkers, I urge you to give your full support for renewing and strengthening rent laws.
President, Stuyvesant Town-Peter Cooper Village