June 8, 2015
By Governor Andrew M. Cuomo
Albany, NY – Safe, affordable housing is the foundation of our communities. Without it, New York may be a place to live, but it will not be a home for millions of New Yorkers.
Rising rent costs are taking an increasingly high toll on New York City residents. In 2012, roughly 55% of the city’s residents were spending more than 30% of their gross annual income on rent, and 30% of New York City’s renters were spending more than half of their gross annual income on rent.
Yet of the 3.4 million housing units in New York City, fewer than half are rent stabilized and only 1.2% are rent controlled. If these trends continue, affordable housing and the foundation of a vibrant middle-class will soon be a distant memory.
As Albany continues to debate rent regulations, our goal must be to strengthen and sustain them, not just extend them. The Legislature’s work will not be done unless and until they pass a law to strengthen and extend tenant protections.
As we chart a newer, bolder, more sustainable course on affordable housing, we are not only protecting the rights of millions of New Yorkers, but also potentially millions more around the country.
Everyone deserves a safe, affordable and decent place to live. Let’s recommit to this goal so New Yorkers can continue to call this city and state their home.