Residents fear expiring rent stabilization laws
Rent stabilization laws are set to expire this month, and many residents fear they could be priced right out of their homes.
On June 15, rent stabilization laws that control how much landlords can raise certain low-cost rents are set to expire.
There are about 25,000 rent-stabilized apartments left in Westchester. Housing advocates want stronger laws to protect tenants and prevent the loss of affordable housing.
Many seniors and those on disability who rely on fixed incomes say they are spending more than half of their monthly checks on rent, and homelessness is a real concern. Betty Smith is recently retired after working two jobs most of her life. She lives comfortably in her rent-stabilized apartment, but fears that if rents are allowed to go up too high, too fast, she could be priced out of her home.
In a statement to News 12, the Apartment Owners Advisory Council said, "Rent levels continue to be artificially suppressed with no relationship to the proper cost of maintaining a building. Then, buildings will deteriorate and everybody loses."
The debate is expected to heat up in the coming weeks in Albany.