Image Credit: Google Images.

Borough President Diaz proposes new policy to prevent homelessness and displacement of tenants of preferential rent units. On December 13, 2018, Bronx Borough President Ruben Diaz, Jr. issued a report titled “The Preferential Rent Crisis in New York City.” The report examines the scope of the preferential rent issue in all five boroughs and the risk tenants of preferential rent apartments face should landlords increase their rents to the legal registered rent for those units. The report argues that it would cost the City billions of dollars to respond to such an occurrence, as over 145,000 families could end up homeless if all preferential rents were increased at once. To prevent such drastic spending by the City, the Borough President Diaz recommends a solution that will help preferential rent tenants remain in their homes, while making it worthwhile for landlords to continue charging preferential rents. (more…)