Int. No. 1165
By Council Member Louis
A Local Law in relation to an analysis and plan on vacant rent-stabilized dwelling units
Be it enacted by the Council as follows:
Section 1. Analysis and plan on vacant rent-stabilized dwelling units. a. The commissioner of housing preservation and development, in consultation with any agency such commissioner deems necessary, shall conduct an analysis of the citywide stock of vacant rent-stabilized dwelling units and a plan, based on such analysis, for the return of such vacant rent-stabilized dwelling units to the rental market.
1. The analysis shall consider the factors and trends that may contribute to the number of vacant rent-stabilized dwelling units in the city, including, but not limited to, the following potential factors:
(a) Financial conditions that may affect the return of vacant rent-stabilized dwelling units to the rental market, such as inflation, cost of renovation, building operating costs, insolvency, and rent collected from rent-stabilized and market-rate units;
(b) Habitability standards required by any federal, state, or local law or regulation, and the methods for enforcing such laws or regulations;
(c) Financial incentives, such as grants, funding, subsidies, loans, tax incentives, and other financial assistance available to owners of vacant rent-stabilized dwelling units, including the rate of participation by owners of such dwelling units in any such financial incentive program;
(d) Any federal, state, or local laws, policies, or regulations regulating an owner’s use of rent-stabilized dwelling units;
(e) The physical condition of such dwelling units, including the age of the building in which such dwelling unit is located, and any variations in the physical condition of such dwelling units by borough; and
(f) The number of rent-stabilized dwelling units and the number of market-rate dwelling units in each dwelling owned by owners of vacant rent-stabilized dwelling units.
2. The plan shall recommend policies and strategies to promote the return of any vacant rent-stabilized dwelling units to the rental market. Based on the findings of the analysis described in paragraph 1 of this subdivision, such recommendations shall propose detailed policies and strategies related, but not limited to, the following measures:
(a) Grants, funding, subsidies, loans, tax incentives, vouchers, and other financial assistance;
(b) Potential penalties, fines, or fees that may be imposed on owners of vacant rent-stabilized dwelling units that remain unavailable for rent;
(c) The enforcement of habitability standards required by local law or regulation;
(d) Programs for conducting the renovation necessary to return such rent-stabilized dwelling units to the rental market; and
(e) The collection of data, including data relating to vacancies, financial conditions, building operating costs, ownership information, and physical building conditions.
b. Due date. No later than 60 days after the effective date of this local law, the commissioner of housing preservation and development shall submit to the speaker of the council and the mayor and shall post to the department of housing preservation and development’s website the analysis and plan required by subdivision a of this local law.
§ 2. This local law takes effect immediately.
SPS
LSR #25566
08/21/26 4:30 PM