Senator Espada Introduces a Lifeline for Struggling Tenants
Sen. Espada, who also serves as Chairman of the Senate Standing Committee on Housing, Construction and Community Development, today unveiled proposed legislation (S.6811) that would help poor, low and moderate income, and working families pay their rent.
His legislation would establish a rent relief assistance program that would freeze the rents of nearly 300,000 households of rent-stabilized apartments to the tune of $100 million in rent increase exemptions in the first year of the program, and gradually increasing to $130 million in rent increase exemptions by year ten.
This means that nearly three-quarters of a million tenants in an unprecedented one-third of the city’s one million rent-stabilized apartments across the five boroughs would have their rents frozen for the next decade.
See full press release here.