Relates to tax abatement for rent-controlled and rent regulated property occupied by and real property owned by senior citizens or persons with disabilities

• Democratic4

◆ The sponsor's argument

Why Toby Ann Stavisky says this is needed

The Senior Citizen Rent Increase Exemption is a program that can freeze the rent for senior citizens living in rent-stabilized, rent-controlled, Mitchell-Lama and Redevelopment Company buildings (both tenants and co-op shareholders are eligible), Housing Development Fund Corporation co-ops, and federally assisted co-ops. The Disability Rent Increase Exemption offers the same benefits for those who are disabled. The current income eligibility limit for SCRIE and DRIB is $50,000. These programs provide a vital service by allowing eligible senior and disa- bled residents to remain in their homes and communities by keeping their rents affordable. SCRIE and DRIB freeze rents for low-income seniors and people with disabilities living in rent-regulated housing who pay one third or more of their income in rent. These programs are not adjusted for cost-of-living increases or inflation. Increases in the cost of living and the continued stagnation of wages make it difficult for many seniors and persons with disabili- ties to make ends meet, regardless of whether they rent or own their homes. Both low-and middle-income residents are subject to the burden of escalating costs. Senior citizens and those with disabilities often rely on a fixed income and homeowners typically have their primary wealth invested in their property. Also, elderly and disabled residents are often burdened with higher than average healthcare costs. The cost of living in New York City in particular makes it difficult for persons with low incomes to make ends meet. By exempting low-income seniors and disabled persons from rent increases, this bill will help prevent some of New York's most vulnerable residents from being forced to give up their homes.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.