NYU Furman Center Issues a Fact Brief on Rent Stabilization
In advance of the Supreme Court's announcement on whether it will hear the case of Harmon v. Kimmel, which challenges rent regulation laws in New York City. NYU's Furman Center's fact brief details the number of rent stabilized units in NYC, and provides both demographic and socioeconomic data comparing the tenants inhabiting these units with tenants in market rate units. "In Harmon v. Kimmel, petitioner James D. Harmon argues that rent stabilization is a violation of several provisions of the United States Constitution," said Vicki Been, director of the Furman Center for Real Estate and Urban Policy. "The case would have broad implications forNew York City's rental market, approximately 47% percent of which is subject to rent control or rent stabilization laws." The case of Harmon v. Kimmel challenges rent control and rent stabilization laws that have existed in NYC since the 1940's, which allows "more than 1 million city residents to pay artificially low rents," according to WNYC. The Supreme Court can choose at any time between now and June to take the case, or to not hear it at all (which would mean the law would stay in place).
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