Mayor Bloomberg extends rent control

Crain's New York Business reports:

Mayor Michael Bloomberg on Wednesday extended the city’s rent stabilization law for another three years, citing an ongoing housing emergency in the city’s rental market.

In 2005, the number of rent-stabilized units, where the median household annual income was $32,000, was nearly unchanged at 1.04 million, according to the 2005 Housing and Vacancy Survey, conducted the U.S. Census Bureau and the city’s Department of Preservation and Development.


That same survey showed vacancy rates in the city of just over 3%. It needs to be at least 5% before rent regulation can be discontinued, according to the law.

New York city hasn't heard that World War Two has ended some time ago.