What is LRHRA? It is affordable homes for struggling New Yorkers.
New York City is in an affordable housing crisis. Homeless shelters are full. Voucher holders are struggling to find homes.
There is a bill in Albany that would help. It’s called the Local Regulated Housing Restoration Adjustment. It would allow empty rent-stabilized apartments in privately-owned buildings to be renovated and made available to voucher holders, following a similar process that is now available to buildings owned by nonprofits.
After a tenant lives in an apartment for a longtime it needs mandatory renovations and upgrades that are required on turnover. The cost can easily exceed $100,000. Public records show that NYCHA has spent up to $400,000 to renovate similar units.
Right now, rent-stabilized buildings don’t have access to funding to fix up vacant apartments. If LRHRA is passed, they would. And more than 10,000 empty rent-stabilized apartments would be available to rent in months, providing immediate relief to the housing crisis.
This bill is a win for hard-working renters. A win for housing providers. And a win for homeless New Yorkers.
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