According to the brief, rent-stabilized housing serves many low-income New Yorkers. In 2011, roughly 66% of tenants living in rent-stabilized units had ‘low incomes’ (less than $58,950 in 2011) compared to roughly 54% of tenants of market-rate units.
In Manhattan, the difference in income levels of households living in rent-stabilized units and those living in market rate rental units was striking. The typical household living in a market-rate rental unit in 2011 had an income more than double that of the typical household living in a stabilized unit.
Rent-stabilized units also house a greater share of households led by seniors. Citywide, over 23% of rent-stabilized households are led by a senior, compared to just 7% of market-rate households. In addition, citywide, stabilized units house a greater share of minority households, though the shares range significantly by borough. In Manhattan, for example, 52% of rent-stabilized households were non-white, compared to just 27% of market-rate rental households.
The brief also finds that contract rents for stabilized units were significantly less than contract rents for market-rate units in 2011. In 2011, stabilized units rented for about $1,235 per month less than market-rate units in core Manhattan (which includes community districts MN 01-08) , but only $228 less than market-rate units outside of core Manhattan.
Full introduction to the Brief and the Document here