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New York City Comptroller William C. Thompson, Jr. is calling on the Rent Guidelines Board to stop or minimize the proposed rent increase due to the newly approved homeowner tax rebate and citywide property tax reduction.

“In light of the significant property tax reductions and in recognition of the struggles of the City’s nearly one million rent stabilized tenants, I strongly urge that the Board enact either no increase or an increase at the low end of the proposed ranges,” Thompson wrote in a letter to Board Chairperson Marvin Markus.

“This decision is critical to protect City residents who require the continued availability of affordable housing…Rent stabilized housing is the only affordable housing resource left to many low-and moderate-income tenants. However, the City has not kept pace with the rapidly diminishing availability of this housing stock.”

The letter – which can be read at www.comptroller.nyc.gov – also was sent to Mayor Michael Bloomberg. The Rent Guidelines Board holds a final public hearing on the matter on Tuesday in Long Island City; a vote is scheduled to take place on June 26.

Thompson sent the letter after City Hall announced a 7% property tax reduction and a $400 tax rebate for homeowners in the Fiscal Year 2008 budget, which was approved last week. Both, the Comptroller said, reflect the City’s robust budget surplus and efforts to reduce the financial burden on City residents.

However, Thompson noted in the letter that more needs to be achieved to assist renters, who comprise a majority of City households. The strong market for rentals has prompted owners to inflate rents beyond what many families can afford in virtually every neighborhood in the City.

“The lack of affordable housing affects every New Yorker’s quality of life and our City’s long-term economic viability. New York’s future depends upon our ability to ensure that middle and working class families can afford to live here,” Thompson said. “Once again, I strongly urge you not to impose any rent increase or, in the alternative, only the lowest possible rent increases on our City’s rent stabilized tenants.”

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