Espada Bill Would Freeze Stabilized Rents

 A Senate bill being introduced would freeze the rent for low- and moderate-income households in rent-subsidized apartments in New York City.

Senate Majority Leader Pedro Espada is proposing Wednesday a rent relief assistance program to freeze the rents of nearly 300,000 households in all five boroughs. By the 10th year of his proposal, the rent for a third of the city's 1 million rent-stablized apartments would be frozen for a decade.

The goal is to maintain affordable housing for working and middle-class residents in one of the most expensive cities in the world.

Renters making up to $45,000 a year in a household could be eligible.

The program would be funded through landlords, not city or state funds, if approved by the full Legislature and signed by Gov. David Paterson.