DOF testimony supporting Intro 978A income limit increase
Shear expresses DOF support for Intro 978A implementing the state's income ceiling increase to $75,000, projecting approximately 5,000 additional households and estimating fiscal impacts of $4.5 million in year one, $8.6 million in year two, and $13 million in year three.
DOF supports Intro 978A, which would implement legislative changes enacted by the state legislature to increase the rent-freeze program's income ceiling.
The recently enacted state budget authorizes New York City to increase the maximum income level for SCRI and DRI to $75,000 beginning July 1, 2026.
Intro 978A would make the corresponding change to the New York City Administrative Code retroactive to that date.
The increase would recognize that households with income above $50,000 can still face significant rent burdens in New York City.
Over time, nominal increases in Social Security, pension income, or wages may have pushed a household outside of the eligibility limits,
even when the household's actual economic circumstances have not
materially improved.
DOF projects that the higher ceiling would increase enrollment by approximately 9% or about 5,000 households across SCRI and DRI.
The estimated fiscal impact is $4.5 million in the first year, $8.6 million in the second year, and $13 million in the third year.