Last week (March 14, 2012) the NY City Council extended the City’s Rent Stabilization Law from April 1, 2012 through April 1, 2015. The renewal of these laws occurs every three years based upon a decision that a housing emergency exists in New York City. A housing emergency is decided by the Housing and Vacancy Survey undertaken by the Department of Housing Preservation and Development. This survey has been ongoing since 1965. The latest survey determined that the vacancy rate in rental apartments in New York City is 3.12 percent. This percentage is below the 5-percent net rental vacancy rate threshold set forth in law that is the condition for determining that a housing emergency exists.