A housing expert in the city remains optimistic about tackling ongoing housing issues despite the City Council's decision on Tuesday to extend the city’s housing emergency declaration, keeping the Rent Stabilization Law in effect until April 2027.

The declaration, renewed every three years when the vacancy rate dips below 5%, was prompted by the current vacancy rate of 1.4%, the lowest since 1968.

Vicki Been, the former deputy mayor for housing and economic development and current faculty director of NYU's Furman Center for Real Estate and Urban Policy, addressed the matter on “Mornings On 1” Wednesday, emphasizing the urgency for Albany to pass legislation this year to alleviate the crisis.

"[Lawmakers’] top focus really has to be on renewing a tax exemption that would provide a tax break for rental buildings," Been said. She highlighted the potential of these tax breaks to stimulate the construction of various housing units, significantly increasing supply.

Been also discussed the inefficiencies within the housing market, where individuals often occupy apartments for longer than necessary or feel trapped by limited options.

“If we have more supply, then you would feel freer to move someplace else. I mean, right now you're sitting in an apartment, you're looking at a market where you're going to see just a few apartments, you and 49,000 other people, right? You're going to have to come up with a new security deposit, a new guarantor — all of that is based upon the fact that there's so little supply that it's not competitive,” she said.

Despite the challenges, Been expressed optimism that lawmakers will act this year after failing to do so in 2023.

“I think the feeling in Albany is something has to be done. We've got to tackle this this year,” Been said. “So, I'm hopeful.”