Julian Bond: “My friend Senator D'Amato, the chairman of the Committee on Banking, Housing and Urban Affairs, is entirely correct. His…”

“My friend Senator D'Amato, the chairman of the Committee on Banking, Housing and Urban Affairs, is entirely correct. His statements are consistent with the intent of the conferees to devolve decisionmaking responsibility to the State and local level. Clearly, the conferees recognize that participating administrative entities in some jurisdictions may find it necessary to take into account rents on units which are subject to local rent stabilization regulations in order to determine comparable market rent levels. The conferees are mindful of the unique circumstances of New York rental markets. For that reason, the legislation was crafted to allow the consideration of rent stabilized apartments within the definition of comparable properties for the purposes of determining market rent levels.”