Quote:
Originally Posted by Kefir King
The new law has made MANY changes not reflected in the discussions in this thread.
https://www.nytimes.com/2019/06/12/n...-new-york.html
Preferential vs. "legal" rent has basically become moot. Preferential rent IS the legal rent. Large vacancy increases have also pretty much been decimated. |
People were eegits to push for elimination of vacancy increases. Most RS tenants leave their apartments feet first in a box, that is unless they are evicted or things go so badly for them economically they must move out.
In any event the vacancy increase didn't befront them for those and other reasons. Sam the Eagle and his meddling with RGB will be over in a bit over two years. Once new players are in place (least far as mayor's appointees), things may likely be very different.
Historically rent increases have ranged in a low rage of about 2%-4%, but there were some really high numbers in the 2000's.
DHCR Fact Sheets
https://www.quora.com/Where-can-I-fi...reases-for-NYC
Once legal rent is $1k per month every one percent (1%) increase means ten more dollars per month, or $120 for a year. This doubles at 2%, triples for 3% and so forth.
Aside from some very old seniors and those in "low income" affordable housing many RS are paying near or over $1000 already. Landlords are likely to push hard for higher annual increases to offset loss of vacancy bonus. Which means instead of the person after them getting hit with a huge increase in rent, current tenants will find themselves subjected to death by a thousand cuts. Their annual incomes need to rise a few percentage points over any RGB increase each year just to keep up. This assumes there isn't inflation and or other increases in COL.
People were down at that RGB meeting crying over the same measly increases they voted last year. Tenants wanted another rent freeze, but that wasn't going to happen. Their representiatives and themselves all pretty much admitted it is going to be tough to scrounge up an extra ten or twenty dollars per month.
The whole thing is an effin joke.
With luxury decontrol off the table as well, plenty of well off to wealthy persons whose rents are below market, and in theory could afford to pay more, now won't have to bother. They can remain in those apartments until they die. The "poor' or whoever won't get near them as people are probably going to run game to keep those units "in the family" as it were.
Meanwhile the larger issue with RS remains the same at the other end of economic spectrum; large numbers of current rent regulated tenants are "rent burdened", and or otherwise truly cannot afford their apartments. Those cheap RS apartments Albany seems to think will somehow become available largely won't if history is any guide.
Back in the day to find a decent and affordable RS unit you had to know someone. This usually involved paying "key money" to a LL, super or someone to make things happen. LLs then nor certainly now aren't going to put below market RS apartments out to general public. Well not at least in Manhattan or some other hot areas of NYC.
Things will go back to old school. LLs will warehouse units, do side deals for family, friends, and or maybe do whisper listings so only the *right* sort of persons apply.
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