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Slight amendment on the 20%: However, with passage of the Rent Act of 2015, if a vacating tenant was paying a preferential rent, the vacancy lease rent increase that can be applied to the vacating tenant’s legal rent will be limited to 5% if the last vacancy lease commenced less than two years ago, 10% if less than three years ago, 15% if less than four years ago and 20% if four or more years ago.
SF,
You may be right. With decades of collusion between the City and the landlords, rent stabilization has been eviscerated, made into a cruel joke. It exists in name only.
In some areas, rent stabilized apartments are more expensive than market rate if you were to get it in 2018. South Brooklyn is my example. $2200 rent stabilized 2bd vs market rate $1800 2bd? Hmm... You can even get cheaper if you forsake some space.
Still, I'll take advantage while it's still here. I pay less than a good number in LES and I pay much more in taxes than the median income.
no one, R or D will focus on these things
why? because we keep electing people who can be bought.
as soon a progressive tried to do anything
everyone yells socialist or they laugh at them.
stop voting for old people.
get new blood in office.
Someone paying 2700/mo in rent is not poor by any stretch of the imagination. The best way to lower rents is to build more housing, pure and simple. Both within the city and in the region as a whole.
Slight amendment on the 20%: However, with passage of the Rent Act of 2015, if a vacating tenant was paying a preferential rent, the vacancy lease rent increase that can be applied to the vacating tenant’s legal rent will be limited to 5% if the last vacancy lease commenced less than two years ago, 10% if less than three years ago, 15% if less than four years ago and 20% if four or more years ago.
SF,
You may be right. With decades of collusion between the City and the landlords, rent stabilization has been eviscerated, made into a cruel joke. It exists in name only.
That is because city and state are twisting themselves into pretzels trying to turn what was an "emergency price control" of WWII into a permanent taking of private property.
New York's rent control laws have survived several legal challenges (including a few that made it far as SCOTUS), because they point out state isn't taking private property, and that laws permit landlords to earn profit, maintain control of their buildings and so forth. It is also pointed out that (on paper anyway), there are ways for apartments and entire buildings to leave RC/RS entirely.
WWII ended > 70 years ago; yet New York's "emergency" price controls for rental property still continue, and worse are being expanded. This as then and now every single economist on both sides of political fence agree government interference in markets (including rent controls) is not only wrong, but actually causes harm. By the 1960's commercial rent control was gone, but residential which was also supposed to end hasn't. Instead rent control became rent stabilized in 1970's and it has been off to races ever since.
Upward price pressure (inflation) in NYC may be as great today as it was during WW2 and so perhaps the "emergency price controls" are still needed to control rapacious landlords, not that they actually DO.
Upward price pressure (inflation) in NYC may be as great today as it was during WW2 and so perhaps the "emergency price controls" are still needed to control rapacious landlords, not that they actually DO.
You're missing the point.
It is not for government to control prices for *any* good or service. As have stated already it is well researched, documented and so for that such actions only cause distortions in a market. The famous US government ongoing sugar subsidies are a case in point.
If left to its own devices rental housing market would find it's own level; just as it is doing now with market rate units. Supply is increasing so tenants have more leverage, meanwhile landlords find they must offer inducements of some sort to attract and or retain tenants.
Rent control laws in New York as "affordable" housing is a farce. They only work that way as a reward to anyone who has obtained a below market rate apartment. Once there they largely are free to earn many times more than their actual rent without suffering loss of tenancy/conversion to market rate.
As have stated while luxury decontrol exists on paper, in actuality between courts and DCHR few landlords bother going that route. They just wait for tenant to vacate (whenever that may happen), then attempt to get unit out of RS. Excellent case in point was the real estate power broker who was also a Coca-Cola heiress that lived in a RS unit on CPS. She owned homes elsewhere including Conn, but also managed to keep her below market RS apartment. The woman also finally was able to extract millions (along with a few other tenants) to surrender said apartment because LL wanted to redevelop property.
Even for those not earning large money rent RS as an "affordable" provider is often joke. Rent is what it is; and if household income cannot cover, tenant will be evicted. That is unlike NYCHA or other federal subsidized housing rent is not income base for RS units.
As article in OP which started this whole mess makes clear; plenty of RS tenants are paying one-third or more of their income in rent. If they cannot, they will be evicted/have to leave.
None of this begins to touch that RS provides a huge disincentive for LL to invest in their properties.
New York City has some of if not the oldest multi-family housing stock in the USA. Old to ancient buildings that want tearing down and redevelopment. But that often isn't possible because they are filled with RS tenants. This and or since rent roll often means a building isn't paying for itself wholly, and or earning profits, LLs do just what is required, nothing more.
One of the better things about this recent housing boom in new construction is that it has forced owners of market rate (but older) buildings to put money into their properties. This is happening with older condo or co-op buildings as well. Lobbies and other common areas are being redone and so forth.
OTOH buildings with large or all RS units still look busted and or at least dated. Individual RS apartments with long term below market rate units usually are equally busted looking. Don't take my word for this; walk around Yorkville and look up/into windows of older buildings. You'll often see peeling ceilings and so forth, along with units that look as if they haven't been redone since Kennedy or Nixon were in office.
It is not for government to control prices for *any* good or service. As have stated already it is well researched, documented and so for that such actions only cause distortions in a market. The famous US government ongoing sugar subsidies are a case in point.
But government DOES and always HAS controlled prices for many goods and services from farm products to automobiles to housing.
Might as well argue against the Sun rising in the East.
I am old enough even to remember the Nixon era national wage and price controls to battle the inflation caused by the Vietnam War spending.
But government DOES and always HAS controlled prices for many goods and services from farm products to automobiles to housing.
Might as well argue against the Sun rising in the East.
I am old enough even to remember the Nixon era national wage and price controls to battle the inflation caused by the Vietnam War spending.
Again, those farm price controls aren't doing anyone any favors; well except those who directly benefit.
Pick one; the sugar subsides, ethanol, dairy, etc.. are all industries that are distorted (and now hurting) because of government price controls.
Americans pay far more for sugar than any other western industrial nation thanks to the sugar subsides; but Congress cannot (nor likely will ever) phase them out.
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