Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You cannot screw them BOTH. There is a winner and a loser.
Yes you can and there isn't a clear "winner" or "loser" here.
RS tenants who already are digging through trash bags on street and otherwise struggling financially got kicked in the rear with at minimum a 3% increase in rent.
LLs OTOH still are not fully seeing their operating costs being covered and thus must find ways to make it work. While large multi-family and or LLs that are huge enterprises owning dozens or more of properties such as Glenwood have ways to deflect any economic hit, smaller LLs are another matter.
You also conveniently forget that RS tenants have eff tons of games they can play regarding rent and still never get evicted.
Paying rent second, third or even fourth week of month for a start. In some instances not paying until first week of next month. Not paying at all until being hauled down to housing court (repeatedly) and so it goes.
The panel of nine mayoral appointees approved increases of up to 3% on one-year leases and a more complex increase for two-year agreements, with the first year of a lease increasing by 2.75% and the second year’s rent rising by 3.2% of the previous year’s rent.
so the two year is a bit different , as it is compounded on the previous years amount .
mci increases and parking spot charges are extra .many buildings use the parking spots as a profit center as it is uncapped.
still pretty reasonable in the face of current inflation
I wonder why they decided to do it the complicated way for 2 year leases. Mathematically I think it's just 4.4% increase.
i would prefer it the way they did it since if that money is getting 4 to 6% today you do better this way then averaged out with the higher increase year one ..
Look at it this way; in Manhattan below Harlem if not maybe above RS apartments in crappy five to six floor walk-up/elevator and tenement buildings are going for north of $2,100 per month.
These are buildings with some percentage of old RS (lifer) tenants who have below market rents mixed with higher RS units and some free market.
All and all using 40x rent to income ratio you aren't getting even a RS apartment in NYC without a proven household income > $90k if not over $100k.
Does that sort of compensation mean people "have money?", many would answer they don't think so.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
