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Thanks. Just guessing. You only need it to be north of 1.75% (2.5%-.75) to start coming out behind (roughly). New mayor who's an ex-landlord and wants to be ”business friendly” + inflation = bad news.
Landlord expenses in rent-stabilized apartments are actually tracked by the RGB. They issue a report every year. No need to guess! Inflation actually works great for them. The real cost of their debt service will drop, which should ordinarily more than offset any increases in costs.
When I won a unit lottery six months ago, my building management only offered one year as an initial lease, there was no option for two-year one. But for the renewal, they will offer one or two year lease, I guess I will see what the RS regulations will look like in this year.
When I won a unit lottery six months ago, my building management only offered one year as an initial lease, there was no option for two-year one. But for the renewal, they will offer ne or two year lease, I guess I will see what the RS regulations will look like in this year.
Interesting, that would be too bad. I guess I'll see what I get offered on this new lottery, if i do decide to move. Crossing my fingers for a 2-year option at the initial rent like I was given in 2019. Thanks for the heads up!
I signed a lease yesterday, I was offered 1 year or 2 and definitely signed for two years. It's an amazing building in the location I wanted to be, it was a no-brainer for me.
Thanks. Just guessing. You only need it to be north of 1.75% (2.5%-.75) to start coming out behind (roughly). New mayor who's an ex-landlord and wants to be ”business friendly” + inflation = bad news.
Landlord expenses in rent-stabilized apartments are actually tracked by the RGB. They issue a report every year. No need to guess! Inflation actually works great for them. The real cost of their debt service will drop, which should ordinarily more than offset any increases in costs.
Every year under BdeB LL's costs went up, but RGB either froze rents, or gave out those equal to nil.
Always take the 1st lease as 2 years and if you plan on staying in your apartment 5+ years then take the 2 year lease going forward. Remember that percent compounds each year and in 5 years you will be paying more with a 1 year lease. That is only if everything stays the same, if they increase the percent at all on 1 year leases you will be paying more within 3 years or less. The only reason why to take a 1 year lease this year is because of the 6 month freeze on rent increases with a 1 year lease. But they didn't freeze the first 6 months of a 2 year lease, which makes me feel like there is a larger increase coming next year to make up the difference if the economy is on track. But I could be wrong, it just doesn't make sense why they wouldn't freeze 2 year leases as well. Personally I still took a 2 year lease because I don't want to think about lease renewal every year, piece of mind is worth the extra $$
LL costs rose for 2020 even with covid nonsense going on. RGB as usual lacked balls and split the difference. Giving what amounts to half year rent freeze on one year renewals, but two years received a slight increase overall.
Were it not for covid and usual suspects going on about being so busted (when aren't they ever?), RGB likely would have done something close to 2% for one year, and 4% for two...
Again as have said, by BdeB punishing landlords and rewarding his people for seven years of zero to barely two percent increased RGB blew their wad. Now when economic times were truly bad (due to covid), they were up against it because LL costs had risen to point were substantial increases should have happened.
To get around takings clause of USC NYS rent laws do require a minimum profitably for LLs. How that is determined obviously varies by which side of fence one sits, but it is in the law and if city keeps trying to shove zero or frozen rent increases down RS landlords throats there is going to be trouble.
Thanks. Just guessing. You only need it to be north of 1.75% (2.5%-.75) to start coming out behind (roughly). New mayor who's an ex-landlord and wants to be ”business friendly” + inflation = bad news.
Landlord expenses in rent-stabilized apartments are actually tracked by the RGB. They issue a report every year. No need to guess! Inflation actually works great for them. The real cost of their debt service will drop, which should ordinarily more than offset any increases in costs.
LL costs rose in 2019/2020 according to RGB's own data, debt service is just a small slice of those expenses.
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