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“ There were approximately 6,000 new cases filed during February. In March, the monthly total grew to more than 7,000 new cases, an increase of 17 percent. The avalanche of cases has grown to such a degree that the existing mechanism to provide legal representation to those families already facing destitution is being overwhelmed.”
“ Nationally, home prices are expected to increase by 7 percent over the next year. Rents are projected to grow even more quickly: 11.5 percent over the next 12 months and 5.2 percent over the coming five years.”
It’s only going to get worse. Can’t expect ppl to continue shopping and spending money when they are homeless. A recession is indeed on its way
I think that when the housing bubble bursts that this will be a good opportunity to own a home. I heard that it will happen sometime in the summer.
I am not too thrilled about getting charged a 9% fee if I’m already paying 2xxx in rent. It’s just not worth it. That money is better spent on a property.
I think that when the housing bubble bursts that this will be a good opportunity to own a home. I heard that it will happen sometime in the summer.
I am not too thrilled about getting charged a 9% fee if I’m already paying 2xxx in rent. It’s just not worth it. That money is better spent on a property.
You won a lottery apartment right? & I agree. It’s just crazy to me how they are raising the rent (everywhere not just NYC) expecting ppl to literally not be homeless? It’s like they wana see how far they can go and how much money they can make with it.
I think the city messed up by locking down for too long. Three months would’ve been enough. But the extended time created massive unemployment meaning people couldn’t pay rent. Landlords couldn’t keep up with the cost of fuel, sanitation, taxes and repairs. So now they are requesting more units with higher AMIs and for the RGB to increase rents by 9% and how can the city say no when it was their policy that created the mess?
I think the city messed up by locking down for too long. Three months would’ve been enough. But the extended time created massive unemployment meaning people couldn’t pay rent. Landlords couldn’t keep up with the cost of fuel, sanitation, taxes and repairs. So now they are requesting more units with higher AMIs and for the RGB to increase rents by 9% and how can the city say no when it was their policy that created the mess?
Yeah locking us down the way they did caused more harm than anything and that goes beyond housing. The entire way covid was handled in 2020 was not good but that’s a convo for another thread LOL
For (hopefully) last time for all who keep asking same question four thousand ways from Sunday. RS tenants are subject to lease renewal increases that are in effect at time their current term expires.
Landlords are required to send RS lease renewals not less than "X" days before current term expires. They can send it four, five or six months before current lease expires, but renewal will *NOT* take affect until current lease term ends. Renewal clearly states when current lease expires, and when new/renewal takes effect (should tenant wish to sign).
RGB orders cover leases from 1 October of one year to 30 September of following.
Even if LL sent renewal lease in May of 2023 for lease that expires in 15 September 2023 terms would still be whatever RGB votes by 1 July 2022 (9% for two years or whatever).
Might help to just not respond? Seems like it’s a lot for you to do so. Maybe others in the thread will. Unless you enjoy responding and showing you know something. Then that’s ok
“ There were approximately 6,000 new cases filed during February. In March, the monthly total grew to more than 7,000 new cases, an increase of 17 percent. The avalanche of cases has grown to such a degree that the existing mechanism to provide legal representation to those families already facing destitution is being overwhelmed.”
“ Nationally, home prices are expected to increase by 7 percent over the next year. Rents are projected to grow even more quickly: 11.5 percent over the next 12 months and 5.2 percent over the coming five years.”
It’s only going to get worse. Can’t expect ppl to continue shopping and spending money when they are homeless. A recession is indeed on its way
Again I don't know about you and yours, but average American household has more cash in their back pocket than debts. People are out there spending which is a good thing. Only problem for many is they cannot find what they want at a good price or at all (cars, homes, etc...)
You cannot base everything on just NYS or even NYC. Both are welfare "states" where renters long have out numbered homeowners by significant margin. Worse in part thanks to policies enacted at state or local level many New Yorkers simply cannot afford their homes, rental or owned.
Once you leave NY/NJ/Conn area and head out past PA rest of country is largely popping. Florida, North Carolina, Texas, Atlanta....
NYS rent regulation is an imperfect system. Housing basically is found or doled out by luck, and once found there are no adjustments or considerations for income.
Rent simply is what it is, and if cannot pay then best bust a move (take in a roommate, get extra income somehow or way), or face losing said apartment sooner or later.
I have a lease to sign and I can't decide whether to do a 1 year (0%, 1.5% last 6 months), or a 2-year (2.5%). Been driving myself crazy figuring it out if it's worth the risk to just do a 1 year.
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