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Again, that is nothing new; not for profits, religious leaders, community activists, and others all have testified in past at these RGB hearings. If you go back far enough you'll find all sorts have testified at these hearings in past. What it comes down to is two distinct sides; tenants and their supporters versus landlords and theirs.
I’m not denying that I’m saying watch it for the data based on the pandemic and how it has made an impact on various New Yorkers and their inability to pay rent.
I understand this is something that happens often. The circumstances are different and the data they pulled is very telling.
"The vote on Thursday, which was still preliminary, is a strong signal that the panel could allow landlords of rent-stabilized units — a crucial source of affordable housing with a population larger than Philadelphia or Dallas — to raise rents on one-year leases by between 2 and 4 percent, and on two-year leases by between 4 and 6 percent."
"The vote on Thursday, which was still preliminary, is a strong signal that the panel could allow landlords of rent-stabilized units — a crucial source of affordable housing with a population larger than Philadelphia or Dallas — to raise rents on one-year leases by between 2 and 4 percent, and on two-year leases by between 4 and 6 percent."
As a tenant, I can live with these rates. I do hope it stays on the lower end next month when it's official.
The decision is one year or two-year lease.
As a tenant, I can live with these rates. I do hope it stays on the lower end next month when it's official.
The decision is one year or two-year lease.
This is nothing but a range. When final vote comes next month RGB can go with numbers within said range or ignore them totally as they did every year under BdeB.
I decided to renew my lease for two years while 2.5% increase is still applied. Let me get headache later but at least for the next two years I will be okay!
For each $1k in rent 4% equals $40 more each month. For each $500 that's $20 more each month.
For 2% increase numbers would be half, but can see how some might be getting nervous.
It's a Catch-22; two year renewal leases often provide stability and certainty that comes from locking in a rate. OTOH tenant will be paying that higher number for 24 months.
Those paying > $2k in rent will see largest jolt from all but smallest increases. Presumably Albany knew what it was doing by eliminating luxury decontrol. This and both upstate along with city also know what they are doing regarding 130% and above AMI rents that often are well over $2k per month.
Just few years of increases along these proposed lines and good number of RS units will see rents near or equal market rate. Thing is landlords have flexibility with market rate units that are off table largely for RS. MR tenants can try to negotiate lower rents, but for bulk of RS units legal rent is what it is. Either agree to increases or bust a move elsewhere.
I decided to renew my lease for two years while 2.5% increase is still applied. Let me get headache later but at least for the next two years I will be okay!
There you go again, winning!
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