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Here's the thing, Albany and NYC have pushed RS into something that it never was supposed to be; "affordable housing".
Rent control did a better job of that, but still wasn't perfect, and neither is rent stablization.
Every year people moan and wail they cannot afford their legal RS rent. But who's issue is that? Landlords are not social service agencies, and yet Albany and NYC (among other areas with RS in NYS), keep treating them as if they were, which results in this passive aggressive system we have now.
Let’s say I sign the lease tomorrow. And in my lease it says 1.5 per year. Will it remain 1.5 for as long as I renew or the new percentages come into effect whenever and if I renew it goes by that.
Left say I sign the lease tomorrow. And in my lease it says 1.5 per year. Will it remain 1.5 for as long as I renew or the new percentages come into effect whenever and if I renew it goes by that.
If you mean new lease, rent is what it is as listed.
As for renewals again as stated previously in this thread whatever RGB votes in June affects 1 October through 30 September of following year.
Leases up for renewal through 29 September of this year are under previous RGB increase order.
If you take a one year lease then next year you'll be offered renewal at rates voted upon tonight.
Let’s say I sign the lease tomorrow. And in my lease it says 1.5 per year. Will it remain 1.5 for as long as I renew or the new percentages come into effect whenever and if I renew it goes by that.
it remains whats indicated on your lease, for its a binding contract; AND the increase isn't in effect until October
it remains whats indicated on your lease, for its a binding contract AND the increase isn't in effect until October
If he/she is talking about signing a new lease, no, there isn't any sort of increase until one or two years later when it comes up for renewal.
If he/she is speaking about signing a renewal lease, then as one said, things are what they are (1.5% for half year/2.5% for two years) because covered by last year's RGB vote. Only renewals that begin on or after 1 October 2022 are affected by tonight's vote.
Increases for renewal leases take place when previous expire. If someone is offered a renewal lease starting 1 July 2022, that is when increases take affect. October has nothing to to with things unless (again) renewal starts after 30 September 2022.
By law renewal leases must go out about 90 days prior to expiration of current, so most RS have either received notices affected by last years vote. Balance will soon as it is hitting up against that 90 day period.
Even if RS renewal isn't sent within 90 days, tenant has 60 days (IIRC) from time of receipt to accept or decline. Thus theoretically if something happens and tenant was not offered renewal on time, but gets it say last week of September, they sill would be covered by prior year's vote, not actions taken tonight.
Not far as LLs are concerned, but they've all but lost hope of ever getting anything good out of RGB.
It was never going to be 9%... First numbers out of RGB are always trial balloons. They float them out and see what reaction is generated, then comes the fun.
Things are what they are and come down to what myself and others keep saying; good number of RS tenants simply cannot afford to live in NYC, period. What they need is low (to extremely) income housing that perhaps is income based.
Rent regulated rents only go one way; up. If you cannot make your number each month, sooner or later you'll either have to move (or get evicted), or run various games to keep things going.
If BdeB hadn't forced nearly four or five years of zero to nil increases on LLs there might have been some room this year for zero percent. But city blew that wad and now RGB had their backs up against the wall.
All their own data indicated LLs were entitled to steep increases this year, and that's a fact.
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Thank goodness I made the right decision to renew my lease for 2 years while it's still 2.5%.
