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^^^ Is this charge specifically tracking rent-stabilized apartments? It doesn't say that.
I'm not disputing your points. I think you are correct in what you are saying. I'm just wondering about what this chart is showing.
Thing about market rate apartments is both LLs and tenants have room to negotiate. If a tenant feels he or she can find better or cheaper digs elsewhere, they will move. OTOH if a LL wants to keep a good tenant he or she will negotiate on rent.
For RS units there is none of that; rents go only one way at each renewal; *up*. By law LLs cannot negotiate lower rents nor have any other wiggle room. A LL could decide not increase rent when sending renewal notice, but that never happens. Doing so would harm legal asking rent for apartment in ways that cannot be altered in future. There was preferential rent system, but liberal, socialist, progressive democrats in Albany took that off table with 2019 rent laws.
This is one of the things people must take into consideration when getting into a rent stabilized apartment that is at the top of their budget, especially when you're at the low end of the AMI band. Depending on the administration rents may increase dramatically faster than in the past. Adams stacked the board with the most pro-real estate shills humanly possible. People who got in at $3600 two years ago may be looking at upwards of $4k because the past two increases were high. Even worse, many people in the lower AMI tiers do not get raises every year.
Last years increases in RS rents (3.5% and 5% respectively) were not "high" but well within historical norms.
In fact given nature of inflation and other rising costs for LLs those increases were rather low. But RGB did what it usually does; split the difference in aid of attempting to hold tenants harmless while ticking off LLs.
Not for nothing, but using 40x rent to income ratio a RS household with rent of $3600 should be able to absorb even a five percent increase. Such person or persons usually have well paying employment and also have options. This is why often "affordable" lottery apartments at AMIs of 130% or above are difficult to move. People at that level look about and realize they have options and even offer of RS for thirty or whatever years isn't enough to move that needle.
Last years increases in RS rents (3.5% and 5% respectively) were not "high" but well within historical norms.
In fact given nature of inflation and other rising costs for LLs those increases were rather low. But RGB did what it usually does; split the difference in aid of attempting to hold tenants harmless while ticking off LLs.
Not for nothing, but using 40x rent to income ratio a RS household with rent of $3600 should be able to absorb even a five percent increase. Such person or persons usually have well paying employment and also have options. This is why often "affordable" lottery apartments at AMIs of 130% or above are difficult to move. People at that level look about and realize they have options and even offer of RS for thirty or whatever years isn't enough to move that needle.
Meh you just bitter because you own.
Its is a good size increase. Inflation is through the roof, everything has gone up and Wages HAVE NOT with the inflation.
Meh you just bitter because you own.
Its is a good size increase. Inflation is through the roof, everything has gone up and Wages HAVE NOT with the inflation.
Actually wages have increased and have done so since 2022. Things may have slowed but never the less either between mandatory minimum wage increases or employers paying more things are what they are.
As for rest it's not rocket science, if you want more control over housing costs you buy not rent. Long as someone rents housing (paying someone else's mortgage and other costs), then they are subject to forces largely beyond their control. Only real avenues open to them is moving house.
NY has has rent regulation for > 60 years, and some how, some how issues scheme was supposed to correct still occur. Percentage of persons simply cannot afford housing. If NYS or NYC firmly believe in giving away housing at below costs let one or both buy and build housing they can rent at what they believe are "fair" rates.
Oh wait, they've done that (NYCHA) and look at what that's gotten them.
Meh you just bitter because you own.
Its is a good size increase. Inflation is through the roof, everything has gone up and Wages HAVE NOT with the inflation.
Exactly. It's odd for someone who owns, hates affordable housing and has such contempt for the people searching for it to spend all their time on a housing lottery forum repeatedly telling people their concerns about housing are not valid and they don't deserves it. Some people are just miserable small people. It reminds me of the guy who lived in a million dollar condo and tried to take over an organizing Facebook group for a large affordable housing complex in Brooklyn just to spite the families and people living there. https://www.curbed.com/2023/12/polic...n-heights.html
Actually wages have increased and have done so since 2022. Things may have slowed but never the less either between mandatory minimum wage increases or employers paying more things are what they are.
As for rest it's not rocket science, if you want more control over housing costs you buy not rent. Long as someone rents housing (paying someone else's mortgage and other costs), then they are subject to forces largely beyond their control. Only real avenues open to them is moving house.
NY has has rent regulation for > 60 years, and some how, some how issues scheme was supposed to correct still occur. Percentage of persons simply cannot afford housing. If NYS or NYC firmly believe in giving away housing at below costs let one or both buy and build housing they can rent at what they believe are "fair" rates.
Oh wait, they've done that (NYCHA) and look at what that's gotten them.
Maybe for you but NO one I know have had their wages increase to keep up with inflation. I even know some people who had to take a cut or keep the same salary to keep their jobs. These are people ranging from min wage to high six figures.
My longest stretch without even a penny raise was 4 years. Im sure some are way longer. When I tried to negotiate rent, my ll said the city never fails to raise property taxes regardless of what the economy is doing.
My longest stretch without even a penny raise was 4 years. Im sure some are way longer. When I tried to negotiate rent, my ll said the city never fails to raise property taxes regardless of what the economy is doing.
Yea I don't know why people assume everyone gets raises, much less raises that keep up with inflation.
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