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There was a big push by RS supporters to do something about increases because a good number of apartments are reaching the luxury decontrol threshold.
Many of these units are in prime areas of Manhattan below 96th Street such as Greenwich Village, Tribeca, Chelsea and so forth. We are talking about rents of say $2200 to $2400. It does not take too many more increases before those rents reached $2500.
This freeze was baked into the cake earlier. Notice the RGB held off voting until Albany took action on renewing RS laws. Since luxury decontrol wasn't ended but only the level increased the RGB is now trying to slow walk things.
New York City is seeing more and more young and middle class person leave for places with lower housing costs. For ever hipster you hear about living three or more in some Williamsburg apartment others have said "screw it" living in NYC isn't all that and can do better elsewhere.
The Mayor and City Council are cutting their noses to spite their faces by protecting below market rate RS tenants. These are mainly older persons who have been here for decades and now have "squatter's rights" so to speak.
They are leaving because there isn't anything here close to what there once was. It actually isn't worth it to them. If it was they would stay, housing costs notwithstanding.
I am not so old myself but work with REALLY young people - my students. They don't see the point, there are more interesting places for young people not involved in business.
They are leaving because there isn't anything here close to what there once was. It actually isn't worth it to them. If it was they would stay, housing costs notwithstanding.
They are leaving because they can't afford it, because a BS system keeps them out of being able to get jobs that can pay lower than living wages because 40% of New York doesn't pay their share of market rent.
It's got years more until it gets resolved, and frankly... let it be as such.
The city of New York will reap as it sows.
Rent's are high and it isn't worth it to a middle class.
New York City is seeing more and more young and middle class person leave for places with lower housing costs. For ever hipster you hear about living three or more in some Williamsburg apartment others have said "screw it" living in NYC isn't all that and can do better elsewhere.
The Mayor and City Council are cutting their noses to spite their faces by protecting below market rate RS tenants. These are mainly older persons who have been here for decades and now have "squatter's rights" so to speak.
This is the same old story that has been going on in NYC for decades.
People have always left NYC for lower housing costs because they couldn't afford it.
Unless you have a subsidized apartment or can afford to buy it's often not worth it to pay exorbitant rents. But this isn't a new thing. It's old news.
Meanwhile sales nor rent prices are going down because demand to live in NYC is high. The city's economy has changed and one needs to be able to work in tech, education, various creative fields like media, or tourism to do well. Those unable to do that have just the service sector or they are out of work.
They are leaving because they can't afford it, because a BS system keeps them out of being able to get jobs that can pay lower than living wages because 40% of New York doesn't pay their share of market rent.
It's got years more until it gets resolved, and frankly... let it be as such.
The city of New York will reap as it sows.
Rent's are high and it isn't worth it to a middle class.
NYC isn't reaping anything at all. Those people leaving are EXPENDABLE as you have loads of immigrants, transplants, and rich people who are always coming to NYC to live, to study, or to visit.
Don't delude yourself into thinking working class people priced out of the city means anything to the city's real estate industry or government.
In a way NYC as the business capital of the world is pretty fair.
People from all around the world come here and buy property. Regardless of your race, nationality, sex, sexual orientation, etc you are welcome to purchase property or rent or do business here.
If you don't have money here that sucks. And that's really the core issue. But some people feel the need to overrationalize and overjustify it.
NYC isn't emptying core parts of the city have population displacement as working class people get displaced by wealthy people (Manhattan and Western Brooklyn and Western Queens). Poor people move to the Bronx, Eastern Queens, Eastern Brooklyn, Staten Island or the suburbs (for those staying in the city). As noted people have always come and gone from NYC. The city population mind you has INCREASED since the 80s and the 90s.
In a way NYC as the business capital of the world is pretty fair.
People from all around the world come here and buy property. Regardless of your race, nationality, sex, sexual orientation, etc you are welcome to purchase property or rent or do business here.
If you don't have money here that sucks. And that's really the core issue. But some people feel the need to overrationalize and overjustify it.
NYC isn't emptying core parts of the city have population displacement as working class people get displaced by wealthy people (Manhattan and Western Brooklyn and Western Queens). Poor people move to the Bronx, Eastern Queens, Eastern Brooklyn, Staten Island or the suburbs (for those staying in the city). As noted people have always come and gone from NYC. The city population mind you has INCREASED since the 80s and the 90s.
Everything you are saying is completely hypocritical to the concept of Rent Control though.
They don't get displaced, and their seniority trumps their income- all things that create a secondary bifurcated market.
Rationalization and Justification are rarely friends of politics, but generally politicians don't go about touching other people's properties or adjusting rules that continually harm everyone but their constituents.
Everything you are saying is completely hypocritical to the concept of Rent Control though.
They don't get displaced, and their seniority trumps their income- all things that create a secondary bifurcated market.
Rationalization and Justification are rarely friends of politics, but generally politicians don't go about touching other people's properties or adjusting rules that continually harm everyone but their constituents.
The real money doesn't care strongly about rent stabilization. When they want to develop a site they have the resources to get everyone out of those buildings and either tear them down or do a gut renovation.
So there was no need for them to lobby against rent regulation.
Rationalization and Justification are rarely friends of politics, but generally politicians don't go about touching other people's properties or adjusting rules that continually harm everyone but their constituents.
Overturn of Glass Steagall ... ?
Eminent domain ... ?
Need I go on ... ? I'm sure I do but don't have the time.
What planet are you from ? Wherever it is, it is far far from earth and definitely many light years from the city of New York.
[And why are Rationalization and Justification BOTH capitalized ?]
The real money doesn't care strongly about rent stabilization. When they want to develop a site they have the resources to get everyone out of those buildings and either tear them down or do a gut renovation.
So there was no need for them to lobby against rent regulation.
Money trumps all, including rent regulation.
Income inequality is obviously a thing, that's likely to exist through the history of the world, and isn't always necessarily a bad thing- and there are many factors at place.
Rental inequality doesn't need to exist, or at least it doesn't need to be supported by the NYS government.
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