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Old 08-21-2020, 12:26 PM
 
Location: Manhattan
8,915 posts, read 4,707,926 times
Reputation: 5940

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Heads up.

https://www.ny1.com/nyc/all-boroughs...lyLXATyvnBmeZY

The rent protections are taken for granted, but the law contains a poison pill: if five percent of the apartments are vacant, the rent regulations end. If the vacancy rate remains below five percent, the protections continue.

What You Need To Know
If 5 percent of apartments are vacant, rent regulations end. If the vacancy rate remains below 5 percent, protections continue

Community Housing Improvement Program's (CHIP) survey of its members found that the residential vacancy rate now stands at 10.78 percent, up from 3.38 percent in February

State law requires cities to conduct a vacancy survey of apartments every three years

State lawmakers put off 2020's scheduled survey until 2021 because of the pandemic, and many promise further action to prevent rent protections from ending
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Old 08-21-2020, 06:29 PM
 
17,876 posts, read 15,780,590 times
Reputation: 11656
I never hear of this 5% rule. Where is Mathjak107?

Maybe this is the ploy all along. LL, banks, working with govt to rid themselves of this silly welfare.

is this for each building or statewide ? Like is total of statewide vacancy, or just 5% of a building is enough to rid the one LL of that burden

Last edited by NJ Brazen_3133; 08-21-2020 at 06:40 PM..
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Old 08-21-2020, 06:41 PM
 
Location: Manhattan
8,915 posts, read 4,707,926 times
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Quote:
Originally Posted by NJ Brazen_3133 View Post
I never hear of this 5% rule.
I know, right? I thought it was just me that never heard of it.
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Old 08-21-2020, 06:48 PM
 
17,876 posts, read 15,780,590 times
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Quote:
Originally Posted by Aeran View Post
I know, right? I thought it was just me that never heard of it.
Something like this you think should be widespread knowledge though.

I going to have to contact Rent Stabilization Association to find out more.
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Old 08-21-2020, 06:57 PM
 
Location: Manhattan
8,915 posts, read 4,707,926 times
Reputation: 5940
Quote:
Originally Posted by NJ Brazen_3133 View Post
Something like this you think should be widespread knowledge though.

I going to have to contact Rent Stabilization Association to find out more.
Maybe it's one of those obscure rules that no one ever paid any attention to (rarely being applicable) until this covid crisis hit. Good luck finding out further info. I personally know no one who has a rent stabilized apt so it's all greek to me. Just thought I'd give a heads up for people who do.
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Old 08-21-2020, 07:03 PM
 
3,210 posts, read 4,597,248 times
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It doesn't matter if the vacancy rate hits 50%. The block of voters rent stabilized tenants represents is far, far too large for any politician in most areas of NYC to ever let it go away. They will find a way to keep it in effect, period. The only thing stopping them is the courts, and if so, then they'll pass new legislation instead.

This is simply a statement of political reality.
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Old 08-21-2020, 07:15 PM
 
15,784 posts, read 14,380,216 times
Reputation: 11830
I brought this up before. But with the Democrat terse completely in control of the state government, if it looked like this would kick in, they'd simply change the law to eliminate the sunset provision.
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Old 08-21-2020, 07:36 PM
 
31,682 posts, read 26,569,406 times
Reputation: 24505
Quote:
Originally Posted by NJ Brazen_3133 View Post
I never hear of this 5% rule. Where is Mathjak107?

Maybe this is the ploy all along. LL, banks, working with govt to rid themselves of this silly welfare.

is this for each building or statewide ? Like is total of statewide vacancy, or just 5% of a building is enough to rid the one LL of that burden
Where have you people been who claim to be NYers? Living under a rock?

Have known about that "five percent" vacancy number for ages. It is one of the underpinnings of the "housing emergency" that NYS used to implement rent stabilization after getting rid of rent control proved not to work out so well.

Housing Vacancy Survey

https://rentguidelinesboard.cityofne...s_overview.pdf

NYS has gotten away with rent regulation for so long by claiming a housing emergency exists in part of state in particular NYC. To wit there is a shortage of apartments.....

If that changes (as in a shortage no longer exists) then rent control laws are supposed to end since in theory supply is now sufficient.

Anyone who believes the current group of liberal, inclusive, equality, progressive democrat lunatics running the asylum in Albany is going to let this happen should seek professional help.
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Old 08-21-2020, 08:53 PM
 
6,052 posts, read 4,411,927 times
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So - what? If rent control ends, you get higher rents, more empty apartments and more homeless people? Is that a good thing?
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Old 08-21-2020, 09:32 PM
 
31,682 posts, read 26,569,406 times
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Quote:
Originally Posted by NYC refugee View Post
So - what? If rent control ends, you get higher rents, more empty apartments and more homeless people? Is that a good thing?
It wouldn't end all at once even if RS laws died.

Tenant would be protected until their leases expired.

Certain buildings/apartments are under RS because they took tax or other benefits (such as zoning variances for inclusive housing) , and those would remain per terms of agreement until expired.

What likely would happen and should is what was done previously; and orderly phase out of RS units by decontrol at vacancy or when a household reaches certain annual income.
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