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This article also says "least frequently" and at 46.5%, NY State has the highest proportion of renters than any other state. This is likely due to the amount of renters in NYC.
On a side note, Yonkers and Buffalo made the mid-sized city list in terms of renters that never move.
Nyc is filled with renters ,many of whom have lower end jobs and can’t afford to buy or they wouldn’t be renters .
Nyc is the unskilled labor magnet .
We have rent stabilized apartments with succession rights , a cheap mass transit system that can get you every where , lots of lower income perks , lots of lower end jobs , ethnic neighborhoods where one can live with their own , etc .
So with most renters here renters for financial reasons this is not a bad place to be , especially when you qualify for stuff..
Why would they move? If you are in the dole, NYC is the most generous place in the country.
On the flip side though, once you are hooked on freebies, you will likely never break free of government dependency and will never move up in life. That’s how you have inter-generational poverty.
B/c of rent stabilization and housing projects. Ironically, this makes market rent much more expensive. Once you leave NYC to go to other areas - even <75 miles upstate, you will find that market rental prices are actually much cheaper than NYC. For example, in Albany you could be a low wage retail worker and pay rent to live in an actual house.
B/c of rent stabilization and housing projects. Ironically, this makes market rent much more expensive. Once you leave NYC to go to other areas - even <75 miles upstate, you will find that market rental prices are actually much cheaper than NYC. For example, in Albany you could be a low wage retail worker and pay rent to live in an actual house.
Rent stabilization itself has little effect on rents because many apartments are right at market …
When boston got rid of rent stabilization rents went up ….
Old unrenovated apartments were finally upgraded and new cost money . Construction and renovation permits soared in boston so doing away with stabilization did nothing as all these apartments that were stabilized now came up to market too .
Here if a landlord wants to compete he has to compete against stabilized apartments in the area …he will find it hard to rent for much more , especially because you have none of the protections stabilization has if a tenant
Rent stabilization itself has little effect on rents because many apartments are right at market …
When boston got rid of rent stabilization rents went up ….
Old unrenovated apartments were finally upgraded and new cost money . Construction and renovation permits soared in boston so doing away with stabilization did nothing as all these apartments that were stabilized now came up to market too .
Here if a landlord wants to compete he has to compete against stabilized apartments in the area …he will find it hard to rent for much more , especially because you have none of the protections stabilization has if a tenant
When Boston got rid of their rent stab was during their tech boom, so rents were going to go up regardless. They had a big influx of highly paid people. The real issue is whether or not the rents went up at a faster or lower rate.
When Boston got rid of their rent stab was during their tech boom, so rents were going to go up regardless. The real issue is whether or not the rents went up at a faster or lower rate.
Well I don’t live there ..but my partner owned rentals there and rents rose by a lot once stabilized rents ended if they were lower
It only makes sense since it is more beneficial for landlords to raise rents to market if below then market rents to fall .
many stabilized apartments are already at market or damn close even here in nyc.
Some of the new programs let new construction go to market at current market rates or above
Well I don’t live there ..but my partner owned rentals there and rents rose by a lot once stabilized rents ended if they were lower
It only makes sense since it is more beneficial for landlords to raise rents to market if below then market rents to fall .
many stabilized apartments are already at market or damn close even here in nyc.
Some of the new programs let new construction go to market at current market rates or above
While the previously stabilized apartments raised rents a lot after a reno, the market rate rentals increased by 13%. It is hard to say whether it was a lot or a little at the time, since Boston had a huge boom in tech and biotech jobs. At the time they were considered Silicon Valley 2.0 and had second most tech jobs and job growth only behind SF (even more investment than even NYC and LA in absolute terms, which for a tiny city like Boston is a lot).
This article also says "least frequently" and at 46.5%, NY State has the highest proportion of renters than any other state. This is likely due to the amount of renters in NYC.
On a side note, Yonkers and Buffalo made the mid-sized city list in terms of renters that never move.
Nearly 70% of all rental housing in most parts of NYS (especially NYC) is rent regulated, public housing, Section 8 and or some other subsidized housing. With someone else carrying your behind, and as renter having same or more rights than owners, why would people move?
Only renters that do move if at all are market rate tenants. You see this all the time, especially when there is any sort of economic or whatever crisis. Huge swaths of NYC rentals cleared out during covid early on. But largely only market rate tenants. Everyone else (rent regulated, NYCHA, subsidized, etc...) stayed put, helped along by state bans on evictions (so they didn't need to pay rent), then various pots of free money given away to cover rent they should have paid....
Furthermore to that, NYS has most tenant friendly laws and courts in nation. It is nearly impossible to get rid of even nonpaying tenants in NY. Even when LL is in the right and finally does get a problem tenant out, it has taken on average a year or more and cost $$$$$.
NY doubled down on this failed system back in 2019 with new rent laws. Albany seems to be heading down that same path again by passing state wide "good cause eviction" laws.
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