Rent Stabilized Apartments Could See Big Renewal Increases

[BugsyPal]

Originally Posted by Brownpine

IMO, the way consumers think, we pay for increases when the manufacturer adds value to the product or service. It's why people pay $1,000+ for Iphones now when they used to cost 1/2 that amount. Same with cars (better safety features). Same with your healthcare (better tech). Why do we as a society don't demand more of landlords? Improve my dwelling and I'm more than happy to pay you more money. But to continue asking for more money when you haven't improved my dwelling is just wrong. IMO.

We're talking about rent regulated units here; no matter what a LL does rent is set by RGB and Albany.

It's easy to spot a rental building that is mostly or all regulated tenants, most look either like who did it and ran, or are not all that great.

OTOH market rate and or those buildings with less regulated tenants are another matter. There you see where a LL has spent money because he knows by keeping his property nice will attract tenants who can pay asking rent.

Why do you think so many have become obsessed with getting a "low income" or "affordable" lottery apartment? People are going from homeless/shelters/busted housing to brand new amenity filled luxury buildings, *and* their rent is regulated.

[Brownpine]

Originally Posted by BugsyPal

We're talking about rent regulated units here; no matter what a LL does rent is set by RGB and Albany.

It's easy to spot a rental building that is mostly or all regulated tenants, most look either like who did it and ran, or are not all that great.

OTOH market rate and or those buildings with less regulated tenants are another matter. There you see where a LL has spent money because he knows by keeping his property nice will attract tenants who can pay asking rent.

Why do you think so many have become obsessed with getting a "low income" or "affordable" lottery apartment? People are going from homeless/shelters/busted housing to brand new amenity filled luxury buildings, *and* their rent is regulated.

What are you talking about? LLs don't care to keep their properties nice. You can't even barely get most of them to prep a place before you move in. You know how many newer market-rate apartments are falling apart already b/c the landlord is not keeping up with upkeep and improvements?


https://www.boredpanda.com/frustrati...yc-apartments/


Go on apartments.com and read the review for many of these places - people complain incessantly about the poor maintenance service. Even the billionaires of the city are pissed...though my thoughts of schadenfreude over their "plights" is comical to me.



https://www.thecut.com/2021/02/432-p...ing-apart.html


There is such desperation in the housing and rental market, that LLs don't have to do squat and the people will still come. This high demand is what has always driven the low vacancy rates of RC and RS apartments. IMO, LLs don't care much for improving their property when they don't have to - i.e., neglect. NYCHA is a case study in neglect.