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The only rent stabilized apartments available in 2022 have been dumps in need of repair. My landlord increased my rent $1400. Unbelievable this is allowed.
This is not exactly true. Stuyvesant Town thread alone shows people are getting renovated RS units in good condition.
OTOH since landlords can no longer get higher rents upon vacancy by doing renovations many LLs aren't even listing below market rent units, but warehousing instead. RS units that do hit market run gamut, some LLs aren't even painting or doing anything else, unit is offered for rent "as is", take it or leave it.
Most busted RS units are those where a lifer tenant has vacated. Often nothing has been done to such units in many decades (we're talking about twenty, thirty or more years). Previously a LL would gut renovate place which resulted in higher rent, but a nicer apartment. With that option off table as have said most won't bother.
At some point market rate rents will reach an equilibrium.
What is happening now has done so nearly every time a major event (9/11/01, recession, stock market crash...) hits NYC. Many people pack up and move, as consequence rents drop (market). Then after coast is clear people flood back into city which drives up rents.
Those who nabbed market rate apartments with huge concessions never should have expected things to remain permanent. That is just not how NYC rolls.....
Smart tenants scouted out RS units during covid, and took those apartments for various built in securities.
About 60% of all NYC rental housing stock falls under rent or some other regulation. Market rate tenants are fighting over scraps...
The only rent stabilized apartments available in 2022 have been dumps in need of repair. My landlord increased my rent $1400. Unbelievable this is allowed.
Why shouldn't people allowed to charge what they want to rent their property?
As a former real estate agent i kept telling people these last 2yrs be mindful of signing leases that were too good to be true. I tried to explain the reason pricing was so low was due to covid and when renewal time it would go back up to normal pricing and even more. People were moving just because they wanted to and not because they had to and now some are having a hard time finding a new place
As a former real estate agent i kept telling people these last 2yrs be mindful of signing leases that were too good to be true. I tried to explain the reason pricing was so low was due to covid and when renewal time it would go back up to normal pricing and even more. People were moving just because they wanted to and not because they had to and now some are having a hard time finding a new place
Good point
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