Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Way NY does rent stabilized increases is confusing and effed.
Nearly every other state or local area with rent controls follows a simple and pretty predicable formula. Usually straight percentage of Consumers Price Index (CPI) or set percent of say 4%.
This gives everyone involved more certainty in predicting year to year rent increases.
Again recent memory is 8 years of BdeB who as mayor effed landlords by getting RGB to do his bidding.
Looking at RGB orders from Dinkins, Rudy G and Bloomberg administrations it's a wash.
Remember we have luxury of looking at numbers in hindsight, something people renewing leases back then did not. RGB voted some very steep increases, especially in years about from 1999 through 2014.
A wash means there’s a disadvantage to signing a 2 year lease. So in general, it’s more advantageous to sign 1 year leases. That doesn’t mean the same advantages will be there going forward but there’s little reason to believe NYC politicians will suddenly start to change policy regarding RS.
Way NY does rent stabilized increases is confusing and effed.
Nearly every other state or local area with rent controls follows a simple and pretty predicable formula. Usually straight percentage of Consumers Price Index (CPI) or set percent of say 4%.
This gives everyone involved more certainty in predicting year to year rent increases.
I have owned enough Of my own places in my life …
Unless I see a tremendous deal on a high rise condo or co- op I am done.
We have far more cash flow like this …
I don’t need a few hundred thousand dollars tied up in a place anymore , I prefer it generate income and appreciation we can enjoy and use via liquid investments
Last edited by mathjak107; 02-13-2023 at 05:34 AM..
I tried doing the comparison over the past 20 years, but there are so many asterisks, like "under $400 add $50" or two tiered rent increases for the 2-year leases: "first year 3.5%, second year 4.5%."
A proper empirical comparison is completely impossible.
Perhaps the increases were designed to be inscrutable???
Of note, the extra charges for those paying the lowest stabilized rents were applied during the Giuliani years, no surprise there.
Thanks so much guys! I really appreciate it! this is a first time lease renewal for us.
This may be a stupid question but are these percentages negotiable with the landlord?
Also what happens if we want to break the lease?
Thanks so much guys! I really appreciate it! this is a first time lease renewal for us.
This may be a stupid question but are these percentages negotiable with the landlord?
Also what happens if we want to break the lease?
Thanks a ton!
are stabilized rents negotiable ? Not likely ,for one thing under the new laws that rent would be permanently reset lower .
As far as breakin* the lease ?
What does the lease say ?
Whether the landlord will or won’t charge you is up to them if it’s in the lease
Last edited by mathjak107; 02-16-2023 at 01:25 PM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
