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And this is just a general overview of what's happening. If we look at specific cities, I think it's safe to say that things are not looking great in a renter's world.
Really? I think you are the only person to say that, because all the news scream on and on about NYC and San Francisco; and about how high the rent is in these cities..
well then the media is wrong . 1/2 of all the housing in nyc is rent stabilized and this is the 2nd year in a row no increases were voted in for millions of people . self included since our building is stabilized .
well then the media is wrong . 1/2 of all the housing in nyc is rent stabilized and this is the 2nd year in a row no increases were voted in for millions of people . self included since our building is stabilized .
Rent stabilized to the point where a studio costs $2000 a month or a one bedroom costs $3000 and has to be shared by a couple and another tenant or two. There is the odd situation of a person living in a small apartment and paying only a few hundred dollars but that's because they've been in it for 50 years with rent control.
we live in a luxury rent stabilized building in queens where my wife has lived for 35 years .
our rent is really just a bit under market at this stage , maybe 12% or so after decades , if even that much .. don't confuse rent controlled which there are very few of with rent stabilization which is quite popular .rent controlled apartments can be a fraction of market . luckily only about 8% of housing is rent controlled today , rent stabilized about 50%.
manhattan can be very different than the borough's . we own rent stabilized co-ops over looking central park and our tenants are original . because the apartments appreciated sooooo much those tenants are paying about 30% below market . maybe a bit more . the rules for co-ops are different since rentals that are stabilized get increased with turnover our co-ops are stabilized too but with original tenants once they either take a buy out or move we sell the apartments so these apartments never see rent increases from turnover like our building we live in which is a pure rental .
but all of us are exempt from increases for the 2nd year in a row ..
in fact if you are at least 62 in a stabilized building in nyc with a household income of 50k or less , it the rent is more than 1/3 of your income you are exempt from rent increases forever . the building owner gets a tax credit to make up for it
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SCRIE - Senior Citizen Rent Increase Exemption
WHAT IS SCRIE, AND WHO QUALIFIES?
SCRIE - Senior Citizen Rent Increase Exemption - is a program that can freeze the rents for senior citizens living in the following types of housing in New York City:
rent-stabilized
rent-controlled
Mitchell-Lama and Redevelopment Company buildings (both tenants and co-op shareholders are eligible), HDFC co-ops, and Federally-assisted co-ops
buildings regulated by the loft board
To be eligible:
the tenant, or the older spouse of the tenant, must be 62 or older
household income (after deductions including all income taxes and Social Security taxes) must be less than $50,000
the rent must be at least 1/3 of the household income as of the time of the application or as of the effective date of an upcoming rent increase
Disabled tenants, regardless of age, may be eligible for DRIE - Disability Rent Increase Exemption.
Last edited by mathjak107; 01-31-2017 at 06:46 AM..
Social security benefits have increased 0.3% this year, that means for the average person they get $4 more per month, so you can buy about 1 extra item from the dollar store per week. If your rent went up and you are on SS, good luck because that $4 won't cover it.
Varies by location. Portland Oregon has a slightly over 50% increase in minimum wage. The rest of the state is getting a 20% increase in minimum wage. Rents have gone up a heck of a lot more than 4% all over Oregon.
If wages in your area have gone up 3.5% and rents are up 4 percent, that is not much of a discrepancy. That looks pretty well balanced to me.
Social security benefits have increased 0.3% this year, that means for the average person they get $4 more per month, so you can buy about 1 extra item from the dollar store per week. If your rent went up and you are on SS, good luck because that $4 won't cover it.
medicare went up and took the ss money . no different though than getting a raise at work and our health insurance went up more
cola's are not supposed to track anyone's cost of living . it is just a price change index on goods and services in the 1500 mini economy's the country consists of .
they are all different and in no way will reflect you personally nor your area .
a cost of living index is dependent on a lot more parameters , like how many times you buy the item , the quality of an item since higher end products see higher price increases , etc .
Rent stabilized to the point where a studio costs $2000 a month or a one bedroom costs $3000 and has to be shared by a couple and another tenant or two. There is the odd situation of a person living in a small apartment and paying only a few hundred dollars but that's because they've been in it for 50 years with rent control.
There are over a million rent stabilized units in NYC. I lived in one up until recently. A stabilized one bedroom is nowhere near $3,000.
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