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Tuesday, February 11, 2014
The Rent Stabilization Blues
Some choice quotes:
"More than 987,000 apartments in New York—nearly half of all rental units—are rent-stabilized, meaning annual changes in rent are set by a body called the Rent Guidelines Board, or RGB."
"An apartment renting for $700 when Mayor Bloomberg took office in 2002, where the lease was renewed annually, could legally go for $966 to $1,007 by the time Bloomberg headed back to the corporate world. That’s well ahead of the growth in family incomes."
"The trend continues: the RGB revealed last year that net income for landlords had increased for seven straight years, that tenant incomes had dropped, that evictions were up and that landlord operating costs were expected to rise a mere 2.6 percent this year. Yet the board, using its formula, raised rents 4 percent."
"The impact of these increases went beyond the monthly rent bill; if a rent-regulated apartment’s monthly rent exceeds $2,500 and it is vacated, it exits the rent stabilization program. Last year, 6,700 units lost their rent protection that way. Every time the RGB raises rents, it moves every apartment in the system closer to the exit door."
Don't make de Blasio forget his promise/offering to freeze rents:
BTW, our local politicians proudly cheered the Roberts Decision in that it made all Stuy Town/Peter Cooper apartments rent stabilized. But do you know of any rent stabilized apartments outside PCVST in New York going for 4K to 5K plus??? This was a sham victory, indeed, and merely codified the high price of apartments here for our newer tenants.