Rent-Stabilization Hike: Lose-Lose?
At the conclusion of the typically rowdy Rent Guidelines Board meeting last night, the board authorized increases of 4.5 percent on one-year leases and 8.5 percent on two-year leases for the city’s 1 million rent-stabilized apartments. The hike was the largest one in almost two decades, but many landlords were unhappy with the decision, saying…
At the conclusion of the typically rowdy Rent Guidelines Board meeting last night, the board authorized increases of 4.5 percent on one-year leases and 8.5 percent on two-year leases for the city’s 1 million rent-stabilized apartments. The hike was the largest one in almost two decades, but many landlords were unhappy with the decision, saying operating costs (especially fuel charges) have skyrocketed. “I am not satisfied with what we have at all,” said one landlord quoted in the Sun. According to the Times, the Rent Stabilization Association, which represents thousands of landlords, had been pushing for increases of between 10 and 15 percent. The board gave another concession to landlords in the form of a supplemental monthly rent increase of $45 for one-year leases or $85 for two-year leases for tenants who have lived in stabilized units for more than six years. Tenants, of course, expressed frustration with the board’s decision. The point we’re making is that this is a charade, Michael McKee, the treasurer of Tenants Political Action Committee, is quoted as saying in the Times. This was a done deal from the beginning. Before the meeting last night, Council Speaker Christine Quinn held a rally in support of a bill before the Legislature that would restructure the Rent Guidelines Board (which is solely comprised of members appointed by the mayor) and deny rent increases for one year on any unit with serious violations.
Board Backs Rise in Rent Up to 8.5% [NY Times]
Rent Increases Are Approved For Stabilized Apartments [NY Sun]
Photo by richarddavis.
Thank you, gwbrubaker. Always happy to meet other nice guys…
😉
Have a great weekend and take care.
– PS neighbor
11:11 Move to Cuba.
Thanks again. Your sentiments bring me much encouragement.
I, too, hope that they can get me back to form soon. I am waiting for some results from tests that will hopefully find a treatment for me and get me back to work soon. Until then I try to find solace and focus on my healing.
It has been a heartbreaking year, and I really want to get back to work soon. I’m in a wonderful city and yet feel very isolated because of this. And when I’m better I’ll be back doing my best to make positive changes and make NYC a better place to live. And hopefully I will meet kind people like you.
Why do landlords think they should pass all of the high energy costs to tenents? It’s expensive for everyone these days and I am sick and tired of airlines to companies to LANDLORDS passing the buck onto the consumer, or in this case the tenent. It just doesn’t make sense to me?
I totally understand…
I’m really sorry. I’ve always enjoyed your posts here and hope you find a way to make it work. My heart goes out to you…
We need people like you here, so hopefully things will somehow work themselves out. If I had a place to rent you for cheap, I would offer…
Thanks, 11:00. I appreciate your kindness.
Unfortunately I was not disabled when I first moved into this apartment. My disability occurred in the past year, and before that I was working at a non-profit for a civil rights advocacy organization. The pay was low but in order to make positive changes you have to live in expensive cities such as NYC. That is where they are based.
I’m sorry to hear that, gwbrubaker. Truly.
One could make the argument, however, that in your situation, living in the most expensive city in the country is probably not the wisest idea.
But I wish you the best of luck…
This is going to hit me hard. I’m on disability. Out of my paltry disability I have to pay $600 a month (plus big deductibles) for my insurance so I can get treatment. And now with this I will see a 16.4% increase in my rent. After this I will have about $300 a month to live on.
This is EXACTLY why it’s good to buy something if you plan to stay in NYC long term.
Otherwise you’re going to be 65, retired, on a fixed income and paying 10K a month for a 1 bedroom.
Some people don’t factor that into their brilliant math calculations when telling us all how much better it is to rent than own.
What about the 20 years I’m going to live AFTER my mortgage is paid off…?
Doesn’t that factor in???