Vote sets stage for biggest rent hike in a decade for NYC stabilized apartments

[Kamaji]

Vote sets stage for biggest rent hike in a decade for NYC stabilized apartments

By Mark Lungariello and Nolan Hicks
May 5, 2022

A vote by the city’s Rent Guidelines Board on Thursday set the stage for what could be the biggest rent hikes in a decade for the Big Apple’s nearly 1 million rent-controlled apartments.

In a preliminary 5-4 vote, the board approved rent increases in the range of 2 to 4 percent for one-year leases and 4 to 6 percent for two-year leases.

If the board’s final vote falls within those ranges, they’d account for the largest hikes since 2013, when the board under then-Mayor Mike Bloomberg approved 4 percent increases for one-year leases and 7.75 percent for two-year leases.

The range set was not as large as some tenant advocates feared or landlord groups were hoping for — after a board report estimated owners would need increases of up to 9 percent on two-year leases to make costs.

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Source:  https://nypost.com/2022/05/05/vote-paves-way-for-rent-hike-for-nycs-stabilized-apartments/

[IsailedawayfromFR]

There must be some landlords now on the NYC council.

Always follow the money.

[sneakypete]

I am temped to say "Good! Let those parasites pay just like honest people have to pay!",but the reality is the only people who will benefit from it are the wealthy land/apartment owners,who will be the ones to collect the "bonus cash".

This is nothing more than a scam to further enrich the already wealthy because THEY are the ones who own the "partmints",and ALL that money will end up in THEIR bank accounts.

Hell of a good way for the Dims to insure they get the votes,while enriching their donors at the same time. And they,of course,WILL end up getting "their cut".

[Kamaji]

I am temped to say "Good! Let those parasites pay just like honest people have to pay!",but the reality is the only people who will benefit from it are the wealthy land/apartment owners,who will be the ones to collect the "bonus cash".

This is nothing more than a scam to further enrich the already wealthy because THEY are the ones who own the "partmints",and ALL that money will end up in THEIR bank accounts.

Hell of a good way for the Dims to insure they get the votes,while enriching their donors at the same time. And they,of course,WILL end up getting "their cut".

Not really.  The only ones who really benefit from NYC rent control/stabilization are the rich white liberals who live in stabilized apartments.  Even with this increase, rents on controlled/stabilized apartments are still below market rates.

[Kamaji]

There must be some landlords now on the NYC council.

Always follow the money.

This is a vote on the NYC Rent Guidelines Board, not the NYC council.

[GtHawk]

Not really.  The only ones who really benefit from NYC rent control/stabilization are the rich white liberals who live in stabilized apartments.  Even with this increase, rents on controlled/stabilized apartments are still below market rates.

And property owners have to pay market rates for contractors, plumbers, electricians, material, property taxes, etc. which have all gone up while rents haven't kept pace.

[Kamaji]

And property owners have to pay market rates for contractors, plumbers, electricians, material, property taxes, etc. which have all gone up while rents haven't kept pace.

Exactly.

[GtHawk]

Exactly.

My last rent hike was 4% and while not happy because my fixed income didn't keep pace, I like my location near the beach because I have moderate weather and low crime and I understand that the landlord has increased expenses.

[IsailedawayfromFR]

And property owners have to pay market rates for contractors, plumbers, electricians, material, property taxes, etc. which have all gone up while rents haven't kept pace.

All this means it is extremely foolish to be a landlord in NYC.

[Kamaji]

All this means it is extremely foolish to be a landlord in NYC.

It takes a certain type to be a landlord in NYC.  It also means that landlords have to be extremely picky about whom they rent to (unless they have a sh*t house of a building, which many do) in order to minimize tenant-wear-and-tear on the apartment.

[IsailedawayfromFR]

It takes a certain type to be a landlord in NYC.  It also means that landlords have to be extremely picky about whom they rent to (unless they have a sh*t house of a building, which many do) in order to minimize tenant-wear-and-tear on the apartment.

I for one am not wily enough nor politically connected to pull that off in such a govt controlled place