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"It's been a while since I lived in the Bay Area, but has San Jose really surpassed San Francisco?" It is misleading. It has to do with averages. A large porti

"It's been a while since I lived in the Bay Area, but has San Jose really surpassed San Francisco?" It is misleading. It has to do with averages. A large portion of SF residents are on rent control. So if you poll 10k SF people and ask their rent you get lower rental rates -- since in SF many are locked in and cannot afford to move. When you average the rents, you get a rental rate from over a decade ago. Example, if you are moving to SF today - you are looking at 3500$[i] for a run down 2brd. If you wanted to move to San Jose -- you might actually find a 2brd for $2500. I check every month and know the neighborhoods really well of Manhattan and SF. SF is more expensive - since Manhattan has more inventory and no rent control over 2k. [i] https://sfbay.craigslist.org/sfc/apa/d/open-must-see-huge-2-bed-2/6410690636.html https://sfbay.craigslist.org/sfc/apa/d/open-must-see-huge-2-...

busterarm 9y ago
> since Manhattan has more inventory and no rent control over 2k. Not exactly...There's several different kinds of rent regulation in NY. You're probably thinking of the rent-stabilization cutoff at $2700? Technically there are many apartments that are considered rent-stabilized with rents well above $2700 -- the building that I live in, for example, where virtually all rents are north of $3500, has over 80 stabilized units in a building with 96 units. About 31% (as of a few years ago) of technically rent-stabilized buildings have loopholes that allow normal increases on rent that landlords do take advantage of. To these tenants, rent-stabilization has little more effect than a right-to-renew. Rent controlled apartments are much rarer, comprising only of about 27k units across the five boroughs. There are two of these in my building. The number of rent controlled units is dwarfed by the number of apartments under other regulation, like SCRIE, Mitchell-Lama, etc., comprising of about 280k units total. NYC's total housing inventory is slightly above 3.2 mil units, of which 1.34 mil are under some kind of rent regulation. http://www.nycrgb.org/downloads/research/pdf_reports/17HSR.pdf http://www.nycrgb.org/downloads/research/pdf_reports/17HSR.p...
- ransom1538 9y ago
  Yeah my point was NY does have much rent control. From the passage of the Rent Regulation Reform Act of 1997 to the Rent Act of 2011, rent stabilization was restricted to apartments where the legal, or stabilized, rent was under $2,000 per month. The 2011 law raised that to $2,500. The unit could be deregulated once the rent went above $2,000 under the 1997 law, $2,500 under the 2011 Act, and is either vacant or the household adjusted gross income was over $175,000 under the 1997 act or is $200,000 under the 2011 law, for two consecutive years.[1
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busterarm 9y ago

> since Manhattan has more inventory and no rent control over 2k. Not exactly...There's several different kinds of rent regulation in NY. You're probably thinking of the rent-stabilization cutoff at $2700? Technically there are many apartments that are considered rent-stabilized with rents well above $2700 -- the building that I live in, for example, where virtually all rents are north of $3500, has over 80 stabilized units in a building with 96 units. About 31% (as of a few years ago) of technically rent-stabilized buildings have loopholes that allow normal increases on rent that landlords do take advantage of. To these tenants, rent-stabilization has little more effect than a right-to-renew. Rent controlled apartments are much rarer, comprising only of about 27k units across the five boroughs. There are two of these in my building. The number of rent controlled units is dwarfed by the number of apartments under other regulation, like SCRIE, Mitchell-Lama, etc., comprising of about 280k units total. NYC's total housing inventory is slightly above 3.2 mil units, of which 1.34 mil are under some kind of rent regulation. http://www.nycrgb.org/downloads/research/pdf_reports/17HSR.pdf http://www.nycrgb.org/downloads/research/pdf_reports/17HSR.p...

ransom1538 9y ago
Yeah my point was NY does have much rent control. From the passage of the Rent Regulation Reform Act of 1997 to the Rent Act of 2011, rent stabilization was restricted to apartments where the legal, or stabilized, rent was under $2,000 per month. The 2011 law raised that to $2,500. The unit could be deregulated once the rent went above $2,000 under the 1997 law, $2,500 under the 2011 Act, and is either vacant or the household adjusted gross income was over $175,000 under the 1997 act or is $200,000 under the 2011 law, for two consecutive years.[1
- deleted 9y ago
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