4 ms·

I think rent stabilized apartments can go a lot higher than $2700. Lots of luxury buildings are taking tax abatements in exchange for rent stabilization and set

by heyoni 7y ago

I think rent stabilized apartments can go a lot higher than $2700. Lots of luxury buildings are taking tax abatements in exchange for rent stabilization and setting aside a number of rent controlled units.

busterarm 7y ago
Nope. Units deregulate at $2700. Also there's no such thing as new rent controlled or rent stabilized units since 1970. There's other housing programs like Mitchell-Lama, some that are like what you mentioned, but that's a completely separate thing and a small amount of units. "Rent controlled" and "Rent stabilized" are technical terms in NY.
- bardam 7y ago
  Your information is correct in general, but there are many exceptions that prove the grandparent correct. My apartment was built in the last 10 years (i.e., after 1970), rents for close to $4k, and IS rent stabilized. See information here: https://www1.nyc.gov/site/rentguidelinesboard/resources/rent-stabilized-building-lists.page https://www1.nyc.gov/site/rentguidelinesboard/resources/rent... Specifically: "Also, some newly constructed buildings may be stabilized due to a 421-a or J-51 tax exemption even if the rent is $2,000 or more." A program that a significant number of developers have taken advantage of.
  - busterarm 7y ago
    Do tell me how your $4k apartment rental, at nearly 3 times the national average rent and above market for most of NYC, is the scourge of housing markets, forcing rents up for everyone and preventing new construction. Because that's what rent regulation's detractors are arguing, even though your empirical evidence (and mine) suggest the opposite. That's the context we're discussing this in.
    - heyoni 7y ago
      OP and my apartments are actually new developments benefiting from these breaks.
      - busterarm 7y ago
        Missing the forest for the trees.
        heyoni 7y ago
        I'm not sure you even know my opinion on rent control from this interaction. You asked a very specific question: > is the scourge of housing markets, forcing rents up for everyone and preventing new construction. The tax abatements obviously fuel new construction and bring in a new class of rent control to NYC. Is that a good thing? Or a bad thing? I don't claim to know, but this type of apartment definitely filled a need for myself and others who want decently managed apartments without worrying about spontaneous jumps in rent (i.e. if Amazon had moved out here). And obviously, we're not the crowd of people totting around kids, barely making ends meet but at the end of the day, I still have to go to work to pay rent or I'm screwed with the rest of them...so it's nice to at least know that my taxes (tax breaks) bought me some stability. PS: these buildings are also required to set aside a number of units for lower income residents, which again, I'm happy to pay taxes towards. Anyway, what was your point?
        busterarm 7y ago
        I guess the sarcasm missed you completely. I didn't care about your specific opinion on rent control because you didn't express one, I'm saying that your comments to give counter-evidence to what I was saying didn't even have any context in the discussion and will be used as fuel for the anti-regulation people that I said don't know what they're talking about. You basically injected a non-sequitur into the discussion and are using it to start an argument, which is silly, because I believe rent regulation is a necessary evil.
        7y ago
  - heyoni 7y ago
    Yup, that's exactly what I was thinking about. Same deal here, rent is nearly $4k but I know it can only go up by guideline amounts.
- nicwolff 7y ago
  NY State repealed high-rent deregulation in the Housing Stability and Tenant Protection act of 2019. https://www.nysenate.gov/legislation/bills/2019/s6458 https://www.nysenate.gov/legislation/bills/2019/s6458
- jcranberry 7y ago
  I live in a rent stabilized apartment in NYC and my rent is 3400.

by heyoni 7y ago

busterarm 7y ago

Nope. Units deregulate at $2700. Also there's no such thing as new rent controlled or rent stabilized units since 1970. There's other housing programs like Mitchell-Lama, some that are like what you mentioned, but that's a completely separate thing and a small amount of units. "Rent controlled" and "Rent stabilized" are technical terms in NY.

bardam 7y ago
Your information is correct in general, but there are many exceptions that prove the grandparent correct. My apartment was built in the last 10 years (i.e., after 1970), rents for close to $4k, and IS rent stabilized. See information here: https://www1.nyc.gov/site/rentguidelinesboard/resources/rent-stabilized-building-lists.page https://www1.nyc.gov/site/rentguidelinesboard/resources/rent... Specifically: "Also, some newly constructed buildings may be stabilized due to a 421-a or J-51 tax exemption even if the rent is $2,000 or more." A program that a significant number of developers have taken advantage of.
- busterarm 7y ago
  Do tell me how your $4k apartment rental, at nearly 3 times the national average rent and above market for most of NYC, is the scourge of housing markets, forcing rents up for everyone and preventing new construction. Because that's what rent regulation's detractors are arguing, even though your empirical evidence (and mine) suggest the opposite. That's the context we're discussing this in.
  - heyoni 7y ago
    OP and my apartments are actually new developments benefiting from these breaks.
    - busterarm 7y ago
      Missing the forest for the trees.
      - heyoni 7y ago
        I'm not sure you even know my opinion on rent control from this interaction. You asked a very specific question: > is the scourge of housing markets, forcing rents up for everyone and preventing new construction. The tax abatements obviously fuel new construction and bring in a new class of rent control to NYC. Is that a good thing? Or a bad thing? I don't claim to know, but this type of apartment definitely filled a need for myself and others who want decently managed apartments without worrying about spontaneous jumps in rent (i.e. if Amazon had moved out here). And obviously, we're not the crowd of people totting around kids, barely making ends meet but at the end of the day, I still have to go to work to pay rent or I'm screwed with the rest of them...so it's nice to at least know that my taxes (tax breaks) bought me some stability. PS: these buildings are also required to set aside a number of units for lower income residents, which again, I'm happy to pay taxes towards. Anyway, what was your point?
        busterarm 7y ago
        I guess the sarcasm missed you completely. I didn't care about your specific opinion on rent control because you didn't express one, I'm saying that your comments to give counter-evidence to what I was saying didn't even have any context in the discussion and will be used as fuel for the anti-regulation people that I said don't know what they're talking about. You basically injected a non-sequitur into the discussion and are using it to start an argument, which is silly, because I believe rent regulation is a necessary evil.
        7y ago
- heyoni 7y ago
  Yup, that's exactly what I was thinking about. Same deal here, rent is nearly $4k but I know it can only go up by guideline amounts.
nicwolff 7y ago
NY State repealed high-rent deregulation in the Housing Stability and Tenant Protection act of 2019. https://www.nysenate.gov/legislation/bills/2019/s6458 https://www.nysenate.gov/legislation/bills/2019/s6458
jcranberry 7y ago
I live in a rent stabilized apartment in NYC and my rent is 3400.