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> And what rent-controlled units exist, have huge waiting lists. It's worse than you're describing. Rent-controlled apartments have no waiting lists, because

> And what rent-controlled units exist, have huge waiting lists. It's worse than you're describing. Rent-controlled apartments have no waiting lists, because rent control is all but phased out. It only exists for a very small number of apartments that have been occupied continuously since the 1971 by the same person or lawful successors (e.g., spouse). Rent-stabilized apartments are very hard to come by. Not only are they incredibly competitive, but they often require massive broker fees (NYC is one of the few markets where renters are expected to pay the fee for the broker hired by the landlord). So even if you're lucky enough to score a $1000/month rent-stabilized apartment, you may have to pay a broker's fee of $5000 or more[0], on top of the first and last month rent. [0] this is not an exaggeration; the market has exploded in the last year, and broker's fees are unbelievable compared to even a few years ago

woodruffw 4y ago
Rent-controlled apartments are indeed basically extinct, but IME rent stabilization has more variance than you're describing: my first independent apartment was rent stabilized, and I didn't have to pay any broker fees. This was in South Harlem.
- chimeracoder 4y ago
  > IME rent stabilization has more variance than you're describing: my first independent apartment was rent stabilized, and I didn't have to pay any broker fees. This was in South Harlem. When was this? I'm talking about the state of rent stabilization today - 2023 - not 2021 or earlier. These days, you might happen to luck into a rent-stabilized apartment, but if you're actively looking for one, you'll be very hard-pressed to actually successfully rent one without paying through the nose.
  - woodruffw 4y ago
    That was 2018. I just checked, and the same unit has been off-market since 2020 at...$5 less than I was paying for it. Similar units in the building are going for the same rates that they were in 2018.
    - chimeracoder 4y ago
      > Similar units in the building are going for the same rates that they were in 2018. That doesn't contradict what I'm saying. Rent stabilization limits the amount by which landlords can raise rents (2019 also closed a loophole around preferential rents and vacancies). But that doesn't reflect the actual total cost paid by people who are signing leases for rent-stabilized apartments today. > off-market since 2020 Yes, warehousing is another widely-reported problem in the last two years.
      - woodruffw 4y ago
        Just to clarify: by "off-market" I meant that it's being occupied, not that they're warehousing it. But yeah, I'm a few years out of date. My two apartments after that weren't stabilized at all.
pgodzin 4y ago
All new buildings that took advantage of 421a tax breaks are required to be rent stabilized, so they aren't that rare, just close to market rate right now

woodruffw 4y ago

Rent-controlled apartments are indeed basically extinct, but IME rent stabilization has more variance than you're describing: my first independent apartment was rent stabilized, and I didn't have to pay any broker fees. This was in South Harlem.

chimeracoder 4y ago
> IME rent stabilization has more variance than you're describing: my first independent apartment was rent stabilized, and I didn't have to pay any broker fees. This was in South Harlem. When was this? I'm talking about the state of rent stabilization today - 2023 - not 2021 or earlier. These days, you might happen to luck into a rent-stabilized apartment, but if you're actively looking for one, you'll be very hard-pressed to actually successfully rent one without paying through the nose.
- woodruffw 4y ago
  That was 2018. I just checked, and the same unit has been off-market since 2020 at...$5 less than I was paying for it. Similar units in the building are going for the same rates that they were in 2018.
  - chimeracoder 4y ago
    > Similar units in the building are going for the same rates that they were in 2018. That doesn't contradict what I'm saying. Rent stabilization limits the amount by which landlords can raise rents (2019 also closed a loophole around preferential rents and vacancies). But that doesn't reflect the actual total cost paid by people who are signing leases for rent-stabilized apartments today. > off-market since 2020 Yes, warehousing is another widely-reported problem in the last two years.
    - woodruffw 4y ago
      Just to clarify: by "off-market" I meant that it's being occupied, not that they're warehousing it. But yeah, I'm a few years out of date. My two apartments after that weren't stabilized at all.

pgodzin 4y ago

All new buildings that took advantage of 421a tax breaks are required to be rent stabilized, so they aren't that rare, just close to market rate right now