4 ms·

>The free market had its chance to operate for the past decade in NY since Airbnb has come into existence My personal experience with the NYC housing market is

by jbc1 3y ago

>The free market had its chance to operate for the past decade in NY since Airbnb has come into existence My personal experience with the NYC housing market is exactly zero and even I know it's heavily regulated. Its rent control is known globally.

nobody9999 3y ago
>My personal experience with the NYC housing market is exactly zero and even I know it's heavily regulated. Its rent control is known globally. It may be well known globally, but rent controlled apartments make up ~1% of the housing stock. In order to have a rent controlled apartment, the building needs to have been built before 1947 and it must have been continuously occupied by the same family since at least 1971. Rent stabilized apartments (IIRC, there are ~800,000 of them including mine) are only in buildings built before 1974 with more than six rental units. What's more, rent increases are set each year and can range anywhere from <1 to >5%. If the owner spends a certain amount on renovations to a vacant apartment, the rent stabilization law no longer applies and the unit can be rented at market rates. Yes, there is significant regulation of rental units for ~30% of the rental stock, but beyond that it's whatever the market will bear. Edit: Removed incorrect information about rent caps on rent stabilized apartments.
- mschulkind 3y ago
  > Rent stabilized apartments (IIRC, there are ~800,000 of them including mine) are only in buildings built before 1974 with more than six rental units. What's more, rent increases are set each year and can range anywhere from <1 to >5%. Once a rent stabilized unit is more than the maximum allowed rent (currently ~$2500/month) or the owner spends a certain amount on renovations to a vacant apartment, the rent stabilization law no longer applies and the unit can be rented at market rates. This is not true. I've lived in multiple brand new rent stabilized buildings in Brooklyn with rents above $2500/mo over the last decade.
  - nobody9999 3y ago
    >This is not true. I've lived in multiple brand new rent stabilized buildings in Brooklyn with rents above $2500/mo over the last decade. TIL that certain buildings with j-51, 421-a and 421-g[0][1] tax abatements are also covered under the rent stabilization law. However, not all apartments currently covered by rent stabilization under those tax abatement rules will remain rent stabilized. See the links below and check your lease as you might be in for a nasty surprise. I'd add that as of 2019, there is no maximum rent for rent stabilization either[2]. I've edited my original comment to reflect that. Thanks for enlightening me. [0] https://hcr.ny.gov/system/files/documents/2022/09/fact-sheet-01-09-2022.pdf https://hcr.ny.gov/system/files/documents/2022/09/fact-sheet... [1] https://rentguidelinesboard.cityofnewyork.us/resources/faqs/tax-abatements-exemptions/ https://rentguidelinesboard.cityofnewyork.us/resources/faqs/... [2] https://rentguidelinesboard.cityofnewyork.us/resources/rent-regulation-laws/rent-laws-of-2019/ https://rentguidelinesboard.cityofnewyork.us/resources/rent-...
    - leotravis10 3y ago
      There's a group dubbed "Friends of the Court" and others want to kill NYC's rent stabalization laws and they're already asking the Supreme Court to take the case. Article: https://www.levernews.com/friends-of-the-court-ask-scotus-to-raise-rents/ https://www.levernews.com/friends-of-the-court-ask-scotus-to... Discussion: https://news.ycombinator.com/item?id=37298543 https://news.ycombinator.com/item?id=37298543 There's a very good chance that the housing crisis might get even worse before it gets better.
      - mdhen 3y ago
        Rent stabilization causes increased rents for those without it. It is nice to have though, I used to have one in a 421a building. Really nice spot.
      - nobody9999 3y ago
        >There's a group dubbed "Friends of the Court" and others want to kill NYC's rent stabalization laws and they're already asking the Supreme Court to take the case. You mean these guys[0]? They've got their fingers in a lot of pies! [0] https://www.law.cornell.edu/wex/amicus_curiae https://www.law.cornell.edu/wex/amicus_curiae

by jbc1 3y ago

nobody9999 3y ago

>My personal experience with the NYC housing market is exactly zero and even I know it's heavily regulated. Its rent control is known globally. It may be well known globally, but rent controlled apartments make up ~1% of the housing stock. In order to have a rent controlled apartment, the building needs to have been built before 1947 and it must have been continuously occupied by the same family since at least 1971. Rent stabilized apartments (IIRC, there are ~800,000 of them including mine) are only in buildings built before 1974 with more than six rental units. What's more, rent increases are set each year and can range anywhere from <1 to >5%. If the owner spends a certain amount on renovations to a vacant apartment, the rent stabilization law no longer applies and the unit can be rented at market rates. Yes, there is significant regulation of rental units for ~30% of the rental stock, but beyond that it's whatever the market will bear. Edit: Removed incorrect information about rent caps on rent stabilized apartments.

mschulkind 3y ago
> Rent stabilized apartments (IIRC, there are ~800,000 of them including mine) are only in buildings built before 1974 with more than six rental units. What's more, rent increases are set each year and can range anywhere from <1 to >5%. Once a rent stabilized unit is more than the maximum allowed rent (currently ~$2500/month) or the owner spends a certain amount on renovations to a vacant apartment, the rent stabilization law no longer applies and the unit can be rented at market rates. This is not true. I've lived in multiple brand new rent stabilized buildings in Brooklyn with rents above $2500/mo over the last decade.
- nobody9999 3y ago
  >This is not true. I've lived in multiple brand new rent stabilized buildings in Brooklyn with rents above $2500/mo over the last decade. TIL that certain buildings with j-51, 421-a and 421-g[0][1] tax abatements are also covered under the rent stabilization law. However, not all apartments currently covered by rent stabilization under those tax abatement rules will remain rent stabilized. See the links below and check your lease as you might be in for a nasty surprise. I'd add that as of 2019, there is no maximum rent for rent stabilization either[2]. I've edited my original comment to reflect that. Thanks for enlightening me. [0] https://hcr.ny.gov/system/files/documents/2022/09/fact-sheet-01-09-2022.pdf https://hcr.ny.gov/system/files/documents/2022/09/fact-sheet... [1] https://rentguidelinesboard.cityofnewyork.us/resources/faqs/tax-abatements-exemptions/ https://rentguidelinesboard.cityofnewyork.us/resources/faqs/... [2] https://rentguidelinesboard.cityofnewyork.us/resources/rent-regulation-laws/rent-laws-of-2019/ https://rentguidelinesboard.cityofnewyork.us/resources/rent-...
  - leotravis10 3y ago
    There's a group dubbed "Friends of the Court" and others want to kill NYC's rent stabalization laws and they're already asking the Supreme Court to take the case. Article: https://www.levernews.com/friends-of-the-court-ask-scotus-to-raise-rents/ https://www.levernews.com/friends-of-the-court-ask-scotus-to... Discussion: https://news.ycombinator.com/item?id=37298543 https://news.ycombinator.com/item?id=37298543 There's a very good chance that the housing crisis might get even worse before it gets better.
    - mdhen 3y ago
      Rent stabilization causes increased rents for those without it. It is nice to have though, I used to have one in a 421a building. Really nice spot.
    - nobody9999 3y ago
      >There's a group dubbed "Friends of the Court" and others want to kill NYC's rent stabalization laws and they're already asking the Supreme Court to take the case. You mean these guys[0]? They've got their fingers in a lot of pies! [0] https://www.law.cornell.edu/wex/amicus_curiae https://www.law.cornell.edu/wex/amicus_curiae