4 ms·

> 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 m

> 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

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