3 ms·

That's not true. Rent Guidelines change every year. They've typically been 2% or lower. Due to high inflation, the latest increase is 3.0%. [1] There is no lo

by phonon 3y ago

That's not true. Rent Guidelines change every year. They've typically been 2% or lower. Due to high inflation, the latest increase is 3.0%. [1] There is no longer High-rent or High-income rent decontrol since 2019. Individual Apartment Improvements and Major Capital Improvement now provide a much smaller basis for rent increases and/or are temporary. [2] [1] https://rentguidelinesboard.cityofnewyork.us/wp-content/uploads/2023/07/2023-Apartment-Chart.pdf https://rentguidelinesboard.cityofnewyork.us/wp-content/uplo... [2] https://hcr.ny.gov/system/files/documents/2021/08/rent-laws-overview-english-10-2019.pdf https://hcr.ny.gov/system/files/documents/2021/08/rent-laws-...

busterarm 3y ago
missing the forest for the trees. three years of change doesn't make any difference. To have rent control you have to have been in your apartment since before 1970. Capital improvements are how rent-controlled apartments had their rents jacked up between then and now. The majority of decontrol happened before any changes made in 2019. The suggestion made before was that rent-controlled apartments were locked into the prices people paid 50 years ago and that's not remotely true. Also the number of rent-controlled apartments remaining in NYC is practically insignificant.
- cantSpellSober 3y ago
  > that's not remotely true It's at the very least remotely true, if exaggerated > [The median monthly rent for unregulated units is] $1,845 > The median monthly rent is about $1,400 for rent-stabilized units > [The median monthly rent for rent-controlled units is] around $858 https://archive.is/wB1yN https://archive.is/wB1yN The OP was unclear, controlled units are certainly not "locked into" any price. To your point: > rent control operates under the Maximum Base Rent (MBR) system. A maximum base rent is established for each apartment and adjusted every two years to reflect changes in operating costs. Owners [...] are entitled to raise rents the [..] the average of the five most recent Rent Guidelines Board annual rent increases for one year renewal leases [...] until they reach the MBR 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... Owners are so anxious to get tenants out (so they can start the gouging) that they offer tenants in controlled units buyouts to leave. > In general, a buyout could range from $20,000 to $60,000 https://www.singhranilaw.com/post/understanding-and-negotiating-buyout-agreements https://www.singhranilaw.com/post/understanding-and-negotiat...

by phonon 3y ago

busterarm 3y ago

missing the forest for the trees. three years of change doesn't make any difference. To have rent control you have to have been in your apartment since before 1970. Capital improvements are how rent-controlled apartments had their rents jacked up between then and now. The majority of decontrol happened before any changes made in 2019. The suggestion made before was that rent-controlled apartments were locked into the prices people paid 50 years ago and that's not remotely true. Also the number of rent-controlled apartments remaining in NYC is practically insignificant.

cantSpellSober 3y ago
> that's not remotely true It's at the very least remotely true, if exaggerated > [The median monthly rent for unregulated units is] $1,845 > The median monthly rent is about $1,400 for rent-stabilized units > [The median monthly rent for rent-controlled units is] around $858 https://archive.is/wB1yN https://archive.is/wB1yN The OP was unclear, controlled units are certainly not "locked into" any price. To your point: > rent control operates under the Maximum Base Rent (MBR) system. A maximum base rent is established for each apartment and adjusted every two years to reflect changes in operating costs. Owners [...] are entitled to raise rents the [..] the average of the five most recent Rent Guidelines Board annual rent increases for one year renewal leases [...] until they reach the MBR 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... Owners are so anxious to get tenants out (so they can start the gouging) that they offer tenants in controlled units buyouts to leave. > In general, a buyout could range from $20,000 to $60,000 https://www.singhranilaw.com/post/understanding-and-negotiating-buyout-agreements https://www.singhranilaw.com/post/understanding-and-negotiat...