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Very interesting. According to this: http://furmancenter.org/files/publications/HVS_Rent_Stabilization_fact_sheet_FINAL_4.pdf http://furmancenter.org/files/publ

by evanpw 11y ago

Very interesting. According to this: http://furmancenter.org/files/publications/HVS_Rent_Stabilization_fact_sheet_FINAL_4.pdf http://furmancenter.org/files/publications/HVS_Rent_Stabiliz..., in Manhattan below 96th street 35% of rent-stabilized apartment dwellers moved in more than 20 years ago! (Versus 2.7% of those in non-stabilized apartments). Another interesting fact from that paper: the median person in a rent-stabilized apartment in core Manhattan has a higher income than the median person in a non-stabilized apartment in most of the rest of NYC.

krschultz 11y ago
This is a slightly different PDF from the same research group [1], which is what I was looking at. A couple other statistics that stick out. There are more rent stabilized apartments in NYC than market rate apartments. Over 20% of all rent stablized apartments in Manhattan go to people over 65. Less than 5% of people in market rate apartments are over 65 years old.Over 65% of people in a rent stabilized apartment in Manhattan are white. I think people have a picture of rent stabilized apartments as the place where your local bodega employee lives. The fact is the neighborhood rent stabilized apartments are where retired people live. [1] http://furmancenter.org/files/FurmanCenter_FactBrief_RentStabilization_June2014.pdf http://furmancenter.org/files/FurmanCenter_FactBrief_RentSta....
damon_c 11y ago
I don't know how prevalent this is but from my experience, rent stabilization is largely gamed by many landlords. My lease in Manhattan is for about 60% higher than what we are paying. We are then given a "preferential rent" rider which allows us to pay what we pay... This I assume is so the landlord keeps the building at his rent stabilization maximum which are about $3k higher than market rate. This is probably happening everywhere (at least in my last 3 apis) and it really amounts to no stabilization at all...

by evanpw 11y ago

krschultz 11y ago

This is a slightly different PDF from the same research group [1], which is what I was looking at. A couple other statistics that stick out. There are more rent stabilized apartments in NYC than market rate apartments. Over 20% of all rent stablized apartments in Manhattan go to people over 65. Less than 5% of people in market rate apartments are over 65 years old.Over 65% of people in a rent stabilized apartment in Manhattan are white. I think people have a picture of rent stabilized apartments as the place where your local bodega employee lives. The fact is the neighborhood rent stabilized apartments are where retired people live. [1] http://furmancenter.org/files/FurmanCenter_FactBrief_RentStabilization_June2014.pdf http://furmancenter.org/files/FurmanCenter_FactBrief_RentSta....

damon_c 11y ago

I don't know how prevalent this is but from my experience, rent stabilization is largely gamed by many landlords. My lease in Manhattan is for about 60% higher than what we are paying. We are then given a "preferential rent" rider which allows us to pay what we pay... This I assume is so the landlord keeps the building at his rent stabilization maximum which are about $3k higher than market rate. This is probably happening everywhere (at least in my last 3 apis) and it really amounts to no stabilization at all...