New York, NY – About a million rent-regulated tenants in New York will be paying a little more.
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Tenant protesters were on hand for the Rent Guidelines Board’s final vote, but the board approved a 3 percent hike on 1 year leases; 6 percent on 2 years.
Also approved was a $30 fee for people in their apartment for 6 years who pay under a thousand dollars.
The increase that was approved was hardly enough to cover the increased costs that we must pay to maintain the buildings. The tennants may think this increase is unfair but try being a landlord in NYC and make any money on these rent controlled units. Fortunately, the mess in Albany means they will not pass the bill that would have limited our ability to decontrol apartments as they become empty or for rich tennants who we are subsidizaing.
Well with Water taxes going up 17% per year Real estate tax up alot and every other fee charged by the city up drasticly, what do you expect?
Why are tennants entitled to a below market rent on their apartments? Let the laws of supply and demand determine what is a fair rent. Real estate is not a monopoly like ConEd. If you don’t like the rent than move to a lower cost apartment. We don’t tell GM or Ford how much they can lease a car for so why should we limit the price a landlord can charge to rent his property?
its a move in the right direction.
About Time!
Does anyone know if the $30 fee is plus the 3 or 6 percent? is it also for a 2 year lease?
last year it was $45 for a one year lease. and $85 for a 2 years lease.
The Rent Stabilization system is not different than the communist system – put the owners on a board where they will be automatically outvoted by tenant activists.
The RS system protects wealthy people who are paying under market (even now with soft market) – poor people who can’t afford the rent are not protected – it is all a PR sham and theft of ownership rights.
Look at how many wealthy politicians have RS apartments – good proof!!
These increases are awful! They were greater last year, and re taxes water and sewer and gas and oil have gone through the roof. Every building should have 15% low income and the rest fair market.