Abandon hope, all ye who enter here. On Thursday night, the Rent Guidelines Board voted to jack up the rent approve rent increases of 4 percent for one-year leases and 7.75-percent for a two-year leases, as reported by The New York Times. The decision will mean increases of $40 a month, or $480 a year for a $1,000-a-month apartment, or $960 for a $2,000-a-month apartment, twice the amount of the 2012 increases, which were capped at 2 and 4 percent respectively.
When not even rent stabilized tenants can afford to stay in New York, the rest of us may as well start looking for apartments in Jersey City. Or maybe it’s time to throw in the towel altogether and decamp to the West Coast, leaving Manhattan to the I-bankers and the spoiled spawn of people who actually work for living.
Public Advocate and mayoral candidate Bill de Blasio is not happy that the Rent Guidelines Board, which decides rules on allowable rent hikes for stabilized apartments each year, has, citing poor attendance, stopped holding meetings outside of Manhattan.
“This arrangement all but assures the working people most affected by the board’s decision will be unable to participate, and their voices will have no bearing on the final rent increase decision,” Mr. de Blasio told The New York Times last week. “This is not a mere inconvenience—it is a downright failure of the democratic process.”
Mr. de Blasio’s complaint taps into two very powerful forces in New York City politics—outer borough resentment at being left out of Manhattan-centric decision making, and the pervasive feeling that the rent is too damn high. But is it justified?
Are you sick and tired of people complaining about the crippling rents they pay? And the fact that said rents will only become more crippling in the future and most likely not be accompanied by commensurate pay raises? Downers, right? You should go hang out in the Financial District, where no one is even bothering to file some paperwork that would make their market rate apartments rent stabilized, reports The Wall Street Journal.
Surprise! The rent is going up again next year.
In a move that surprised no one, the Rent Guidelines Board cast a preliminary vote to allow rent increases between 1.75 and 4 percent for one-year leases and 3.5 to 6.75 percent for two-year leases, reports The New York Times.
The ranges will be narrowed to a single percent increase when the board takes its final vote on June 21. Last year the board approved a 3.75 percent increase for a one-year lease and a 7.25 percent increase for a two-year lease.
Yet more good news for tenants living in rent-regulated apartments! Rents will will still be going up, of course—don’t be crazy, the rent always goes up—but this year could see the lowest hike in a decade.
The Rent Guidelines Board has set one of the benchmarks used to determine rent increases—the rise in landlords’ operating costs—at 2.8 percent, The New York Post reports.
Even with a Supreme Court battle looming in the background, Mayor Michael R. Bloomberg didn’t hesitate to sign a City Council bill extending New York’s Rent Stabilization Law through April 2015.
“In order to extend the Rent Stabilization Law, the City must determine that a housing emergency exists to merit the need for rent stabilization,” Bloomberg said in a release about the bill’s passage, citing the city’s vacancy rate of 3.12 percent to declare the requisite emergency.
In a move sure to give landlords and brokers serious agita, Governor Cuomo has come out in favor of strengthening existing rent regulations for New York City’s approximately 1 million stabilized apartments. David Freedlander over at PolitickerNY has all the initial details:
Leaning on his time as HUD secretary during the Clinton administration, Cuomo called affordable housing Read More
Now vacant in the Bloomberg administration: a job that requires being yelled at for hours on end, hosting countless public meetings, making decisions that will leave everyone mad at you. The pay: $125 a day.
Late last year, Marvin Markus sent the city a letter of resignation from his post as chairman Read More
Almost indisputably, the mayoral race this year was a desert of big new ideas for New York City. Be it the lack of a competitive Democratic primary, the billions in budget gaps or the challenger’s preference for blanket criticism over policy prescription, the incumbent and-at the time of this writing-presumptive winner, Michael Bloomberg, was never Read More
Mike McKee was in the State Capitol Monday afternoon, eagerly awaiting Tuesday. For the past three years, the white-haired, bearded activist had devoted his efforts almost exclusively to passing sweeping new rent regulations in the State Senate that favor the city’s one million–plus stabilized tenants.
As of early afternoon Monday, the chamber’s housing committee Read More