For the first time in over 3 years property owners will be able to raise rents after city council decision. Ted Chen reports for the NBC4 News on Nov. 5, 2023.
As a rent stabilized new yorker, my POV is that if you can settle on a rent increase limit that both pisses off the renter and landlord in equal proportion, it’s the right decision. Rents need to increase from time to time. And if you want improvements to building and units, there needs to be cash from the landlord to do it. When I consider buying, or renting another spot, I think it’d just be cheaper to put 10k per year into my rent stabilized place than rent at market value or buy and take out a mortgage.
That’s a long way of saying, rent control and stabilization increases aren’t always bad, but need to be reasonable. And for 3 years there were no rent increases. Inflation is real over the past 3 years.
As a rent stabilized new yorker, my POV is that if you can settle on a rent increase limit that both pisses off the renter and landlord in equal proportion, it’s the right decision. Rents need to increase from time to time. And if you want improvements to building and units, there needs to be cash from the landlord to do it. When I consider buying, or renting another spot, I think it’d just be cheaper to put 10k per year into my rent stabilized place than rent at market value or buy and take out a mortgage.
That’s a long way of saying, rent control and stabilization increases aren’t always bad, but need to be reasonable. And for 3 years there were no rent increases. Inflation is real over the past 3 years.