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Rent Stabilized Apartments

All articles tagged with #rent stabilized apartments

politics1 year ago

"Albany's Potential Three-Way Housing Deal: NY Budget Delayed 12 Days"

Details of a potential housing deal in Albany include weakened "good cause" eviction protections, increased caps for rent-stabilized apartment improvements, and a new version of the 421-a tax break. The proposed compromise has sparked backlash from both tenant advocates and landlord groups, with concerns about exemptions and carve-outs in the "good cause" eviction legislation, as well as changes to individual apartment improvement caps. Additionally, new details on 485-x, a potential replacement for the 421-a tax incentive program, have emerged, including wage standards for workers on affordable housing projects.

via City & State New York|
#421-a-tax-incentive#albany#housing-deal
finance1 year ago

"NYC Apartment Crisis Weighs on New York Community Bancorp and Regional Banks"

New York Community Bancorp (NYCB) is facing stock declines due to its heavy loan exposure to rent-stabilized apartment buildings in New York City, which are now facing decreased value due to high interest rates and rent increase limits. The bank is working to reduce its commercial real estate exposure, but investors remain concerned about potential losses. Moody's downgraded NYCB's credit rating to junk, highlighting the bank's exposure to rent-regulated apartment properties. Analysts debate whether NYCB's problems are unique or part of a larger trend affecting regional banks across the US, with concerns about potential systemic risks to the banking system.

via Yahoo Finance|
#banking#commercial-real-estate#finance
business2 years ago

NYC Rent-Stabilized Apartments Face Approved Hikes Despite Tenant Opposition

New York City has approved a 3% increase in rents for approximately 1 million rent-stabilized apartments, with two-year leases seeing a staggered increase of 2.75% for the first year and 3.2% for the second year. The increase comes into effect from Oct. 1. The city also increased rents last year. The vast majority of rent-stabilized tenants pay significantly less than median rent.

via The Washington Post|
#affordable-housing#business#landlords
business2 years ago

NYC Rent Guidelines Board approves rent hikes for millions in stabilized apartments

The Rent Guidelines Board in New York City has approved a 3% rent increase for one-year leases and a 2.75% increase for the first year and 3.2% for the second year for two-year leases for people living in rent-stabilized units. The increase will affect millions of renting New Yorkers. The board's decision has been met with opposition from tenant advocates who argue that the increase will push low-income New Yorkers closer to eviction and homelessness. Landlords argue that they need the increase to cover inflation, tax hikes, and insurance. The new rates will apply to leases with effective dates between Oct. 1, 2023, and Sept. 30, 2024.

via NBC New York|
#business#landlords#nyc
business2 years ago

Rent hikes approved for NYC and Nassau rent-regulated units

The Rent Guidelines Board has approved rent increases for New York City's approximately one million rent-stabilized apartments. Landlords will be able to increase rent by 3% on one-year leases and 2.75% for the first year on two-year leases, and 3.2% for the second year. The rent increases apply to new leases signed on or after Oct. 1, 2023. Tenants and advocates had decried the proposed rent hikes, calling for a rollback or freeze on rent instead. The Legal Aid Society criticized the Rent Guidelines Board's decision, while the Rent Stabilization Association said the board ignored their own data.

via PIX11 New York News|
#business#new-york-city#rent-guidelines-board
business2 years ago

Rent stabilization votes spark controversy in major US cities.

The Rent Guidelines Board passed a preliminary first vote on proposed rent hikes for one-year and two-year leases for rent-stabilized apartments in New York City. The potential adjustment could increase rent 2-5% for one-year leases and 4-7% for two-year leases. Landlords and tenant advocates increased the pressure on the Rent Guidelines Board ahead of the vote on Tuesday night. The decision will impact nearly 2 million New Yorkers.

via WABC-TV|
#business#landlords#rent-guidelines-board
politics2 years ago

NYC Panel Votes on Rent Hikes for Millions of Rent-Stabilized Apartments

The Rent Guidelines Board, a nine-member panel in New York City, is expected to vote in favor of rent increases for nearly one million rent-stabilized apartments, which make up about 44% of all NYC rentals and are home to roughly two million people. The median rent in rent-stabilized apartments is $1,400, making them a crucial source of lower-cost housing in one of the most expensive cities in the nation. The vote is a flashpoint in the long-running dispute between renters and landlords over the cost of living, with tenants calling for a freeze and landlords saying they need more rent revenue to make up for increasing costs. The final vote will come in June.

via The New York Times|
#housing-crisis#new-york-city#politics
business2 years ago

NYC Rent Board Considers 16% Increase for Rent-Stabilized Apartments

The New York City Rent Guidelines Board is considering a 15.75% rent increase for two-year leases in nearly one million rent-stabilized apartments, which would be the largest increase in decades. The board will hold public hearings before setting the maximum allowed rent increase on new leases for the coming year. While this increase only applies to rent-stabilized housing, it's unclear how it will affect unstabilized rental apartments. Several groups representing renters spoke out against the potential sharp increase, while the Rent Stabilization Association cited inflation and rising costs for landlords as factors.

via WABC-TV|
#business#nyc#public-hearings