Post by account_disabled on Mar 12, 2024 2:29:22 GMT -5
New York City voted last week to raise rent prices for more than a million homes that are under the umbrella of the 'Rent Stabilized' program, in which tenants are protected from significant increases and can renew your lease for one or two years. Starting October 1, one-year contracts will rise 3%, while two-year contracts will have staggered increases of 2.75% and 3.2%, respectively, well below the 8% annual increase in the free market.
As homeowners grapple with rising property maintenance costs, renters struggle to find affordable housing, and America's largest city faces the challenge of housing increasing numbers of homeless people, the New York City Council has just approved that, as of October 1, the renewal of these regulated contracts will be higher than in the last year.
These leases are much more affordable than Cambodia Telegram Number Data renting on the open market. The average rental price for a two-bedroom apartment in Manhattan was $5,400 in May, about €4,950 at the current exchange rate, 8% more than a year ago , according to real estate agency Douglas Elliman . These regulated rents pay less than half of these prices.
“The Rent Board has done extremely important and extremely difficult work to protect tenants from unsustainable rent increases, while ensuring small landlords the resources necessary to maintain their buildings and preserve high-quality, affordable housing.” , highlighted the Democratic mayor, Eric Adams.
New York is a city of renters , and almost 2.3 million homes are rented out of just over 3.2 million units, according to the latest 2021 housing survey. More than 1 million homes are in the free market , but about 1.3 million are within social or price stabilization programs, like this one.
However, tenants and activists asked that there be no increase in this type of rent. According to a recent report, about half of the city's households are burdened by rising housing costs, meaning they spend more than 30% of their income paying for housing, whether for sale or for sale. rent .
Many landlords argued that a small or no increase in rents would create a bankruptcy crisis for buildings with this affordable rent program. “The math requires appropriate rent adjustments to prevent the city's affordable housing stock from sinking into a bankruptcy crisis,” several landlords wrote, in an op-ed in the New York Post.
New York has struggled for decades to create affordable housing for its residents. This latest increase comes after residential prices in the New York metropolitan area rose 6.1% last year , the highest rate in about 40 years. A reduction in the inflation-adjusted average salary has significantly raised the cost of living.
As homeowners grapple with rising property maintenance costs, renters struggle to find affordable housing, and America's largest city faces the challenge of housing increasing numbers of homeless people, the New York City Council has just approved that, as of October 1, the renewal of these regulated contracts will be higher than in the last year.
These leases are much more affordable than Cambodia Telegram Number Data renting on the open market. The average rental price for a two-bedroom apartment in Manhattan was $5,400 in May, about €4,950 at the current exchange rate, 8% more than a year ago , according to real estate agency Douglas Elliman . These regulated rents pay less than half of these prices.
“The Rent Board has done extremely important and extremely difficult work to protect tenants from unsustainable rent increases, while ensuring small landlords the resources necessary to maintain their buildings and preserve high-quality, affordable housing.” , highlighted the Democratic mayor, Eric Adams.
New York is a city of renters , and almost 2.3 million homes are rented out of just over 3.2 million units, according to the latest 2021 housing survey. More than 1 million homes are in the free market , but about 1.3 million are within social or price stabilization programs, like this one.
However, tenants and activists asked that there be no increase in this type of rent. According to a recent report, about half of the city's households are burdened by rising housing costs, meaning they spend more than 30% of their income paying for housing, whether for sale or for sale. rent .
Many landlords argued that a small or no increase in rents would create a bankruptcy crisis for buildings with this affordable rent program. “The math requires appropriate rent adjustments to prevent the city's affordable housing stock from sinking into a bankruptcy crisis,” several landlords wrote, in an op-ed in the New York Post.
New York has struggled for decades to create affordable housing for its residents. This latest increase comes after residential prices in the New York metropolitan area rose 6.1% last year , the highest rate in about 40 years. A reduction in the inflation-adjusted average salary has significantly raised the cost of living.