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The median rent-stabilized apartment goes for $1,500 a month, meaning a 2.75 percent increase works out to a $41 monthly rent increase. While rent-stabilized tenants' incomes are lower on average ...
In a 5-to-4 vote, New York City's Rent Guidelines Board voted to approve rent increases. One-year leases will rise by 2.75%, while two-year leases will rise by 5.25%.
New York's statewide increase was about 8.8%, while a dozen cities across the country had rent increases of over 20% from May 2022 to this May, according to the company. But rising rent rates are ...
According to Sharon Otterman and Matthew Haag of The New York Times, the HSTPA "mark[s] a turning point" for the millions of New Yorkers living in rent-stabilized apartments "after a steady erosion of protections and the loss of tens of thousands of regulated apartments." [7]
The New York State Division of Housing and Community Renewal (DHCR) is an agency of the New York state government [1] responsible for administering housing and community development programs to promote affordable housing, community revitalization, and economic growth. Its primary functions include supervising rent regulations through the State ...
Failure to provide these may allow the tenant to receive a lower rent. [4] Outside of New York City, the state government determines the maximum rents and rate increases, and owners may periodically apply for increases. In New York City, rent control is based on the Maximum Base Rent system. A maximum allowable rent is established for each unit.
According to research conducted by the National Multifamily Housing Council (NMHC), many major cities across the United States do have rent control laws -- even if these laws aren't fully ...
Urban planning scholar Peter Marcuse said in 1983 that rent control was not the reason for some landlords abandoning their NYC properties at the low end of the market – instead, such abandonment stemmed from the inability of low-income renters to pay the maximum rent allowed by law. [38] New York expanded rent control to encompass other ...