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Recent reports estimate that there are over 1 million rent-stabilized apartments in New York City. That means that almost half of the city's rental units are subject to rules that keep rents cheap ...
The $475-a-month apartment cost Koch far less than the $1,200 a month it was worth at market rate at the time he lived there. (Rent-control laws place a ceiling on how much landlords can charge ...
It is composed of two sections: a 70-story, 950-foot (290 m) tower on 58th Street, which is the 21st-tallest building in New York City, and an 18-story section on Central Park South, both of which contain a limestone facade. Most of the 118 apartments are duplex apartments, although some of the units have been combined to create larger units.
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.
Notable apartment complexes developed with Mitchell-Lama funding include the Dayton Towers, Manhattan Plaza, the Cadman Plaza, Co-op City, and the 1199 Plaza. [9] According to the New York State Homes and Community Renewal (formerly DHCR), "A total of 269 Mitchell-Lama developments with over 105,000 apartments were built under the program." [10]
Rent growth slows, but problem remains. Asking rents grew by 2.4% from $3,500 a year ago, a substantial slowdown compared to prior years. New York City rents experienced an annual double-digit ...
There was also demand for rental apartments at the building; in early 2008, a four-bedroom apartment (listed at $55,000 a month) was rented within three weeks of being listed. [88] Vanity Fair described 15 CPW as "the highest-priced new apartment building in the history of New York". [4]
Most of those units would be aimed at what the developers and the city classify as "middle income" families: two-bedroom apartments, for example, would rent for about $3,200 a month, a rent considered affordable for a family of three making up to $128,000 a year, though the median household income in New York City as of the 2011-2015 American ...
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