Posted on 01/04/2015 11:48:07 AM PST by Olog-hai
Cynthia Chaffee’s Manhattan apartment would likely go for more than $5,000 a month if the landlord charged market price. But Chaffee pays thousands less thanks to the city’s long-standing rent stabilization rules—regulations that will expire this year if lawmakers don’t act.
The 63-year-old paid $300 a month when she moved into the one-bedroom space in 1978. To Chaffee, the rules governing how much she and more than 2 million other New York City residents pay in rent protect the city’s diversity and character. […]
The laws governing the rent paid by Chaffee and more than 2 million other New York City residents are due to expire June 15, and state lawmakers are preparing for what could be a bruising debate over whether to renew, strengthen or weaken them. …
(Excerpt) Read more at hosted.ap.org ...
Rental prices across the country are already highly inflated due to the subsidies some receive.
Why would anyone want to rent out apartments in a socialist system that sets the price thousands of dollars below fair market value?
I would think they would close the building for repairs every 5-10 years, evict everyone, and then re-open after 6 months?
From reading what some of the rents are in the article, I’d say they are very low. I realize people need affordable housing, but landlords also need to make some money. I doubt many other cities have rent control like NYC. I could be wrong, but I don’t think so.
Rent is too damn high!
my lawyer-uncle lived in a huge (4000 sq ft) penthouse in a good district (upper east side) of NYC. Was paying $150 a month a few years ago under rent control. A great deal!!!! Wish we could get it! A friend (senior level engineer) is paying $200 and change for a 2,000+ sq foot top-floor apartment with a sweeping view in a decentl- good district of San Fransicko. Again, a super deal! Rent control is wonderful, wish we could get it, too!
Gee, I might even vote D.............
smile
smile
smile
(well, maybe not THAT!)
I have never understood how this garbage works. What ever happened to the “free market”? Supply and Demand?
Let landlords charge what they want, when a mass exodus out of New York happens, maybe logic and common sense would move it?
Doubtful...
You can’t evict people in these units. The entire system is rigged to benefit the lucky people who are paying a fraction of market rent.
I’ve known people paying rents of a few hundred dollars a month. They drive Mercedes, own 40’ sailboats, wear Bruno Magli shoes and Louis Vuiton handbags. They won’t give up their cushy deal without a big fight.
Aren’t these laws simply another form of socialism... aka - shifting wealth from the higher earners to the lower earners (except in the cases where some very wealthy take advantage of rent-controls on their lofty penthouses)?
Aren’t these laws at least partially responsible for urban decay - when landlords cannot raise rent to even cover their costs to maintain...
Why not stop rent control, and section 8 and let rents find their own equilibrium.
DeBlasio really needs to set down with Sharpton and see if this should really be done.
Why I moved out and I grew up there not to mention the liberals who turned the city into one giant insatiable monster that does everything it can to steal your money. Sneeze the wrong way and you get a ticket, blink the wrong way you get a ticket, everything is tickets tickets tickets tickets. There’s a lot of welfare breeding cows and illegals that need to be supported.
I really enjoyed his campaign!
From what I learned the rents are through the roof because the city taxes the living hell out of building owners. There’s always available apartments but once they are rented then the city moves in and wants their huge cut, there’s a lot of welfare recipients who need to be bribed and Democrats need that money to do it.
Sorry Ms Chaffee, but the state has determined that you are no longer a productive member if our society.
You have been granted sixty (60) days to prepare for tour termination.
Thank You
Your 0bamacare Team
You’re right. People outside of NYC and the suburbs don’t understand rent control. It’s not for low income people, it’s that the apartment has been rented by someone in your family since the apartment was originally rent controlled (1940’s some times). You move out, the apartment rents for 10x more to the next person. Landlords cant evict you, they need to maintain the apartment, and you pay almost no rent. There have be minor changes, made with much protest, like not allowing children to “inherit” a leasw if the apartment would rent for “luxury” rent amounts.
The 0bamacare Team makes many typos!
yes, rent control places can be passed down the family. that’s what’s kept so much in place.
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