Posted on 11/13/2022 10:08:08 AM PST by AbolishCSEU
The new Kingston Rent Guidelines Board made history Wednesday for the second time this year, approving New York state’s first rent rollback for stabilized tenants.
The 15 percent reduction applies to renters of 1,200 apartments in 64 rent-stabilized buildings with leases between Aug. 1 of this year and Sept. 30 of next.
On top of that cut, the board set a three-year lookback period for tenants to challenge their base rent if they believe it was higher than the fair market price. If a challenge succeeds, future adjustments would be applied to that lower rent.
In July, Kingston became the sole municipality north of New York City’s northern suburbs to enact rent stabilization — a power that was extended to localities statewide by the 2019 rent law.
Municipalities can approve rent stabilization if a survey of rental buildings finds a vacancy rate below 5 percent, the threshold for a housing emergency. Kingston’s vacancy rate was calculated at 1.57 percent, which landlords are challenging in court.
Since Kingston’s measure passed, tenants and their advocates have insisted that the rent increases of the past few years called not only for rent regulation, but a retroactive rent reduction.
An overwhelming turnout by tenants at two hearings helped persuade Kingston officials, according to For the Many, the activist nonprofit advocating for the rollback.
At a late October hearing, tenants outnumbered landlords three-to-one, according to the group. And last Saturday, it reported, 50 tenants and just two people from real estate showed up.
(Excerpt) Read more at therealdeal.com ...
May the land lords win.
You will own nothing and like it...
I knew a gal from Kingston, of Italian and Spanish heritage. What a knockout .
Don’t everybody fall over each other to buy apartment buildings in Kingston....lol.
Ever notice that they will never own nothing and be happy with it?
Or build another.
They will own everything, and laugh at the surfs...
Serfs...jeez
So US heating oil in the past year went from $3.4 to $5.9 and they decide rent rollbacks are required?
Agree.
The best way to get rents lower is to build more housing.
Why don’t they just vote to have the tenants live there for free at the landlords’ expense? That’s what they’re doing - just gradually not all at once. Forcing the landlords to accept a below market price is just another form of government taking.
You need to keep property insurance at the highest price amount. Ya know, just in case if fire.
ELECTRICAL fire.
It would appear New York has eradicated the concept of property rights. Why am I not surprised.
What a shithole
There is no need for more housing in the rustbelts along the upper Hudson River; as it is, they’ve been importing poor Hispanics to fill the place for decades (as whites flee the high unemployment/economic decay).
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