Law NY city regulating rent prices

milenss

milenss

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The New York legislation brings increased power to tenants in roughly one million rent-regulated apartments in New York City. It makes it more difficult for the owners of those apartments to increase rents, while enabling more tenants to sue landlords for rent overcharges. Also, tenants around the state will have more protections against eviction.

Proposals to limit rents are advancing in a number of state legislatures, including in California, where a statewide cap on rent passed the California Assembly in May, and in Oregon, which passed the nation’s first statewide rent control in February, limiting annual rent increases to 7% plus local inflation.

Rent has become an important part of the conversation early in the contest for the Democratic presidential nomination. A handful of 2020 Democratic hopefuls have released rent-policy proposals. Most recently, Sen. Cory Booker (D., N.J.) this month floated a federal tax credit to help renters struggling with housing affordability.

“I think the victory in New York will give us a good road map to follow,” said Illinois State Rep. Will Guzzardi, a Democrat, the sponsor of a bill to repeal a more than 20-year prohibition on rent control in that state. The bill didn’t make it to the floor in Illinois’ most recent legislative session, but the state’s Democratic governor supports repealing the ban.
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OK. You have all, literally ALL the bad consequences of regulated property markets in EU shithole countries, and you continue to follow this path of stagnation and destruction in the US.
Americans should be ashamed for being such douchebags.

If Demo(no)crats win in 2020 it will be bye, bye, America.

Free Market - Free people.
Ain't it simple?!
 
MMAisGod said:
Hasn't NYC had rent stabilized housing since forever? While still having sky high rent prices. Your information seems to be referencing other places considering following in their path.
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Free market is better than regulated market.
If you are poor you will not rent in NY.
As simple as that.
Let the prices skyrocket.
They are actually passing a law in NY.
 
MMAisGod said:
NYC has long had the stabilized rent structure. What's happening is that it is expiring, so they are trying to replace it with an "even better" version of the prior one. They already had it till begin with though. In NYC you can only raise rent up to 6% max on a tenant at the moment. If it is vacant you can raise 15 or 20% (can't remember which but it is one of them). Not sure if you knew that already but it wasn't articulated.

The new suggestions are changing that number to 2%. Also the new bill is stating to remove the ability to increase rent between tenants. Think you should include more detail in your OP.

Though I will say the thing that makes the least sense imo about the new bill, is why remove the ability to increase rent beyond the percentage on high income earners. It doesn't effect them the same way and provide additional funds to help not charge lesser paying tenants. That seems a bit off.

I'm indifferent about the new proposal until I put more thought into it. Not really a fan of regulation, but the prices are so ridiculously ridiculous in NYC that I don't think it will effect much.
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The change with high earners might have to do with makeup of housing inventory.

If they don't have a cap on high income earners or a much bigger % in rent increase it will incentive developers to only build high income housing and even demolish low/mid income housing to replace it with new low income housing. this lowers that incentive and helps keep low/mid income housing around
 
milenss said:
OK. You have all, literally ALL the bad consequences of regulated property markets in EU shithole countries, and you continue to follow this path of stagnation and destruction in the US.
Americans should be ashamed for being such douchebags.

If Demo(no)crats win in 2020 it will be bye, bye, America.

Free Market - Free people.
Ain't it simple?!
Click to expand...

I don’t think rent control is a good idea, but why are you acting like this is new? New York has had rent controlled apartments since 1947 and rent stabilized apartments since the early ‘70’s. This law will just update the older law.
 
milenss said:
OK. You have all, literally ALL the bad consequences of regulated property markets in EU shithole countries, and you continue to follow this path of stagnation and destruction in the US.
Americans should be ashamed for being such douchebags.

If Demo(no)crats win in 2020 it will be bye, bye, America.

Free Market - Free people.
Ain't it simple?!
Click to expand...

Lol, you are dumb as rocks.

Go cuck yourself to wall street.
 
So when state intervention fits to big capital, it's ok and it is needed. Everything else is commie practice?
 
Rent controls are dumb and do not achieve what they set out and in fact do the opposite. They greatly reduce inventories thus greatly increasing price. Ok maybe not during the life of the current resident but as soon as the landlord can move them up to market.

I met a guy in San Fran in his late 70's and he was living in the same downtown apartment he said for almost 40 years as he could not afford to move. He said his rent was 1/3rd of what it would be in that market. He made a joke that his landlord could not wait for him to die. What an absurd scenario. Its one of those things politicians do because it sounds good to the uninformed ('rent control') but in fact hurts tenants.
 
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The rental market is fraught with inequity across the board. Property owners lose out when the market is down, and can get hamstrung when it rises with people holding onto old leases.

On the other hand, renters can find places unaffordable or unable to move. With large communities renting, they can be seriously disrupted or destroyed in a market boom, facing hard pressure to leave, accept a buyout, or splattered with a nasty vibe of being unwanted.

I dont know what system would work better. This may be as good as we can do. But it's a tricky charged atmosphere and can be very hard on both sides.

Theres nothing worse than an entitled renter or a scumbag landlord.
 
milenss said:
Free market is better than regulated market.
If you are poor you will not rent in NY.
As simple as that.
Let the prices skyrocket.
They are actually passing a law in NY.
Click to expand...
Free Market is why my home town 2 hours north of Seattle the only studio apartment you can get for less than $900 a month is like 225 sq ft.
 
MikeMcMann said:
Rent controls are dumb and do not achieve what they set out and in fact do the opposite. They greatly reduce inventories thus greatly increasing price. Ok maybe not during the life of the current resident but as soon as the landlord can move them up to market.

I met a guy in San Fran in his late 70's and he was living in the same downtown apartment he said for almost 40 years as he could not afford to move. He said his rent was 1/3rd of what it would be in that market. He made a joke that his landlord could not wait for him to die. What an absurd scenario. Its one of those politicians do because it sounds good to the uninformed ('rent control') but in fact hurts tenants.
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Rents to damn high!!!

BeardedAngryBackdudeonstagewithcane.gif
 
Gregolian said:
Free Market is why my home town 2 hours north of Seattle the only studio apartment you can get for less than $900 a month is like 225 sq ft.
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there is no way to reduce the demand for key locations in key cities and areas. That market demand happens naturally and prices naturally rise as a result.

the best way to deal with it is to allow prices to go where the market is which then incentivizing more and more supply of product. the higher the rents, the more investors will divert dollars to adding more units. that does not mean this area will become affordable for all, as the demand might be greater than the space to develop but it does mean you will get the largest number of units across the biggest price range including the lowest that market will support.

As soon as you put in rent controls, nothing above changes except you greatly reduce supply of new product coming into the market which guarantees higher prices for all except the small percent grandfathered into a unit.
 
milenss said:
Why don't you own a house?!
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I only just moved and haven't even got my first paycheck at my new job. Goal right now is pay off my truck by January then save up for a year and buy a house as a 2020 Xmas gift for myself.
 
How does this work in NYC when it has some of the most expensive real estate on the planet?
 
RerouteToRemain said:
Ftfy
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That's a first/second paycheck gift for myself. I'll probably just get a Sandman and then a bunch of muzzle devices to use it on like 20 different guns.

Or get two suppressors with one of them being a pistol one from them for my Para Black Ops.
 
milenss said:
Free market is better than regulated market.
If you are poor you will not rent in NY.
As simple as that.
Let the prices skyrocket.
They are actually passing a law in NY.
Click to expand...

Sigh.......Regulated and checked capitalism works far better than unregulated and unchecked capitalism.
The challenge is to find the proper balance.

In a truly free market, companies could (and did) put whatever fucking chemicals they want into our air and water supply. Sound good to you?
 
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