Policy, real estate trends

The city approves rent increases for rent-regulated apartments

Tenants leasing a rent-regulated apartment, buildings built before 1974 with six or more units, will soon see their rents rise for the first time in years. New York City’s Rent Guidelines Board voted to increase rent for regulated apartments on Tuesday, allowing an increase of 1.25 percent for one-year leases and 2 percent on two-year leases, set to begin Oct. 1. As the New York Times reported, the board, which had voted two years in a row to freeze rents, found that a 6.2 percent increase in operating costs for landlords in 2016 warranted this year’s increase.

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Policy, real estate trends

Rent Guidelines Board expected to vote in favor of rent increases

Following two years of rent freezes, the city’s Rent Guidelines Board will take a final vote on Tuesday to determine whether or not rents will be increased by at least one percent. Earlier this year in April, the board voted to increase rents by one to three percent for one-year leases and four percent for two-year leases in a preliminary vote. According to the Wall Street Journal, the board released a study that showed landlord costs rose in the past year, a shift that landlords say warrants an increase in rents on new leases that take effect on or after Oct. 1.

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Featured Story

apartment living 101, Features, NYC Guides, real estate trends

Renters’ Rights 101: Know what your landlord is responsible for

No, you don’t have to suffer in a sub-zero apartment this winter, nor do you need to dine with mice and roaches in your kitchen during the summer. If you’re one of the many constantly finding themselves up in arms over a negligent landlord, rest assured there’s more that you can do beyond grumbling to your friends. Indeed, in NYC tenants have a lot of power, and the city has established a number of regulations to protect you, your family, and especially young children living in rental properties. Ahead is 6sqft’s list of the most common problems New York renters face—and some advice on how to get those issues fixed quickly.

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affordable housing, maps, real estate trends

New Map Shows Where More Than 50,000 Rent Stabilized Apartments Have Been Lost

rent stabilization map, NYC rent stabilized apartments, Rent Guidelines Board

At the end of last month, the Rent Guidelines Board voted to freeze rents for the first time on one-year leases for the city’s more than one million rent stabilized apartments, which make up about 47% of the city’s total rental units. They also increased rents on two-year leases by only two percent, the lowest in the board’s 46 years. While this historic ruling is a huge win for tenants, it doesn’t bring back the astonishing number of apartments that have been deregulated. Since 1994, nearly 250,000 units have lost rent regulation protections, and over these past eight years alone, New York City has lost more than 50,000 rent stabilized apartments.

To put that staggering number into perspective, cartographer John Krauss has put together a handy map that shows where all of these 50,000 apartments are located (h/t Gothamist). Using scraped tax bills, he plotted changes in the number of rent-stabilized units, building by building.

How did your neighborhood fare?