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13,000+ rent-stabilized units in NYC have been vacant for multiple years

Photo © 6sqft

August 25, 2023

13,000+ rent-stabilized units in NYC have been vacant for multiple years

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Upwards of 13,000 rent-stabilized homes in New York City have sat vacant over the past two years, according to a new report. Out of 42,275 rent-stabilized apartments listed in April 2022, many of which were marked as "newly vacant," 13,362 units remained empty for two consecutive years, up from 12,300 in 2021, according to the report by the city's Independent Budget Office. These data points are making officials question whether the units are vacant due to tenants moving in and out or whether they have been "warehoused," or deliberately taken off the market, according to Gothamist.
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NYC’s stabilized apartments to see rent hike for second year in a row

Photo by Patrick Tomasso on Unsplash

June 22, 2023

NYC’s stabilized apartments to see rent hike for second year in a row

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Rent will increase for the roughly two million New Yorkers who live in rent-stabilized apartments for the second year in a row. On Wednesday, the Rent Guidelines Board, the nine-member panel responsible for adjusting rent for the city's rent-stabilized apartments, voted 5 to 4 in favor of raising rents on one-year leases by 3 percent and on two-year leases by 2.75 percent for the first year and 3.2 percent for the second year. The rent increases apply to leases starting October 1, 2023.
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New York lawmakers fail to reach a deal on housing

Photo of New York State Capitol by wadester16 on Flickr CC

June 9, 2023

New York lawmakers fail to reach a deal on housing

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Despite New York lawmakers claiming they reached a deal on a comprehensive package of housing proposals, the state legislature has failed to pass any meaningful bills during this legislative session, as first reported by the New York Times. Negotiations between state Democrats and Gov. Kathy Hochul on Thursday fell apart as the two bodies failed to reach a deal before the end of the legislative session on Friday. Lawmakers blamed Hochul for opposing their housing proposals, including those that protect tenants from eviction and major rent hikes, and the governor claimed lawmakers never presented her with any housing bills to approve.
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Rent increase between 2% and 5% likely for NYC’s stabilized apartments

Photo by Avi Werde on Unsplash

May 3, 2023

Rent increase between 2% and 5% likely for NYC’s stabilized apartments

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The roughly two million New Yorkers who live in rent-stabilized apartments will likely see rents go up by the largest percentage in 10 years. In a preliminary vote on Tuesday, the Rent Guidelines Board, a nine-member panel responsible for adjusting the cost of rent for stabilized apartments, approved increases on one-year leases between 2 and 5 percent and increases on two-year leases between 4 and 7 percent. A vote determining the final increases will take place in June; the board historically has adopted rent hike proposals that fall within the preliminary range.
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NYC board weighs biggest rent hike for stabilized apartments in nearly two decades

Image courtesy of Maxim Pierre on Flickr

April 21, 2023

NYC board weighs biggest rent hike for stabilized apartments in nearly two decades

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The panel that determines the percentage landlords are allowed to raise the rent for the roughly one million rent-stabilized apartments in New York City this week discussed a proposal for the most significant hike in nearly two decades. During a meeting on Thursday, the Rent Guidelines Board weighed a proposed 8.25 percent increase for one-year leases and a 15.75 percent increase for two-year leases, as Patch reported. While the board likely won't approve the nearly 16 percent increase, rent hikes are still expected in response to a drop in operating income for landlords.
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NYC will repair 400 vacant rent-stabilized apartments to house homeless New Yorkers

Photo by Anthony Fomin on Unsplash

April 20, 2023

NYC will repair 400 vacant rent-stabilized apartments to house homeless New Yorkers

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New York City will invest up to $10 million to provide homeless New Yorkers with newly repaired, rent-stabilized homes. As part of the new "Unlocking Doors" program, the city will invest up to $25,000 for urgent renovations at 400 rent-stabilized homes that have fallen into disrepair and are unavailable for rent. The city will then match households with City Fighting Homeless and Eviction Prevention Supplement (CityFHEPS) vouchers with the new apartments.
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A majority of NYC’s rent-stabilized tenants spent over a third of income on housing last year

Image courtesy of edwardhblake on Flickr

April 14, 2023

A majority of NYC’s rent-stabilized tenants spent over a third of income on housing last year

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Most of New York City's one million rent-stabilized tenants paid roughly a third or more of their income on rent in 2022, a new report found. According to the city's Rent Guideline Board's annual "Income and Affordability Study" released on Thursday, more than half of tenants in stabilized apartments spent at least 32.2 percent of their income on rent, as Gothamist first reported. Tenants who spend more than 30 percent of their income on rent are considered rent burdened, according to federal guidelines.
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NYC lost over 100,000 rent-stabilized units since 2019, according to report

Photo by Avi Werde on Unsplash

December 27, 2022

NYC lost over 100,000 rent-stabilized units since 2019, according to report

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Despite a 2019 state law that largely prohibits landlords from deregulating rent-regulated apartments, the number of rent-stabilized units in New York City has dropped significantly, as first reported by The City. These findings indicate that there are potentially thousands of tenants who are currently paying rent that is more than the previously regulated amounts. These tenants also lack the rights given to New Yorkers living in rent-regulated units, like guaranteed lease renewals and restricted rent hikes.
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NYC’s stabilized apartments will see rent increases of 3.25% and 5%

Photo by Avi Werde on Unsplash

June 22, 2022

NYC’s stabilized apartments will see rent increases of 3.25% and 5%

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More than two million New Yorkers who live in rent-stabilized apartments could see their rent increase by the largest percentage in a decade. The Rent Guidelines Board on Tuesday voted to approve a 3.25 percent increase for one-year leases and 5 percent for two-year leases that start on or after October 1. For the roughly one million rent-stabilized apartments, the rent hikes are the highest seen in the city since 2013.
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Rent Guidelines Board set to approve biggest rent hike for NYC’s stabilized apartments in a decade

Photo by Emiliano Bar on Unsplash 

May 6, 2022

Rent Guidelines Board set to approve biggest rent hike for NYC’s stabilized apartments in a decade

By
Millions of New Yorkers could soon be hit with the biggest rent hike in a decade. In a preliminary 5-4 vote on Thursday, the city's Rent Guidelines Board (RGB) voted to increase rents on stabilized apartments between 2 and 4 percent for one-year leases and between 4 and 6 percent for two-year leases. If approved, the rent hikes would be the largest since 2013 when there was a 4 percent increase for one-year leases and a 7.75 percent increase for two-year leases. A final decision by the board is expected in June.
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Rent Guidelines Board recommends increases between 2.7% and 9% for rent-stabilized units

Image courtesy of Creative Commons

April 14, 2022

Rent Guidelines Board recommends increases between 2.7% and 9% for rent-stabilized units

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The city's Rent Guidelines Board on Thursday released a report recommending a rent hike for rent-stabilized apartments due to an increase in operating costs for landlords over the last 12 months. According to the agency's 2022 Price Index of Operating Costs report, owners saw costs rise by 4.2 percent. Using three formulas, the board recommended an increase in rent of between 2.7 percent and 4.5 percent for one-year leases and between 4.3 percent and 9 percent for two-year leases. The suggested rent increase comes after the board voted to not raise rents for six months last year and fully freeze rents in 2020.
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Rent Guidelines Board adopts partial rent hike for NYC’s rent-stabilized units

Photo by Rachel Martin on Unsplash

June 24, 2021

Rent Guidelines Board adopts partial rent hike for NYC’s rent-stabilized units

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Rents at New York City rent-stabilized apartments will freeze for six months and then increase by 1.5 percent for the next six months, under the proposal adopted by the Rent Guidelines Board (RGB) on Wednesday. The unusual guidelines are meant to serve as a compromise between tenant activists who called for a rent freeze and landlords who wanted increases, as the city continues to recover from the coronavirus pandemic.
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NYC freezes rent for stabilized apartments

Photo by Goh Rhy Yan on Unsplash

June 18, 2020

NYC freezes rent for stabilized apartments

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The Rent Guidelines Board on Wednesday voted to freeze rents for one year for rent-regulated apartments, offering tenants temporary relief in the current economic recession caused by the coronavirus. The nine-member board approved a measure that freezes rent for one-year leases and for the first year of two-year leases, which can increase 1 percent during the second year.
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What you need to know about the May 1 rent strike

Photo by Avi Werde on Unsplash

April 30, 2020

What you need to know about the May 1 rent strike

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With more than a million New Yorkers out of work as a result of the coronavirus pandemic, many tenants will struggle to pay rent on Friday. Hoping to pressure Gov. Andrew Cuomo to cancel rent for the duration of the health crisis, a coalition of housing advocates is leading a statewide rent strike on May 1, with thousands of renters already pledging to skip payments. But landlords, who argue rental income pays for the growing costs of building maintenance, are fighting for relief themselves.
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Rent Guidelines Board recommends increases between 2.5% and 3.5% for rent-stabilized units

Photo by Goh Rhy Yan on Unsplash

April 24, 2020

Rent Guidelines Board recommends increases between 2.5% and 3.5% for rent-stabilized units

By
A report released on Thursday by the Rent Guidelines Board recommends a rent increase on rent-stabilized apartments to mitigate a surge in operating costs for owners. During the board's first virtual meeting, members reviewed the report, which says rent increases should be between 2.5 and 3.5 percent for one-year leases and 3.3 and 6.75 percent for two-year leases. The recommendation comes as officials and tenant advocacy groups have called for a rent freeze during the coronavirus pandemic, which has put thousands of New Yorkers out of work.
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Brooklyn official to introduce commercial rent control bill next week

Photo by Jason Tester on Flickr

November 7, 2019

Brooklyn official to introduce commercial rent control bill next week

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With rents on the rise and the e-commerce industry showing no signs of slowing, the livelihood of small businesses in New York City remains under threat. Council Member Stephen Levin, who represents parts of Brooklyn, hopes to address the high rate of retail vacancies across the city with legislation to regulate commercial rents, as Gothamist first reported. "It's a complex problem," Levin, who will introduce a bill to the City Council next week, told the website. "We think it's time to introduce this into the conversation."
More details here
City launches campaign to educate tenants on new rent reform laws

Via CityRealty

October 22, 2019

City launches campaign to educate tenants on new rent reform laws

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In June, New York state lawmakers passed landmark legislation to strengthen rent and tenant protections. Hoping to clear up any ambiguity over the new laws, Mayor Bill de Blasio is launching an ad campaign and new website to help renters understand their rights as well as hold landlords responsible. Starting Monday, ads will be displayed across subway stations, bus stops, local newspapers, small businesses, and Link kiosks until Dec. 15.
Learn more here
City sues landlords for listing rent-stabilized Hell’s Kitchen apartments on Airbnb

412 West 46th Street. Image via Google Street View.

August 16, 2019

City sues landlords for listing rent-stabilized Hell’s Kitchen apartments on Airbnb

By
. The city has named the owners of three Hell's Kitchen buildings in a lawsuit filed this week in Manhattan Supreme Court for operating illegal short-term rentals in rent-stabilized apartments, the New York Observer reports. The city says the owners of 410 and 412 West 46th Street and 452 West 36th Street have neglected their buildings, harassed tenants to get them to move out, deregulated units and kept units vacant to rent out on a short-term basis. Tenants of one building were left without gas or a roof for six months in 2015 due to a fire; the other two are awash in building code violations.
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Thousands of Lower Manhattan tenants may be owed six years’ worth of back rent

Via Flickr

August 12, 2019

Thousands of Lower Manhattan tenants may be owed six years’ worth of back rent

By
In June, the state's Court of Appeals found that apartments at two Lower Manhattan buildings had been unlawfully deregulated by landlords who had collected millions of dollars in benefits under a 1995 tax program. Now, as The City reports, thousands of former or current tenants in the area may be owed up to six years in back rent from landlords who received the tax breaks for years.
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NY real estate groups file lawsuit challenging new rent laws, calling them ‘unconstitutional’

Via Creative Commons

July 16, 2019

NY real estate groups file lawsuit challenging new rent laws, calling them ‘unconstitutional’

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A group of real estate groups and individual property owners filed a lawsuit Monday, challenging newly passed laws that strengthen rent and tenant protections in New York City. Last month, Democratic officials in Albany passed a landmark package of bills that close loopholes that have allowed landlords to increase rents and deregulate stabilized apartments. The lawsuit, filed by the Rent Stabilization Association (RSA), the Community Housing Improvement Program (CHIP), and seven individual property owners, claims that the laws, as well as the entire rent regulation system, violate the 14th and Fifth Amendments of the U.S. Constitution, as reported by The Real Deal.
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Rent Guidelines Board approves modest increases for rent-stabilized apartments

Image by Jorbasa Fotografie / Flickr 

June 26, 2019

Rent Guidelines Board approves modest increases for rent-stabilized apartments

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In front of a packed auditorium at Cooper Union’s Great Hall last night, the Rent Guidelines Board voted on rent hikes for the city’s one million rent-stabilized apartments, the New York Times reports. The board voted 5-4 and approved a 1.5% increase on one-year leases and 2.5% on two-year leases. The new rents will kick in on October 1.
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Real Estate groups plan to file lawsuit if rent reform law passes

Image via Pixabay.

June 13, 2019

Real Estate groups plan to file lawsuit if rent reform law passes

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Real estate industry leaders say they will file a lawsuit against the state to challenge a package of bills containing changes to current rent regulations, which expire on June 15, the Observer reports. As 6sqft previously reported, the legislative package headed to both chambers for a vote this week contains landmark changes to current rent regulations aimed at strengthening New York’s rent laws and tenant protections. Industry stakeholders say they'll challenge the legislation on several points including one that makes the rules permanent, rather than having them expire every few years. The lawsuit would also challenge the retroactive nature of a provision to lower the amount landlords can charge for major capital improvements.
The industry fears 'disaster'
New York reaches major deal to strengthen rent and tenant protections

Image by Jorbasa Fotografie / Flickr 

June 12, 2019

New York reaches major deal to strengthen rent and tenant protections

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Democratic leaders in Albany announced Tuesday that an agreement has been reached on a package of bills that will significantly strengthen New York’s rent laws and tenant protections. As the New York Times reports, contained in the legislative package headed to both chambers for a vote this week are landmark changes to current rent regulations, which expire on June 15. The new legislation is meant to address concerns about the high cost of housing and the sweeping inequality that has resulted from it. To that end, as the Times explains, "the changes would abolish rules that let building owners deregulate apartments, close a series of loopholes that permit them to raise rents and allow some tenant protections to expand statewide." These changes have long been opposed by the real estate industry, which lost some of its influence in Albany when its Republican allies became outnumbered in the State Senate in the November elections.
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New York City has lost over 400,000 affordable apartments since 2005

Via Pixabay

September 26, 2018

New York City has lost over 400,000 affordable apartments since 2005

By
Update 9/27/18: City Comptroller Scott Stringer said the report released this week about the decrease in affordable housing contained a major miscalculation, the Wall Street Journal reported Wednesday. Instead of the 1 million affordable apartments lost, as the report stated, the true number is less than half of that, or 425,492 units. According to an updated report, the number of apartments renting for $2,700/month increased by 111,000 units between 2005 and 2017, instead of 238,000 units as originally stated. "While it remains true that affordable housing is declining at an unsettling rate and the gap is still growing, we overstated the pace," Ilana Maier, a spokesperson for Stringer, said in a statement. "We made a genuine mistake." Since 2005, New York City has lost over 1 million affordable apartments, according to a report released by the City Comptroller Scott Stringer on Tuesday. The report, "The Gap is Still Growing," builds from an original 2014 analysis from the comptroller's office and shows the number of available units has failed to keep up with the city's booming population. Between 2005 and 2016, about 576,000 people moved to NYC. But the city added just over 76,000 new units of rental housing.
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Congressman introduces bill that would offer tax credits to rent-burdened Americans

Photos via Wikimedia (l) and Pixbay (r)

August 25, 2017

Congressman introduces bill that would offer tax credits to rent-burdened Americans

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Rep. Joeseph Crowley announced federal legislation this week that aims to create two refundable tax credits for low- and middle-income renters. For rental households across the U.S. with incomes of $125,000 or less, the Rent Relief Act would provide them with one of two tax credits, if the bill becomes law. According to the Democratic congressman, who represents part of the Bronx and Queens in New York’s 14th congressional district, roughly 111 million Americans live in rental housing, with about two-thirds of all households in New York City currently renting, twice the national average.
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