There's no doubt New York is an expensive city. We've all heard of young renters working hard and struggling to make ends meet, but it turns out these struggles aren't limited to people in their 20s. It's becoming common for people in their 30s or 40s to need guarantors to sign a lease.
Affordability is one of the biggest issues facing renters in New York. No matter your economic situation, finding affordable housing can be a challenge with rising rents leading to displacement across the city.
You make updates and renovations to your New York City property. Then you slap your tenants with appreciably higher rents.
Data exist to mark and lend understanding of the turnover rate in the legions of rent-stabilized buildings across New York City. When one complex features notably higher-than-average departures, it can be telling evidence of unusual -- even abnormal - circumstances.
We recently noted for readers the results of the June 26 vote taken by the New York City Rent Guidelines Board on rent-stabilized lease increases. The RGB decided to raise rents 1.5% and 2.5%, respectively, on one-year and two-year lease terms effective October 1 of this year. That adjustment spelled the largest spike in several years.
The definitive decision annually reached by the New York City Rent Guidelines Board on rent-stabilized lease increases was announced on June 26.
A recent in-depth article on rent-stabilized housing in New York City and disputes that end up in Housing Court leads off with the assertion that, for legions of people, the term "gentrification" has unsettling connotations. In fact, it is "a dirty word."
It makes sense why real estate groups and developers' lobbying entities have long pushed - consistently and insidiously - the argument that New York City rent stabilization is all about affordability for the metro's most cash-pressured tenants.
Let the games begin.
"[A] worsening crisis."