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Real Estate ArticlesRent Control In New York Becoming Extinct
New York City apartments have been featured on television, in movies and broadway shows for years. While some were glamorous, high-end luxury units on Park Avenue, others were in rent-controlled buildings and not so luxurious. For example, Monica in "Friends" was able to afford her apartment on a starting chef's salary because it was rent-controlled. But apartments in the city that are rent-controlled or rent-stabilized are falling prey to gentrification and are their numbers are shrinking each year. According to the State Division of Housing and Community Renewal rent controlled apartments, or those with the most rent restrictions, now total only around 40,000. When these units become vacant they often become rent stabilized, and after a certain time can go on the free market. Rent-stabilized units dropped to 848,000 from over 900,000 from 2003 to 2008 according to most recent figures available. It is safe to say over the past 18 months the decline has continued. In prime neighborhoods apartments with restricted rents can be a great bargain. In less desirable areas, however, apartments with rent restrictions are only slightly less expensive than they would be on the open market. In many cases the ultra-low priced apartments still exist because landlords have no financial incentive to make renovations or apply for rent increases. Stabilized rents increase around 3 percent each year by order of local a Rent Guidelines Board. Many buildings in New York City are ageing and falling into disrepair. Even some long-time tenants are choosing to move to more comfortable units. Controlled rents can only increase when the landlord goes through a long and laborious process of filing an application for an increase. Most landlords of older buildings say it isn't worth the effort for only a few additional dollars per month. Once again, when landlords don't improve the building each year living conditions deteriorate. In some in neighborhoods going through gentrification older buildings are prime space. After buying this type of building the new owners begin pressuring tenants to leave. Once vacated, rents increase to market levels.
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