New York Rent Increase With The Presence Of Rent Control – Becomes The New Abortion In The City
As the New York rent increases the rent control is regarded as the new abortion.
The state of New Yorks rent regulation rules in 2023 can be inferred from a common studio in a nondescript rental building.
Since the early 1970s the same European immigrant had resided in the Murray Hill apartment.
The tenants rent which had been steadily rising, affected as New York rent increases from $300 in 1984 to $890 by the time of his death from COVID in April 2021 had been stabilized for many years.
The apartment hasnt been occupied for more than two years.
The landlord refuses to invest the thousands of dollars required to make the property livable despite the fact that the New York rent increases reaching record highs and thousands of refugees scurrying for shelter.
Even if the previous renter had lived in the apartment for fifty years the amount landlords can recover from remodeling rent regulated units has been limited by new housing rules adopted in 2019 as it is greatly affected by the New York rent increases.
Since New York has one of the citys tightest property markets the studio is one of the estimated 40000 ghost apartments that landlords have kept empty which are expensive to make further upgrades as it is affected as the New York rent increases.