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Landlords who own non rent-stabilized apartments are actually going to win in this- they will have more competition for their units and can be more selective and will increase prices.
The landlords who own rent-stabilized buildings will be worse off at this time. But it may be an opportune time to buy a building at a discount.
@amkorchak That’s right! NYC has had one-year rent freezes before (2015, 2016, and 2020), but never a two-year freeze. This is also the first time consecutive one- and two-year lease renewals have both been frozen at 0%.
The two-year rent freeze isn’t great news for landlords with rent-stabilized units, but it’s also not unprecedented. Rent freezes have happened before.
For landlords with market-rate (non-rent-stabilized) apartments, the dynamic is different. As rent-stabilized units become harder to find, demand for market-rate apartments may increase. That can lead to higher rents, more applicants, and greater flexibility in choosing tenants.
Absolutely right, Jay! This vote relied on some incomplete cost data and may differ procedurally from prior freezes.
The board did have access to:
-the Income & Expense Study,
-the PIOC,
-the Income & Affordability Study,
and the Housing Supply Report.
I don’t think the board would have voted differently though - 6 out of 9 were appointed by the current mayor
I agree, rent freeze does not actually benefit tenants, nor the landlords of rent-stabilized units.
The two-year rent freeze isn’t great news for landlords with rent-stabilized units, but it’s also not unprecedented. Rent freezes have happened before. For landlords with market-rate (non-rent-stabilized) apartments, the dynamic is different. As rent-stabilized units become harder to find, demand for market-rate apartments may increase. That can lead to higher rents, more applicants, and greater flexibility in choosing tenants.
https://t.co/0fOXp3DaSw
The two-year rent freeze isn’t great news for landlords with rent-stabilized units, but it’s also not unprecedented. Rent freezes have happened before.
For landlords with market-rate (non-rent-stabilized) apartments, the dynamic is different. As rent-stabilized units become harder to find, demand for market-rate apartments may increase. That can lead to higher rents, more applicants, and greater flexibility in choosing tenants.
@CoachDawg34@valuetainment That's definitely part of the equation. Mortgage payment is not locked like many think. To your point, escrow will have property tax and insurance that tend to go up.