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New York: Stable Rent Act expires in June

In June 2015, the so-called rent stabilization law, also known as the Urstadt Law, expires. Adopted in the latest edition in 1971, this document governs how the monthly stabilized fee in New York is set. Today there are about a million of such apartments in the metropolis, in which citizens with low incomes live. Changes in legislation in this area will inevitably affect their lives.

There are two types of preferential rental schemes in New York. Apartments with rent-stabilized and rent-controlled. There are very few of the latter left - 38. Controlled rent is usually the lowest possible and its growth is extremely limited. The lucky ones who live in such apartments save tens of thousands of dollars a year in rent. However, since the 374s, these apartments have decreased by 1980. If a tenant leaves such an apartment or dies, then the landlord can put the apartment up for rent at market value.

Rent stabilized dwellings are much higher than rent-controlled dwellings. Currently, there are about a million such apartments and private houses in New York (284 in Manhattan, 089 in Brooklyn, 306 in the Bronx, 374 in Queens and 231 in Staten Island). In total, 754 housing units are rented in the metropolis, including market and stabilized rentals.

Apartments in co-operative houses or condominiums (housing association, voluntary association of homeowners) do not fall into the category of stabilized rent. In order for housing to receive a stable rent, the cost of renting an apartment cannot exceed 2500 dollars per month, the buildings must be built between 1 February 1947 of the year and 31 of December 1973 of the year, and the owner of the building had to receive tax benefits after he built housing or renovated it. If tenants earn more than 200 000 dollars per family per year or the rental price exceeds 2500 dollars per month, the property owner can get rid of the stabilized rent and take the market price from the tenants.

The maximum annual increase in the cost of stabilized rental housing is set annually by the rental guidelines board (Rent Guidelines Board). Last year, growth was only 1%.

These rules in force today may be revised in June of this year, when the law of Urstadt, in force for the year 44, expires.

“Without a stabilized lease, New York as we know it will cease to exist,” says Jumaan Williams, a member of the New York City Council.

In general, people with low incomes live in apartments with a stabilized rent. Increasing the rent will be a financial disaster for many families. The average annual income of people living in such apartments is no more than 36 600 dollars. Whereas New Yorkers who rent houses at market value earn, on average, 52 260 dollars a year.

However, experts agree that the parliamentarians of the State of New York will give Urstadt law to lose force. Already, they are in the process of preparing the changes and are likely to consider them at the hearings soon.

Homeowners who rent it out, like tenants, have their supporters in parliament. For example, New York State Senator Republican Phil Boyle, representing Suffolk County (Long Island), says he sympathizes with tenants, but also understands landlord problems. Boyle says that the owners of these apartments and houses are “far from multimillionaires.”

“These people are creating housing for New Yorkers, and it’s better if they can raise the money to invest in housing construction and renovation that will help build up housing stock,” Boyle advocates for a market-based approach and calls for easier strict stabilization leases.

Miscellanea In the U.S. New York real estate rent
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