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KamaAina

(78,249 posts)

4. Developers have the power to end rent stabilization if they wish

Reply to discocrisco01 (Original post)

Mon Apr 23, 2012, 12:50 PM

Apr 2012

simply by building enough units to get the vacancy rate above 5 percent. The law, which dates to WWII, is in effect as long as the vacancy rate is below 5 percent -- which has been the case since then in all five boroughs and Westchester. The only place where this strategy probably wouldn't work is Manhattan.

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Supreme Court won't hear New York City rent case [View all] discocrisco01 Apr 2012 OP

Thank God. Mr.Turnip Apr 2012 #1

+1 Fearless Apr 2012 #2

What other prices should the state set? Recursion Apr 2012 #6

It is heavy handed, but when a simple one bedroom apartment are 2000+ a month Mr.Turnip Apr 2012 #8

$2000 is cheap for a one bedroom leftynyc Apr 2012 #9

NYC is more expensive than that; $2000 for a one-bedroom is "only" DC prices Recursion Apr 2012 #11

Good. If you ever wanted to see a riot in NYC....nt msanthrope Apr 2012 #3

Developers have the power to end rent stabilization if they wish KamaAina Apr 2012 #4

Interesting. And surely the price for which the plaintiffs bought the house reflected the fact spooky3 Apr 2012 #5

But did their property tax increases reflect that fact? hack89 Apr 2012 #7

if the assessment processes in NY are like those in most of the rest of the country - yes spooky3 Apr 2012 #12

Stupid lawsuit. Rent stabilization has alway been a joke in NYC. Snake Alchemist Apr 2012 #10