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New York City Rent Board Approves Rise of Up to 5.5 Percent

I am so glad we don’t have to deal with this sort of thing in Boston.

New York City still has rent control, as well as something called “rent stabilization”.  Basically, every year the “Rent Guidelines Board” gets together and, after listening to tenants and landlords yell at each other, decide how much rents should be allowed to go up, over the coming year.  (Not sure if they’ve ever decided to force rents to go LOWER, however.)

What a nightmare.

As a public meeting, the session verged on theater, with dozens of audience members jumping from their seats, chanting and shouting slogans so loudly that the board chairman, Marvin Markus, who ultimately proposed the package of increases that was approved, had to struggle to be heard.

Harold A. Lubell, another of the owners’ representatives, suggested rhetorically at one point that landlords might feel slighted if they did not receive the same price controls as their tenants. “Why don’t we freeze real estate taxes, the price of oil and water charges?” he said.

More about the meeting

Apparently the evening didn’t end without a bang. A report from the trenches: “The funniest thing I have seen in a while happened last night. A elderly lady probably 65-70 years old took off her top screaming that the parasitic landlords take everything from her so why not her shirt. She was quickly recovered and ushered out by security. I wish I had my camera, it would have made a great submission to curbed.”

Complete article: City Rent Board Approves Rise of Up to 5.5 Percent

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Updated: January 2018

 

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