Last week, the lease instruction board took another step towards crushing the city's housing market by determining the height of the rent without the costs of the owner.
Its members, most of them by Mayor Eric Adams, gave an initial approval to increase the rent by 1.75 % to 4.75 % to contract contracts for one year and 4.75 % to 7.75 % to a two -year renovation.
Next month, the Board of Directors will settle on the final numbers, but even if he chooses the highest of these ranges, the owners will not be able to keep pace with the increasing-insurance, energy, taxes, etc.-for rented units for rent.
Given political pressure (especially with the municipal elections), this is a just bet that they will achieve walking for long distances less High end.
Angels who cannot keep pace with the costs end up selling to more mysterious personalities, or getting rid of maintenance-and the tenants suffer in either direction.
Or the owners will simply go to a bust, and lose their buildings in front of banks – or to the city, for their failure to pay taxes, as in the 1970s and 80.
This is bad news for people looking for a place to live in.
Note: From 2013 to 2023, the costs of buildings before 1974 outside Core Manhattan (i.e., where most of the stable units) exist increased to a height 37 % – However, the council does not let the rents rise less than 25 %.
Meanwhile, the state governor Andrew Como for 2019 criticized the rental of more financial hardships, for example, from transferring the costs of lifting apartments that have been evacuated.
As a result, more than 10,000 vacant units sit instead of renewing new passengers. Blessed.
In addition, the local law in the city 97 and the Climate Law in Komo forcing the owners to get rid of even more One of its dollars in the renovation of buildings in the name of combating climate change.
Profit margins and construction values take diving; Thousands of buildings are already in the financial “distress”, the trend that has been rising for years De Pleasio from the height of the rent.
If the members of the Board of Directors – or the most important at least Recover its costs.
If the city continues the owners of the slave, its reserves will continue to sink quickly, and adds to everyone's misery.
