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nick_nuz t1_ixd8ta7 wrote

Reply to comment by Rainbowrobb in N.J. town still has a rent freeze. Why are tenants getting hit with rent hikes? by sutisuc

But they did on the eviction moratorium, right? Also doesn’t Newark have the “allowable increase to not exceed 4% within a 12 month period” stipulation for all situations? (I could be wrong on this)

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sutisuc OP t1_ixenywo wrote

Nah the guy you replied to is right. Building has to be four units or more and all buildings must be at least 30 years old to qualify for rent control.

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nick_nuz t1_ixeonel wrote

Got it, thanks for the clarification! But the eviction moratorium obviously impacted EVERYONE right (both at the federal and the local Newark level), correct?

(Edited: also, how does this play into the article posted? Isnt the city wide freeze over? And the big question here is: Because the freeze was over a 12 month period, wouldn’t multiple raises be allowed even with rent stabilized ordnances? Thats the part I dont fully understand when reading the article)

The reason I mention this is if you look at MLS sale records and the RE market today in newark…with Principal & Interest + escrow payments, renting in every scenario is cheaper. Thats why i mention policy is critical because without private or local landlords having a decent chunk in the market…developers take over.

Again, I totally understand its a sensitive issue and judging by some of the “eff landlords” comments….I get it. But the alternative is what? Developers touting their chest, Newark losing tax revenue and then absolutely zero net gain in equity for residents….its kind of a mess.

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