Opposite_Match5303 t1_j8ozjgc wrote
Adding an additional note to the already excellent answers others have already posted:
Rent stabilization heavily incentivizes landlords to increase rent by the absolute maximum allowed every year even if they wouldn't otherwise, because failing to increase rent one year will restrict the possibility of increasing it next year. That means exponential growth: at 10% growth/year, rents go up by 2.5x in the next decade. It's a truly awful policy which looks good on a very cursory glance but will hurt exactly those its designed to help (since it only applies to older apartments).
SuckMyAssmar t1_j8p08dj wrote
That is true, but in NYC, for example, the board votes on what the maximum % increase can be. Such as 2.5%. Do you think such a policy could be beneficial here?
IntelligentCicada363 t1_j8rpj2i wrote
I have a friend who lives in Stuy Town in Manhattan. All her adjacent neighbors are 80+ year old widows in 2-3 bedroom apartments. The word “all” Is not an exaggeration.
One of these neighbors gives her cat an entire bedroom. In Manhattan.
I don’t think the policy in nyc has been a smashing success
SuckMyAssmar t1_j8tgalj wrote
That’s for rent control. Rent-stabilized apartments are only stabilized for a number of years.
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