David Byrne: If the 1% stifles New York's creative talent, I'm out of here

Re:David Byrne: If the 1% stifles New York's creative talent... by misiti3780 on Monday October 07, 2013 @02:57PM (#6510388)

They can only legally increase your rent 2% every year or 4% every two years, and they HAVE to renew your lease by law unless you really fuck up (giving you the option of both a 1 and 2 year lease). The apartment only becomes unstabilized if your income is exceeds $250K or your rent exceeds $2500/month. The only possible way you would ever see a large rent increase (that I know of) if you lived in a rent stabilized apartment in NYC is if the owner of the building dumped a shitload of money into the building (there is an actual formula that depends on the number of apts, I believe), and then since the building is a lot nicer they actually increase your rent to market rates.

I agree with your second statement

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Re:David Byrne: If the 1% stifles New York's creative talent... by so_says on Monday October 07, 2013 @03:09PM (#6510469)

The amount changes every year. It is voted upon by the rent regulation board. Last year these were the numbers. For a one-year renewal lease commencing on or after October 1, 2011 and on or before September 30, 2012: 3.75% For a two-year renewal lease commencing on or after October 1, 2011 and on or before September 30, 2012: 7.25%

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Re:David Byrne: If the 1% stifles New York's creative talent... by busterarm on Monday October 07, 2013 @03:07PM (#6510454)

Heh. My mom has paid $5760 in increased rent since 1989 for new mailboxes and windows. $20/mo. Her and every other rent regulated tenant in the building. $15,360 for a new interior for the elevator. $80/mo since 1997. Her and every other rent regulated tenant in the building.

Capital improvements really hurt rent regulated tenants long-term.

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