![]() Wealthy tenants are getting some of the best deals out of the state's rent stabilization law. That means people of any income can benefit from its suppressed rents. New York's rent stabilization law has no means-testing requirements. She advertises it as a vacation home for rent on her personal website, and it's listed on several rental websites with a quoted monthly rental price of $12,000. Market-rate one-bedroom apartments in the same neighborhood go from $4,000 to $5,000 a month.Ĭounty property records show that the same woman owns a home in the Long Island community of Greenport, New York. Online rental listings show market-rate one-bedroom apartments in the same neighborhood renting for anywhere from $3,000 to $7,000.Īnother woman, an anthropologist with her own consultancy firm, is listed as the lessee of a Brooklyn Heights apartment with a legal monthly rent of $2,436. The couple's address on that same document is a rent-stabilized apartment in Lower Manhattan where the legal rent as of September 2023 is $931 a month. A county document show their East Hampton property has an appraised value of $2 million. The wife is a real estate associate with Sotheby's International Realty. That includes a married couple with a four-bedroom home in the tony community of East Hampton, New York. ![]() Some of these rent-stabilized tenants are themselves landlords who rent out their properties for more than what their rent-stabilized apartments cost. Other documents shared with Reason, as well as public property information, show the same tenants own additional property worth north of $1 million. It's also providing a windfall for wealthy homeowners.ĭocuments shared with Reason show the rents paid by several New York City tenants at their rent-stabilized apartments. New York's rent stabilization law-which sets limits on maximum rents and rent increases on roughly 1 million apartments in New York City and beyond-is intended to provide stable, affordable housing to the state's renters. Hamptons Home Owners with Rent Controlled Apartments State lawmakers in Wisconsin and Georgia are trying to unban rent control.īut first, our lead story about the rich and well-to-do beneficiaries of rent control in New York City.Marin County, California, pushing tight new limits on short-term rentals, which it blames for the county's housing affordability problems.Fort Collins, Colorado, taking up a YIMBY-infused update to its zoning code for the third time, after having passed and repealed said update twice in the past two years. ![]() This week's Rent Free covers a lot of them, including: State legislatures and city councils are starting off 2024 by proposing lots of housing policy reforms, many good, many not so good.
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