NYC Rent Stabilized

ChatGPT, Please illustrate the life of a housing provider in NYC.

@formerhomeles39 @Jamie_LeFrak @burby_geek @ViralNewsNYC @TheRealSPONY ("property value" x tax Rate) - abatements/credits Property value is entirely made up and not based on any sort of real market value.

@Jamie_LeFrak @burby_geek @ViralNewsNYC @nyc_stabilized @TheRealSPONY Thanks, Jamie! I just don’t understand the exact formula the city uses to calculate taxes.

The housing crisis was manufactured, @ViralNewsNYC there are over 100k units that need renovation and could be performed if NYC Instituted the revolutionary plan Shams @nyc_stabilized @TheRealSPONY came up with. I wrote the logistical and administrative process to execute this prior to our city hall meeting , it’s still sitting in an external drive. That brilliant cost saving and much needed housing plan was shot down. however other things came out of these discussions such as: NYS 610 program that ironically excluded rent stabilized units in older buildings . A slap in the face Currently the same monies $1.9 billion used to secure hotels could expand city FHEPS with new carve outs and other new criteria. The city should reach out to me and especially Sara Zuiderveen the architect of #CityFHEPS and brilliant guru of policy for assistance But nope. Let’s throw money to the fire. @chriscquinn @ZohranKMamdani @ceaweaver @NYCHRA @NYCDHS @NYCDSSCommr @NYCCouncil @SpeakerMenin @WINNYC_ORG

@CMSandyNurse What if instead of focusing on minimum wage, we upskilled them and just got them better jobs?

Millions of NYC workers are working 2-3 jobs and still can’t afford rent. Record homelessness. Historic poverty. And a $17/hr minimum wage that doesn’t cut it. My bill, #30ForOurCity, would create a $30/hr wage by 2030.

@formerhomeles39 @ViralNewsNYC @TheRealSPONY i invented the housing crisis?

The housing crisis was manufactured, there are over 100k units that need renovation and could be performed if NYC Instituted the revolutionary plan Shams @nyc_stabilized @TheRealSPONY came up with. I wrote the logistical and administrative process to execute this prior to our city hall meeting , it’s still sitting in an external drive. That brilliant cost saving and much needed housing plan was shot down. however other things came out of these discussions such as: NYS 610 program that ironically excluded rent stabilized units in older buildings . A slap in the face Currently the same monies $1.9 billion used to secure hotels could expand city FHEPS with new carve outs and other new criteria. The city should reach out to me and especially Sara Zuiderveen the architect of #CityFHEPS and brilliant guru of policy for assistance But nope. Let’s throw money to the fire. @chriscquinn @ZohranKMamdani @ceaweaver @NYCHRA @NYCDHS @NYCDSSCommr @NYCCouncil @SpeakerMenin @WINNYC_ORG

🚨During COVID, the city started buying up shelters and hotels to house the homeless. 🚨Then the migrant crisis hit, and they expanded it even further—purchasing even more hotels for migrant housing. 🚨Now we’re in a full-blown housing crisis, and the solution being pushed is… to build or buy even more housing and hotels. 🚨Do you see the pattern?

@claireforny You know what happens when you do that? They pass the tax on to the rest of us. See @ConEdison 's recent rate case. You raised the tax, they raised the rates. Stop the vicious cycle. It would be helpful if we had an ally in the assembly.

We're in Albany fighting like hell for a budget that raises revenue from the very wealthiest individuals and corporations — not just to close NYC's fiscal gap but invest in government that works for its people. It would be helpful if we had an ally in the City Council Speaker.

@jaymart222 It's ok @JustinBrannan has been working on it. He made a good faith deposit of $250 in 2022. So any day now it will be solved. x.com/nyc_stabilized…

If Mayor Mamdani proposes and passes a property tax plan that finally stops over taxing renters then I’ll be the first to hail the achievement. Obviously I’m not confident that can be accomplished. DeBlasio Lander Adams Brannan/Borelli All proposed property tax reform plans. None substantively corrected the city’s over dependence on the very housing it’s demanding be run as affordable. It’s not easy but we have reached an inflection point. Every time you read about renters paying up to 40% of their income in rent you should remember that up to 40% of every rent check paid then goes right back to the city for property taxes. Property owners are tax collectors for the City.

@madmart33363545 @KennyBurgosNY @CrainsNewYork They even include buildings with only 1 regulated unit.

@KennyBurgosNY @CrainsNewYork you're saying that this number is the avg (mean), and that it's inflated by the buildings that are 80ish% market rate/20ish% rent stabilized?

Rent-stabilized landlords’ net income rose 6.2% as Mamdani pushes for rent freeze #Echobox=1774539522" target="_blank" rel="nofollow noopener">crainsnewyork.com/real-estate/re…

@3wordpoets @KennyBurgosNY You can hate landlords and still understand these policies hurt the tenants that politiicans claim to want to help.

@KennyBurgosNY cause no one cares about landlords bro

Pretty amazing to me when you have property owners saying this path WILL raise market rents, something every policy maker is trying to fight, and yet it goes over like a lead balloon.

@CSSNYorg Thats not remotely close to what was said.

At today’s Rent Guidelines Board meeting, Board data showed rent‑stabilized landlords’ profits are up 30% in just three years. Meanwhile, CSS research shows widespread financial hardship among tenants. The data does not support a rent increase. Read more cssny.us/RGB2026

@epballou @GregWasik @DanFriedman81 by bankrupting me?

@GregWasik @DanFriedman81 Part of the point of rent control/rent stabilization is to allow people to put down roots and grow their economic stability, actually. That's...the system working the way it should.

People were outraged at the $500k couple, but the underappreciated aspect of the story is that the woman making $36k lives in the same neighborhood and leads a similar lifestyle, minus saving $10k per month, because she is a beneficiary of various subsidies, including a rent stabilized apartment. New York is unaffordable for some people, because the state and city are bleeding those people to give free stuff to other people, for whom New York is free.

@DavidRCampbell6 @jaymart222 At which point their grandchildren claim succession rights and move into the unit thats outlived its functional life span without major renovation or the units go zombie status and remain vacant forever.

@jaymart222 The youngest of them are around 75 so it's likely to decline rapidly even without harassment.

There are over 24,000 rent controlled apartments across the city with some rents as low as $70 month that have been occupied by the same tenant for decades. When they become vacant they can have a vacancy reset, set a new first rent so the property can set a rent that is realistic, and use it to improve the housing. If the threat of tenant harassment is so severe then you’d expect these renters being harassed out yearly by the thousands. They aren’t. Why? Because renters, even those living in ultra low rent apartments are protected from harassment by laws and a housing court system that does not blindly grant evictions without cause. Using that as an excuse to not fix rent stabilization is complete nonsense.

@jaymart222 Bill #?

The one thing I will give to socialists is they have the audacity to think big. Albany by its nature constantly moves in very small incremental concessions. These compromises actually create further problems. For example, the obsession that small landlords and nonprofits are somehow more virtuous and therefore there should be expedited eviction proceedings and rental assistance to renters in those buildings only instead of the vast majority of non-payment cases in housing court. A bill introduced just this week to create a subdivision within housing court to deal with evictions only for property owners of 10 units or less and “subsidized” housing. That means the vast majority of renters will be left without expedited assistance simply because they may live in a building with 11 units or more. An arbitrary number that has nothing to do with the renters' or the owners' financial situation. Second, nonprofits are highly subsidized. Private rent-stabilized owners have capped rents but have no as of right subsidy for the affordability their housing provides. That is why they are going bankrupt. This doubles down on that policy by expediting even more subsidy to already highly subsidized nonprofits for… political benefit? Unclear. We partner with nonprofit housing providers all the time. They are our allies and partners. That doesn't mean renters and property owners in private rent-stabilized housing should be treated differently in housing court.

@SirGnarlGnomie @JoeyMoose Would you share the address? I bet the property tax rose just as much if not more.

@JoeyMoose Was like $3.3k in 2020 hahah

I moved out of my apartment in NYC today. It was a 1 bedroom 1 bathroom. 700 square foot. Low floor. No view. No washer dryer. They raised my rent to $5,000/month if I stayed another year. It didn’t make sense. You really need to make $100k+ a year to live decently here.

@JoeyMoose What was the rent before? What was the property tax increase by @NYCMayor ?

@hernandezforny @ZohranKMamdani But we're expected to operate multi-bedroom units at 1/10th the revenue, and we're greedy if we ask for rent to cover our property taxes forget a profit.

New York City says there’s no money, yet @ZohranKMamdani just signed a $1.86 BILLION no bid contract to house people in hotels. That’s about $330 per night per room, nearly $10,000 per month or $120,000 per year. Meanwhile taxes keep rising and services are cut. Many being housed have contributed little or nothing to New York’s tax base, yet taxpayers are footing the bill. When I am New York State Comptroller, I will audit every penny of these hotel shelter contracts. New Yorkers deserve answers. A real watchdog is coming.

@jaymart222 @GoodGuyGuaranty Bill number?

@GoodGuyGuaranty The bill already exists and has 17 sponsors. Many owners don’t have the privilege of waiting years for the outcome of a court case even if it is a good one.

Vacancy control was implemented to solve a displacement crisis that existing eviction law and housing court processes make nearly impossible. Tenant harassment can be prevented by actually enforcing laws that already exist to address it. Instead, it created a different crisis: fewer apartments, lower quality, and a housing supply locked in amber. That’s not tenant protection… that’s a bureaucratic accident that nobody wants to fix. The solution is painfully simple all the while keeping rent stabilization on the apt, pricing it in line with area AMI, and keeping the housing supply well kept and flowing when a renter moves out completely of their own accord. The alternative is going to be a housing crisis of disrepair that everyone wants to complain about but no one wants to pay for.

@VickieforNYC Raising property tax is fine, as long as the RGB also raises rents by the same amount or more.

Yesterday I was on a City Council budget meeting, and what I heard was not encouraging. We cannot sugarcoat this -- we're headed towards a property tax increase, unless the mayor makes significant changes to his executive budget. I realize that many Council Members (including myself) have been calling a property tax increase a 'nonstarter' -- which is absolutely right. However, if we're being honest, the mechanics of the budget process do not work in our favor right now. The City Council will either need to realize something like $3.5 billion in cuts to the FY27 expense budget, or Zohran will have to trim his executive wishlist to comport with fiscal reality. OR we get a massive property tax increase. To be clear, we'd probably be able to make the budget work if Zohran was not asking for so much new spending. But he is. And it's a big problem. Here's reality -- the City Council has never cut anywhere near $3.5 billion from the budget. According to an experienced member, the most ever cut in recent memory was around $500 million. So obviously this Council isn't likely to find multiples of that. Now if we're being even more honest, there is very likely several billion in fraud alone in our budget, particularly in what we dole out to nonprofits every year. We could, if we wanted to, make real cuts without impacting vital city services. But again, political reality being what it is, nobody seems to want to even acknowledge this fact, much less chase it down with the aggressiveness it requires and do something about it. So that's where we're at. It's not a great situation. I know there are people who care on the Finance Committee, but I don't know what we're going to be able to do here. All indications are that Hochul isn't going to give Zohran the wealth tax he wants, and Zohran isn't going to back down on his spending wishlist. Frankly the City of New York should be able to spend within its means and not depend on the Governor to raise taxes on our behalf to fulfill some unrealistic socialist wishlist. Regardless, none of this adds up to anything good for middle class homeowners of New York City, who Zohran really does not care about, despite his posturing. Everybody better brace themselves, because this is going to be a rough ride.

@NYC_Buildings @AhmedTigani54 you're usually a voice of reason. why support such divisive language? why not instead bring owners and tenants together to solve problems collaboratively?

Many thanks to all the New Yorkers who came to last night's Rental Ripoff Hearing in Brooklyn, it was fantastic getting to hear from you🙏 And don't fret if you missed it! The City will be holding hearings at each borough over the next month. We'll see you at the next one!

@jaymart222 @realDonaldTrump @KennyBurgosNY @POTUS @SecretaryTurner So the prep is done. Now to get the meeting. @SecretaryTurner come visit us in NYC.

@nyc_stabilized @realDonaldTrump @KennyBurgosNY @POTUS @SecretaryTurner We have a mock headline already printed up.

Government would prefer to spend up to 1 million per unit on 12k apts while up to 10% 80k+ apts of the Pre 74 rent stabilized housing stock are vacant, could be future proofed and upgraded, at 0 cost to the city or ANY current renter. Oh and also while staying rent stabilized for the next renter! I’m sorry but that dosent make any sense.

@Crime_In_NYC @jaymart222 Your taxes.

@jaymart222 Who would finance that massive project on Sunnyside Yard?