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Rent Destabilized in NYC July 7, 2006

Posted by farshadf in NYC, Uncategorized.
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Rents in New York’s “rent stabilized” apartments can go up 7.25 percent.

 

The rent-increase vote comes at a time of growing concern about the ability of the middle class to afford to live in New York City. This month, researchers at New York University released a report finding that the number of apartments considered affordable to hundreds of thousands of moderate-income households, like those of starting firefighters and police officers, had plunged by nearly a fifth from 2002 to 2005.

The story doesn’t say how rent control solves that problem, but the report in The Times also mentioned:

Another board report found that building owners spent an average of 62 cents of every dollar of revenue on operating and maintenance costs in 2004, the most recent year statistics were available. That figure represented a slight decrease in the landlords’ cost-to-income ratio from the previous year.

The remaining 38 cents of every dollar of revenue, a figure that increased slightly, goes toward mortgage payments, improvements and pre-income-tax profits. That income, known as net operating income, is considered an indicator of the financial condition of a property.

– DAMON DARLIN

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