Rent Regulations on New York City Apartments Expire on Monday

This article addresses rent controls and regulations on apartments in New York. As discussed in class, these regulations can be seen as price ceilings on rental housing. These ceilings limit how much landlords can charge for apartments, and therefore are crucial to buyers. This article addresses that they were set to expire a certain day, and lawmakers had no apparent deals or plans to modify or extend the current Rent controls. This situation is crucial as a great majority of people live off of and depend on rental housing in New York, therefore the future of their abilities to live there seemed to be uncertain. The article addresses this in a very alarming statistic that about “one million apartments in New York City are covered by rent regulations”. Legislators were stated to be working on this situation greatly, as there seemed landlords would use what was happening to there advantage at the expense of their tenants and buyers.

http://www.nytimes.com/2015/06/15/nyregion/rent-regulations-on-new-york-city-apartments.html

1 Comment »

  1. hoangl Said,

    December 14, 2015 @ 2:13 am

    The government is taking measures against the problem of rent control in NYC. One of the thing i find most interesting is that individuals in rent-control apartment will be required to verify his or her income. This will ensure that not everybody will get a rent-regulated apartment unless its their primary residence.

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