Thousands of NYC renters could receive rent rebates now that a State Supreme Court Judge has thrown out recent minimum rent increases imposed by the NYC Rent Guidelines Board. The ruling could mean an unexpected windfall for tenants living in rent stabilized units and paying less than $1,000 a month.
The Judge basically found the recent rent increase penalized the poorer/lower paying tenants.
Landlords have long complained they struggle to make ends meet because rent protections block them from imposing reasonable rent increases on longstanding stabilized tenants.
But Judge Emily Jane Goodman said Monday the rent increases in question “penalized” tenants who had failed to move in a City with virtually no affordable housing. The increases approved by the NYC Rent Guidelines Board took effect over the past two years. Renters paying less than $1,000 a month would be subject to a higher percentage increase than renters paying more than $1,000. (For instance, Landlords charged 8.5% or $85 dollars, whichever amount was greater.)
The NYC Law Department has announced plans to appeal the ruling, and to stall any refunds/changes until the appeal has been decided.
(Source: NBC New York)
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So the people with the most heavily subsidized rents get even more money (sort of a reverse Robin Hood). New York should dump its system of rent control, open the market to new building, and thereby get lower rents for everyone, not the few who managed to get rent controlled apartments.