causing the economy of a rent controlled
market to experience far less economic stimulus by private enterprises which in turn affects thousands of jobs.
Once tenants get their coveted rent controlled
apartments, they rarely give them up, even when their kids move out or when they buy a house in the suburbs.
tenants paid 33.4% of their income towards rent while rent stabilized tenants paid 28.4% of their income.
Since other laws limit the annual increase for rent controlled
tenants to 7.5 percent, the overage from the 32.5 percent would be applied in later years, effectively increasing rents 7.5 percent for the next few years for these tenants.
The cottages now house tour rent controlled
tenants, one rent stabilized tenant and two building employees.
There are only 490 rent controlled
families making over $150,000 a year, but 3,136 if the income level is dropped to $100,000.
The new figures show that 3,137 rent controlled
tenants and 53,590 rent stabilized tenants have incomes of over $100,000, buoying long-held owner beliefs that many tenants are being unfairly subsidized by building owners.
The poor pay 50 to 60 percent of their income for rent controlled
or stabilized units and in my mind that's disgraceful."
Those with uncontrolled rents moved after a mean of 2.9 years, while the mean expected tenure in an apartment for all rent controlled
tenants is 9.2 years.
New York Post Article 12/6/96: Lifestyles of the Rich and Famous Often Dirt Cheap (by Kyle Smith): "Celebrities and politicians have long lived a life of luxury in glorious rent controlled
apartments at dirt cheap prices."
Amazing as it seems, the apartment is still rent controlled
because of succession laws.
Liossatos el al, following the death of the rent controlled
prime tenant, the decedent's nephew came forward, asserting that he was in occupancy of the apartment and was entitled to succeed to the rent controlled