{"id":12787,"date":"2024-01-31T15:03:26","date_gmt":"2024-01-31T15:03:26","guid":{"rendered":"http:\/\/lonecandle.com\/?p=12787"},"modified":"2024-01-31T15:03:26","modified_gmt":"2024-01-31T15:03:26","slug":"rent-control-for-the-rich","status":"publish","type":"post","link":"https:\/\/lonecandle.com\/?p=12787","title":{"rendered":"Rent Control for the Rich"},"content":{"rendered":"\n

\n\n“Documents shared with Reason<\/em> show the rents paid by several New York City tenants at their rent-stabilized apartments. Other documents shared with Reason<\/em>, as well as public property information, show the same tenants own additional property worth north of $1 million. Some of these rent-stabilized tenants are themselves landlords who rent out their properties for more than what their rent-stabilized apartments cost.<\/p>\n\n\n\n

That includes a married couple with a four-bedroom home in the tony community of East Hampton, New York. The husband is a wine broker. The wife is a real estate associate with Sotheby’s International Realty. A county document show their East Hampton property has an appraised value of $2 million.<\/p>\n\n\n\n

The couple’s address on that same document is a rent-stabilized apartment in Lower Manhattan where the legal rent as of September 2023 is $931 a month. Online rental listings show market-rate one-bedroom apartments in the same neighborhood renting for anywhere from $3,000 to $7,000.<\/p>\n\n\n\n

Another woman, an anthropologist with her own consultancy firm, is listed as the lessee of a Brooklyn Heights apartment with a legal monthly rent of $2,436. Market-rate one-bedroom apartments in the same neighborhood go from $4,000 to $5,000 a month.<\/p>\n\n\n\n

County property records show that the same woman owns a home in the Long Island community of Greenport, New York. She advertises it as a vacation home for rent on her personal website, and it’s listed on several rental websites with a quoted monthly rental price of $12,000.”<\/p>\n\n\n\n

“This is all perfectly legal. New York’s rent stabilization law has no means-testing requirements. That means people of any income can benefit from its suppressed rents.<\/p>\n\n\n\n

Wealthy tenants are getting some of the best deals out of the state’s rent stabilization law. An in-depth Wall Street Journal <\/em>analysis<\/a> from 2019 found that regulated rents in richer Manhattan are around half that of market-rate rents. Regulated rents in working-class areas of Queens and the Bronx are at most few hundred dollars less than market rents.<\/p>\n\n\n\n

Higher-income rent-stabilized tenants were paying 39 percent less rent on average than their peers in market-rate apartments. Lower-income rent-stabilized tenants were paying only 15 percent less than their peers in market-rate apartments.”<\/p>\n\n\n\n

\n
Rent Control for the Rich<\/a><\/blockquote>