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Myths and Facts about Rent Stabilization New York Needs Rent

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Myths and Facts about Rent Stabilization New York Needs Rent Powered By Docstoc
					                A Public Education Campaign of Tenants & Neighbors

             Myths and Facts about Rent Stabilization
                      Myth                                                    Fact
All rent stabilized tenants are wealthy people.     The average household income of rent stabilized
                                                    tenants is about $36,000 per year.

Rent stabilized tenants are not reflective of our   The majority of rent stabilized tenants are people of
city’s diversity.                                   color. About 40% were born in another country. An
                                                    additional 5% are from Puerto Rico.

Rent regulation prevents owners from making a       The average landlord makes 38% of rental income in
profit.                                             net operating income. Also, provisions in the laws that
                                                    allow landlords facing financial hardship to apply for
                                                    rent increases.

Rent regulation causes market rate rents to         Rents are high in NYC because we have a housing
skyrocket.                                          shortage. Most landlords bought their building after
                                                    rent regulation was created, so they knew what they
                                                    could expect to make from rental income. If they are
                                                    deregulating apartments and charging market rate
                                                    tenants higher rent, it is probably because they are
                                                    trying to make more profit than is fair or reasonable.



                    New York Needs Rent Regulation!
                                              www.tandn.org
              Based on Rent Regulation in New York: Myths and Facts by Timothy L. Collins, 2009
 

				
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posted:10/3/2011
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