The article discusses the consequences of rent freezes on rent-stabilized apartments, explaining that when rents are capped for these units, it results in higher rental costs for free market tenants living in the same buildings. As expenses like taxes and maintenance continue to rise, landlords must increase rents on market units to compensate, leading to a domino effect where some tenants benefit while others bear the financial burden. The example from Park Slope illustrates how the financial realities of property management can undermine the intent of rent control policies.
If you freeze rents for current rent-stabilized tenants, then there will be a significant domino effect that results in higher rents for neighboring free market tenants.
In order to pay for property taxes, insurance, and maintenance costs, building rents need to increase by roughly 3.5%, inevitably driving free market rents higher.
Collection
[
|
...
]