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Well, it looks like these apartments in Manhattan are going to be rent stabilized for the next few years.
Forgive me for thinking that the Supreme Court of the United States wants to rent an apartment in NYC. Why would I think that? Well, they just passed up the opportunity to rule that New York City’s rent stabilization law is unconstitutional, thus preserving rent stabilization for the next several years, at the very least. If precedent holds, this decision will stand for at least a generation.
On this blog, back on March 6th, I blogged about the potential effects of the Supreme Court taking on this case. The post was called NYC’s Rent Regulations May Have a Showdown in the U.S. Supreme Court. Had the Supreme Court heard this case, the potential to alter life as we know it in New York City was tremendous. No longer would anyone ask if the NY apartment for rent was rent stabilized. We all would have known the answer was “no!”.
There are 1,025,214 New york City apartments that are rent regulated. Some other key statistics furnished by New York University’s Furman Cener for Real Estate & Urban Policy include:
986,840 apartments are rent stabilized and 38,374 apartments are rent controlled, for a total of 1,025,214 rent regulated apartments. This is 47.2% of all residential apartments in NYC.
849800 apartments are market rate apartments. This equals 39.1% of all apartments in NYC.
297,620 apartments are “other”, meaning that they include public housing, Mitchell-Lama buildings, HUD regulated apartments, Municipal loan buildings, and Loft-Board regulated units. This category makes up 13.7% of NYC housing.
Here are some other interesting statistics about the state of New York City’s rental housing:
Apartments in Manhattan: 284,089 apartments. 48.4% of all rental apartments.
Apartments in Brooklyn: 306,374 apartments. 44.3% of all rental apartments.
Apartments in Queens: 194,536 apartments. 43.3% of all rental apartments.
Apartments in Bronx: 231,754 apartments. 59.7% of all rental apartments.
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