Homeless New Yorker Stat Of The Day: 5/16/16

HMLS New Yorker

According to the Coalition for the Homeless, in 2014, the average yearly cost of sheltering a homeless adult in a NYC homeless shelter was $28,609. In the same year, the average yearly cost of sheltering a homeless family in a NYC homeless shelter was $37,047. Compare these figures to the statistic that the average yearly rent for a unit in New York City public housing was $5,568 in 2015. Now, ask yourself the reasonable questions that arise from reading the aforementioned statistics.

Facebooktwittergoogle_plusredditpinterestlinkedintumblr

What Is Rent Control?

NYC Rent Control Rules

Rent control is defined by Investopedia as follows: “A price control that limits the amount a property owner can charge for renting out a home, apartment or other real estate. Rent control acts as a price ceiling by preventing rents either from being charged above a certain level or from increasing at a rate higher than a predetermined percentage.”

Note that rent control does not necessarily mean that the housing under rent control will be affordable.  A landlord can increase the rent of a rent controlled unit every two years by 7.5% until the maximum base is reached.

Facebooktwittergoogle_plusredditpinterestlinkedintumblr