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.


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.