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The number of rent-stabilized apartments registered in Ridgewood, Queens, has plummeted — and a loophole in New York’s rent regulations may help explain why.
An analysis by THE CITY shows that the number of rent-stabilized units registered in the increasingly trendy neighborhood plunged from 6,228 in 2019 to just 2,149 in 2021 — a decline of more than 65%, compared to a roughly 10% decline citywide.
The sharp drop happened even though a June 2019 law prohibited moving apartments out of the state’s rent regulation system, with few exceptions.
One of those exceptions is called “substantial rehabilitation,” and tenant advocates say they see signs that landlords are angling to use it to remove entire buildings in Ridgewood from regulation and sharply hike up rents — by claiming the buildings were dilapidated and then undertaking extensive reconstruction.
“Just by walking around Ridgewood, you’ll go from block to block, and on every block, there’s a…building that has a new façade and it’s totally renovated,” said Raquel Namuche, a volunteer tenant organizer with the Ridgewood Tenants Union.
A three-story, six-unit walk-up building at 1819 Grove St. is one area property that appears to have undergone a rehab inside and out, with a group of new tenants who moved in earlier this year. As recently as 2019, its owner reported six regulated apartments in the building. Now it reports none — and a refurbished apartment in the 93-year-old-building is now being offered on Streeteasy for $3,300 a month.
In Ridgewood, just north of Bushwick, the median sale price for residential real estate — which includes condos, co-ops and one- to three-family buildings — has almost tripled in the last decade, going from $390,000 in 2012 to $1.09 million in 2022, according to Jonathan Miller, president and CEO of real estate appraisal and consulting firm Miller Samuel Inc.
That’s benefitted property sellers and landlords, Miller said, as rents in Queens have hit an all-time high thanks in part to what he called “the global phenomenon of Brooklyn spillover into Queens.”
17 comments:
Isn’t capitalism wonderful?
This is terrible !
Question: Then why do Sheeple keep voting democrat ?
Many of these buildings had low life's living in them going as far back as the mid 1980s. Hallways, doors, walls, plaster cast destroyed by lousy parents with years of unsupervised kids, bicycles and junk constantly up and down the stairs. Its a landlords right to get those people out and fix his building.
The building in the photo looks like a pretty nice aesthetic job, the black, very old New York and closer to what the building may have looked like in 1920 minus the ugly striped white and green awnings. Thats not off the shelf Home Depot crap done by unskilled illegals. To get that done with building materials of 2023 special skills,consideration and good taste was involved here.
It had to be no doubt costly so yeah leave the landlord alone he did a good job and cared about his neighbors.
Keep in mind like my old Stier house on Seneca & Norman st in Ridgewood. With these, most all the original windows and many of the top overhanging crowns on the facades are rotted out and in danger of coming down. 100+ years of water and NYC climate will do that. Its a big job, many times green lead paint is involved you needs permits a heavy lift crane and the works to take it down safely. Then: $20K restoration and 2nd and 3rd fiasco's with City inspectors and permits, crane permit to restore and rehang it. If this is the case the owner had no choice but that option or choose to re-hab the entire building.
$800-$1500 rents for a 2BR are long gone in Ridgewood.
I hate to see old buildings messed with, destroyed, binged out with brass, blond brick and crap but at least this was done tastefully
-Joe
Real estate runs the city under all administrations of both parties. Mayors and the sad city council lick the boots of developers.
It's almost like Americans don't appreciate high inflation and gifts to Ukraine !
Wake up people - VOTE!
$700 a month for 3 BRs in Ridgewood, 2 blocks from the train and everything you need?
Hey these people need to quit bitching !!
That doesn't even cover that units share of insurance, taxes, water, trash management and other maintenance bullshit.
3 BRs at that location should be at least $3500 a month for 2023 just to meet expenses
The landlords is taking a real beating, getting screwed
,----f_cking brat tenants need go to Dayton Ohio $300 a month rent buy a whole dam decent 1 family house with garage for $35K
All land should be public!
Brandonomics is a world of wonder. So many incredible results and milestones.
Speaking of money said...
After cancelling Don Jr yesterday, PNC Bank called him this morning to tell him it was mistake. LOL...
I'm shocked, SHOCKED to find landlords doing anything unethical.
LOL. Since when do laws apply to libs?
@"LOL. Since when do laws apply to libs?"
What planet are you living on? Landlords and other associated "Chamber Of Commerce" types are predominantly card-carrying Fascists(I mean Republicans).
@"It's almost like Americans don't appreciate high inflation and gifts to Ukraine !"
No, we much prefer tax breaks and government giveaways to the rich. We do feel terrible for the rich. They get such a hard time from the likes of Bernie, AOH etc.
Let's bring back TrumpTurd so he can throw more money at them.
By Landlords and real estate developers you mean the Queens County Housing Court Judges? Most corrupt housing Court in all five boros.Even the clerks are on the landlords pay off bag list.Watch the old Orthodox guy clerk. In room 209 the old large rude black guy and unprofessional rude old Chinese woman hate tenants and cause unnecessary problems for them. There's a pay off waiting for them
"Isn’t capitalism wonderful"
Yes it is litle snowflake. Without it you and billions would be starving and living in nature.
Wow you are pretty brainwashed, only go to places with CNN on the teevee? sad...
People who know how capitalism works try to debate socialists but you know it will never happens because fact’s hurt their little woke feelings and they call you rasist.
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