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Why Now Is The Time to Consider a Home Purchase in Staten Island?

March 15, 2019
Staten Island

With New York City's rent stabilization laws up for renewal in June, there are several factors in play. After all, rent stabilized apartments are difficult to find. They provide savings to those who are able to secure one, so it is no surprise that they hang onto their places for years. The laws that govern these apartments are now up for reform, in an effort to address the affordability issues throughout the city.

Addressing Rent Increase Loopholes

Many of the loopholes regarding rent regulation involves several ways that tenants can be negatively impacted in terms of rent increases. For instance, vacancy decontrol is a practice that allows landlords of rent stabilized apartments asking at least $2,000 a month to hike that number by a certain percentage each year. That hike can happen at lease renewal if a renter makes $250,000 a year or more.

Rents can also be increased by landlords through improvements that they make, thus retroactively pushing rent past the $2,000 minimum. Once the rent reaches a certain threshold, then the unit is permanently deregulated. 53% of the units deregulated in 2017 were due to the high-rent vacancy decontrol. The practice has resulted in 147,512 units since 1994, demonstrating a continuing trend of dwindling affordable units.

There is hope that some of these issues could be addressed in June, but questions remain about what actually be changing in June.

Being Priced Out of Neighborhoods

Rent regulations are a tangle of interested parties with conflicting priorities. Yearly rent hikes are being blamed for pricing some tenants out of neighborhoods where they have lived for years. Landlords, on the other hand, receive far less than market value on their units, so they argue that it makes it harder to keep up with the rising cost of building maintenance.

There are also fears that expanding rent stabilization make rental projects less financially viable for developers and that results in less rent stabilized inventory over time.

There are a variety of speculations regarding the potential changes in June, although there has been a recent push for tenants' rights. The question for landlords is what risks their properties face but also the benefits they may expect.

Staten Island Real Estate

For those looking to own a home of their own, Staten Island offers an attractive option. House prices are still affordable in comparison to the city, providing families an attractive option to afford to own versus continuing to try to find an affordable rental option.

In fact, home buying trends seem to indicate that slowing home price growth and rising interest rates are turning real estate from a seller's market to a buyer's market, particularly Staten Island.

Additionally, with the purchase of a home, your mortgage payment is consistent month to month, with no fear of a rental increase pricing you out of your neighborhood. If you are interested in learning more about what the Staten Island real estate market has to offer, contact our knowledgeable staff today!

Wonica Realtors & Appraisers are Staten Island's #1 independent full-service real estate firm, serving the needs of the community for over 30 years. Whether you're buying, selling, renting or relocating, our staff of highly trained professionals will provide quality realty services with personal attention to your individual real estate needs.

North Shore: 415 Manor Rd. S.I., N.Y. 10314, tel: 718.442.2880 fax: 718.442.1073
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