The rent stabilized apartment is an elusive thing in New York City?only a quarter of the city's apartments benefit from the rules, which put limits on how much landlords can raise rents. But in the Financial District, renters don't seem to care that they could convert their market rate apartment to rent-stabilized. As part of an effort to make the growing neighborhood less transient, public officials pushed for more rent-stabilization in the area, but two years after the rules were enacted, the Journal reports that only 10 percent of qualifying tenants have converted their units. More than 6,000 units were affected by the rules, and to make the conversion, tenants must file an application of rent-overcharge.
Brokers and community leaders say there is a high turnover of residents in the area, and many tenants are young finance types who are less likely to commit to staying, so making the effort to stabilize their apartment wouldn't help them. On top of that, FiDi lacks the basic neighborhood amenities that families look for: grocery stores, laundromats, casual restaurants, even "a sense of identity." Still, the Journal did find one family who said they'd stay longer if they could, but the stabilization did not reach their building. Alas.
· Interest Lags in a Rare Rent Break [WSJ]
Financial District photo by Vivienne Gucwa/Curbed photo pool