We need rent regulation because the housing market in
New York City does not
provide suitable homes at prices its residents can afford. This fact has once
again been evidenced in Bushwick, Brooklyn, where
a new report
(highlighted on DNAinfo)
finds that in just one winter month, rents rose by an astounding 20%. As the Williamsburg phenomenon
creeps eastward, long term tenants are facing more and more pressure to leave in
search of illusive opportunities in unfamiliar communities.
If stabilized rents keep rising, where are long term tenants in places like Bushwick going to go? Remaining in their neighborhoods- the places they have built up for years- is becoming a great challenge, given the rate of rent inflation. This is one of the most important questions facing the RGB as they deliberate over this year’s rent adjustment.
|Average Bushwick rents, February 2013, MNS Brooklyn Rental Market Report|