Rent Hike for New Yorkers; Affordable Housing for Artists
The Rent Guidelines Board -- a nine-person panel that dictates what goes down (or up) in New York's rent-stabilized housing -- decided on May 5th that things are indeed going up. Things being rent. The New York Timescovered the public hearing at Cooper Station in the East Village where tenants filed in with anti-increase signs and demanded a rent freeze on account of escalating unemployment.
Of course the Board killed that dream in a vote of 7-2 and ultimately approved a rent hike of 2 percent to 4 percent for tenants with one-year leases, and 4 percent to 6 percent for tenants with two-year leases. This change will be applied to leases renewed between October 1, 2010 and September 30, 2011.
But don't worry, there was some good news, too.
On the upside of town, Curbed NY let us in on some happy news: East Harlem's gentrification is still on and popping (as the kids say).
Artspace -- a nonprofit real estate developer for the arts -- will soon be turning the doomed-looking P.S. 109 at 215 E. 99th street into 72 one-to-three-bedroom units of affordable live/work spaces for artists and their families. Artspace's website notes that building will also include 6,000 square feet of non-residential space for arts and cultural organizations.
Heading over to Brooklyn, Brownstoner spied bricks blooming at 166 Beard Street -- a new residential building in Red Hook (in the making). And this place has a courtyard.
We're hoping that rent in this building will be on the affordable side once the building moves out of development stage, seeing as how it is in Red Hook where you can rent a three-bedroom duplex with a den for $2,100.
See apartments for rent in Manhattan, N.Y. and apartments for rent in Brooklyn, N.Y. in our rental listings.