I have been a Hoboken landlord for over 30 years. The tenants, during that period of time, have included almost no one coming from an existing address in Hoboken. People with jobs in NYC coming from some other town or state have benefited by the apartment rent being artificially lower than market because of the rent control ordinance. There is no income test to determine actual need only the arbitrary control of the dwelling space with the expectation of some local good being achieved.
The control of the space with no check and balance as to the need of the tenant is patently unfair. Vacancy decontrol has a provision that when a new rent is agreed upon between the tenant and the landlord the apartment is once again under rent control until that tenant vacates; it’s fair for both tenants and landlords and affects no existing tenant.
Rent control disproportionately hurts small homeowners while big developers who built new units are exempt from the repressive rents allowed under rent control. The biggest problem with rent control is that virtually all people who are enjoying artificially low rents are not in the low or moderate income brackets while most of the small properties that exist in Hoboken and inherited by Hoboken families are.
As a result, many of the buildings are old and upkeep is impossible when landlords cannot afford to improve or repair their properties. Help stop this unfairness.
Vote YES on Public Question #1.
-Peter Bouton, Hoboken real estate agent and landlord