Housing News Roundup: July 1, 2015
NYC Freezes Regulated Rents on One-Year Leases
With a 7-2 vote, New York City’s Rent Guidelines Board has frozen rent on one-year leases for more than one million rent-stabilized homes, a first-of-its-kind measure in the board’s 46-year history. While Mayor Bill de Blasio didn’t publicly request a rent freeze, the move dovetails with his stated goal of addressing the city’s ongoing housing affordability crisis. Opponents of the freeze note that landlords will not have sufficient rent revenue to afford critical repairs to the units, which will not be good for tenants.
Source: New York Times
NOLA Downtown Development District Develops Outdoor Homeless Shelter
In an effort to better serve New Orleans’ community of homeless people, a “low-barrier” outdoor shelter is being developed downtown. The shelter, which has low barriers both in terms of rules and in being a partially-covered structure, is designed to bring the homeless community to one place so that it is easier to administer mental health and addiction services. The plans are being based off of a similar, successful model in San Antonio that includes an outdoor shelter, mental health and sobering units, detox treatments and medical triage. The annual cost is estimated at $3.5 million.
Boston Housing Has Become Overly Expensive
Housing costs are high in Boston for both buyers and renters. Home prices in Boston are equal to approximately 6.2 years’ worth of wages for the average worker — 9.4 years for the area’s service workers. On the rental side, in four Boston renters pays at least half of their income for rent. With high costs like these, it’s no surprise to that Boston was named the third most expensive city in the nation in March 2015 by rental listings site Zumper.
Source: Boston Globe
Paying to Live In the Best Neighborhoods
Transportation options. Safety. Good schools. Climate. These are among the things people consider – and weigh against each other – when deciding where to live. But, how much would people be willing to pay to live in an area that combines the best of each? The Journal of Urban Economics has created a quality of life map that shows how much people are willing to pay to live in certain areas the nation and within different parts of a particular city or metro area.