Fair Rent Approves 3‑Bedroom Rent Hikes

And here we see how the government has increased rents for working people instead of letting free markets dictate prices. The Section 8 program artificially inflates rents. See the $500 per bedroom vs what the landlords were actually able to get. It's a no brainer that there is no "affordable" housing in New Haven because the program has priced out the working man by overpaying for rents. The landlord will now join other slumlords when these two move and charge the $1650 for their new tenants.

This is so ridiculous.

If you want cheap rent then move to Derby.

This is HOW close to the Train Station? Downtown?

And to reference the slowing down of growth in that area, the slowing down of more units in this city? New Haven locals, you're legit wild'n.

BUILD MORE UNITS or rent for a THREE BEDROOM will go up and up and up.

Demand = Value.

Putting aside the fact that this commission is using our tax dollars to create more command and control from people who do not understand housing, this is going to be terrible news for tennants.
In very short order landlords will learn how to avoid dealing with the 'fair' rent commission. Step 1: don't renew the current tenants Step 2: Make some small cosmetic improvements Step 3: List of for the market price that will be hundreds of dollars higher than the old lease.
What has been put in place will displace hundreds or thousands of New Haven renters. Building a 194 unit complex will displace 0 New Haven renters.

If you make housing units unaffordable for front line and essential workers, then they will have no choice but to move out of the area. Many of them will have to commute farther and farther distances to work in the area. Lots of them won’t be able to afford vehicles to commute in to work in the city on front line and essential jobs hourly wages.
As the suburbs mostly zone out multi family or dense housing, and the city gentrifies and raises the rents, there is increasing pressure on the few remaining cities and towns that still have some affordable units. Waterbury’s rents have gone up, as tenants fled New Haven to the Valley in search of a unit they could afford.
We have to protect affordable units in the city. But small landlords are facing rising taxes, utilities, insurance, materials and labor for maintenance and repairs on their properties. So they have to raise the rents to make it worth owning the property, and not a financial drain. It’s either raise the rents or sell it to a mega landlord or developer.
The government needs to do more to help provide lower income people afford to have housing, and help smaller landlords from being forced to raise rents beyond what lower income people to afford, to be able to pay the bills associated with their property.
Otherwise people will be sleeping in their cars or in tents, and employers won’t be able to find workers, and soon landlords won’t be able to find enough tenants who can afford to pay the rents, and small landlords also won’t be able to lower the rents because of what the costs are of owning the property.
We are going to reach a breaking point in the housing crisis.

LookOut, the 194-unit development will knock down a couple of occupied apartment buildings and displace their tenants.

VoteREPUBLICAN, rents vary within neighborhoods. I have a friend paying $900 for East Rock studio. Other studios here rent for more than twice as much.

As a point of reference, the Section 8 Fair Market Rent for a three-bedroom apartment in the ZIP code that includes the Hill and West River is just under $2,000. The small area FMRs were established to avoid the phenomenon of regionwide rents overstating market rents in poorer neighborhoods. https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2023_code/2023summary_sa.odn

I am retired, living on a pension and social security. I own my home just a few blocks away from where the brothers live, and a few blocks away from where the 194 unit 5 story $2100/mo for a studio development will be built. I pay a mortgage, live in a 3 bedroom home and have a 1 bedroom apartment to rent upstairs. My home is fairly new, built in 2009. The 1 bedroom 836 sq ft rental unit comes with all appliances, stainless steel refrigerator and oven, ceramic cook top surface, microwave, in unit washer and dryer, central air, has gold star LEED energy efficiency rating, bamboo floor throughout, a balcony, alarm security system, is within walking distance to Yale Med Center & downtown, and is 1 block from public transit. I charge $850/mo for rent which doesn't cover 1/2 my mortgage but I provide decent affordable housing. My taxes went up a few thousand this year, my insurance went up and my overall monthly mortgage payment increased $130/mo. But I can afford it without passing the full cost onto the tenant. The portion of the mortgage ($1100/mom) that I pay out-of-pocket is still less than what it would cost for me to rent a 3 bedroom home. I'm just not expecting my tenant to pay for my comfortability, but I provide decent affordable housing that helps to stabilize my neighborhood with long term tenants. My focus is providing decent affordable housing for myself and others in a fair and equitable manner. 'For where your treasure is, there your heart will be also'.

Here is another weapon,These Vampires are using to jack up the rents.

Rent Going Up? One Company’s Algorithm Could Be Why.

Texas-based RealPage’s YieldStar software helps landlords set prices for apartments across the U.S. With rents soaring, critics are concerned that the company’s proprietary algorithm is hurting competition.At a minimum, critics said, the software’s algorithm may be artificially inflating rents and stifling competition. For tenants, the system upends the practice of negotiating with apartment building staff. RealPage discourages bargaining with renters and has even recommended that landlords in some cases accept a lower occupancy rate in order to raise rents and make more money.

https://www.propublica.org/article/yieldstar-rent-increase-realpage-rent

We're not new York city....these building and new homes and everything changing is gonna make new haven a lost city with nothing but vacate store front and homes....why nobody is gonna be able to afford life in ct..people are already leaving high rent and no good educations for our childern,and no good paying jobs..it's all a domino effect..

Note right: If New Haven were NYC, rents would be much higher. New Haven's relatively low rents had led many people of various economic strata to move from the city to New Haven. As for the other effects you write of, having people with more money in the city will mean more disposable dollars to support commercial business. Maybe, the corner stores might stock healthy food. A few folks might want to raise their kids here, but not want to pay private school tuition: they will demand better schools. Even if they don't, their housing will be worth more, and the business they support worth more, meaning higher taxes and more revenue for schools.