Hoboken Fair Housing Association (HFHA) supports the ordinance on the city council agenda tonight that is an amendment to Chapter 155, rent control, of the Hoboken Municipal Code. The proposed ordinance deals with condo rentals and is sponsored by Councilwoman Giattino and seconded by Councilman Bhalla.
The proposed ordinance replaces a regulation that was recently declared ultra vires (beyond the scope of the rent leveling board) in the court system. It allows owner-occupiers of condos that live in their units for a minimum of two years, and subsequently choose to offer their unit for rent, a full vacancy decontrol for the initial rental. This addresses the needs of non-investor owner-occupiers of condos in Hoboken by eliminating the need to apply for a hardship increase.
Condos were created as a way for people unable to afford a single family home the opportunity to enjoy property ownership. The proposal protects such owner-occupiers that, after a period of time, choose to rent out their units while simultaneously protecting other owner-occupiers from extensive investment purchases that could turn condo buildings into de facto rental properties thereby making it problematic for future purchasers to obtain a mortgage on condos offered for sale.
Councilwoman Giattino consulted with both landlords and tenants when crafting the ordinance with Councilman Bhalla. The strength and fairness of this proposed ordinance proves that the Council and residents can work together to craft legislation that is fair to all renters and owners. Unlike the dangerous ballot question (Hoboken Public Question #1) supported by the developer/real estate interests group Mile Square Taxpayers Association which will appear on the November 5th ballot, the proposed ordinance represents a fair way to address the needs of all Hoboken residents, renters and owners alike, and clearly demonstrates how the legislative process can address such matters without harming the community. HFHA thanks Councilwoman Giattino and Councilman Bhalla for their efforts on behalf of all Hoboken residents.