As a reminder, on the ballot this election cycle is a referendum question for all registered voters in Hoboken pertaining to the future of rent control protections within the City of Hoboken. Voters who receive a Vote by Mail ballot will have this referendum question on the reverse side of the ballot (which will need to be flipped over to access.)
A NO VOTE MEANS:
You support maintaining the current Rent Control Code and its current limits on permitted rent increases upon a vacancy – to 5% or the Consumer Price Index (CPI), whichever is lower; or to a maximum of 25% after a vacancy by a tenant that lasted three years or more. There would be no option for an unlimited rent increase upon vacancy coupled with a $2,500 fee paid to the City of Hoboken to be deposited in the City's Affordable Housing Trust Fund.
A “NO” vote supported by: the Hoboken Fair Housing Association.
A YES VOTE MEANS:
You support an amendment to the City’s Rent Control Code to allow landlords to increase the rent upon any vacancy to whatever the market would bear without any limitation (i.e., without the current 5%/CPI limit and three year/25% increase restriction) if they pay a fee of $2,500 per unit, which would be deposited into the Hoboken Affordable Housing Trust Fund. Thereafter, the unit’s rent would once again be subject to the Rent Control Code’s limitations. This would amend and reduce the current restrictions in the Rent Control Code.
A “YES” vote supported by: the Mile Square Taxpayers Association.
