In November 2024, Hoboken residents will face an important decision on the ballot about rent control.
At the heart of the issue is the fact this vote could change how rent increases are calculated for vacant apartments, which would affect both renters and landlords.
With rents going up fast in Hoboken, this issue has, understandably, sparked much debate.
Renters are worried it could make housing even more expensive, while landlords argue that they need it to help maintain their properties.
As Election Day gets closer, it’s important to understand what this vote means and how it could affect the future of housing in Hoboken.
- In November 2024, Hoboken residents will vote on whether landlords can raise rent to market rates when a tenant moves out.
- Renters worry this change could make housing less affordable, while landlords say it will help them maintain their properties.
- Register to vote by October 15, 2024, with early voting starting on October 26, 2024, leading up to Election Day on November 5, 2024.
Hoboken’s Rent Control Law and the Proposed Changes
Hoboken’s rent control law, enacted in 1973, regulates rent increases for residential units, particularly older buildings.
Under the current system, landlords can only raise rent by a small amount each year based on the cost of living adjustment (COLA).
Doing so helps protect tenants from sudden and drastic rent hikes, making the city more affordable for long-term residents.
However, there is an exception known as “partial vacancy decontrol.”
If a tenant leaves voluntarily, landlords can raise the rent by up to 25%—but only once every three years and only if no increase has been made in that time.
This system has existed for years, but the new referendum seeks to make a major change.
If it passes, landlords could raise rent to market prices (which could be much higher) anytime a unit becomes vacant.
In return, they would have to pay the city a one-time fee of $2,500.
Ideally, the money would go into a fund meant to help create affordable housing in Hoboken, but no clear plans have been shared about how or when that money would be used.
Why Are Tenants Opposed to the Rent Control Change?
Tenants and housing advocates are concerned that this change will make rent in Hoboken even more expensive.
They argue that allowing landlords to raise rent without limits when a unit becomes empty could make it harder for people to afford to live in the city, especially with rents already among the highest in the country.
Some renters also worry that landlords might pressure tenants into leaving to take advantage of the chance to raise rent.
Not to mention, there have already been stories from renters saying they feel like their landlords are trying to push them out, and this new rule could make things worse.
So, tenant groups encourage people to vote “No” to keep the current rent control rules in place.
Why Do Landlords Want to See This Change?
Landlords, on the other hand, are in favor of the new proposal.
They argue that the current rent control rules make it hard for them to keep up with rising costs and property maintenance.
According to landlord advocates, the ability to raise rents to market rates when a unit becomes vacant would provide much-needed financial flexibility. With this in place, they argue it would help them maintain and improve their buildings.
They say the $2,500 fee would also contribute to affordable housing initiatives, which could help address the city’s housing crisis.
Advocates also claim that without this flexibility, Hoboken’s housing stock could deteriorate because landlords wouldn’t have the funds to make necessary repairs and upgrades.
Timeline for the Rent Control Vote
If you’re a Hoboken resident and want to have a say in this critical issue, here are the important dates to keep in mind:
- Voter Registration Deadline: October 15, 2024. If you’ve moved to Hoboken recently or have never registered, update your voter registration before this date.
- Early Voting Period: Early voting starts on October 26, 2024, giving residents several days to vote before the official Election Day.
- Election Day: November 5, 2024. This is the last day to cast your vote on the rent control referendum and other key issues on the ballot.
The Controversy Over Ballot Wording: What Changed?
One of the major discussions surrounding this vote is about how the referendum was originally worded.
The language was written by a landlord-backed group and was criticized for being misleading.
Hoboken’s City Council stepped in and voted to change the wording to make it clearer for voters.
Originally, the ballot wording made it seem like the main goal of the change was to help affordable housing.
In reality, the change is mostly about allowing landlords to raise rents without limits when tenants move out.
Thankfully, the updated wording reflects this more clearly, so voters can understand exactly what they’re voting on.
What Happens If You Vote “Yes” or “No”?
Here’s a breakdown of what each vote means:
- A “Yes” Vote: You are voting to allow landlords to raise rent to market rates when a unit becomes vacant in exchange for a $2,500 fee going into Hoboken’s Affordable Housing Trust Fund. After this increase, the new rent would still be subject to existing rent control laws for future annual increases.
- A “No” Vote: You are voting to keep the current rent control rules. This means landlords will continue to be limited to a 25% increase when a tenant leaves and only once every three years for a particular unit.
Your Vote Matters in the November Rent Control Referendum
As Hoboken heads into the November 2024 election, the rent control referendum has become one of the most important and hotly debated issues on the ballot.
Both sides have strong opinions, and that’s why it’s so important for Hoboken residents to understand the issue before heading to the polls.
Make sure you’re registered to vote by October 15, 2024, and don’t forget that early voting begins on October 26, 2024.
Your vote could make all the difference in shaping Hoboken’s future.
