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The smartest thing I could have done was back in 1973, instead of living in a place that was just adequate, would have been to buy the largest grandest rental in a large building (one not likely to be torn down) that I could afford even if it took 80% of my income.
It would have been rent controlled and then possibly negotiated into rent stabilization.
Friends did exactly that. They rented 3 bedrooms/Junior 4, at 95th and Broadway in the '60's (area was a Hellhole then.) Place went co-op and they bought at an insider price, lived for years, decorated like Versailles. WHen retirement came they sold the apartment for a bleedin' FORTUNE and bought a gorgeous 1-bedroom in the same building. The money left over paid for their retirement and Summers on Fire Island.
If only we had a crystal ball, right, or a time machine.
The smartest thing I could have done was back in 1973, instead of living in a place that was just adequate, would have been to buy the largest grandest rental in a large building (one not likely to be torn down) that I could afford even if it took 80% of my income.
It would have been rent controlled and then possibly negotiated into rent stabilization.
Friends did exactly that. They rented 3 bedrooms/Junior 4, at 95th and Broadway in the '60's (area was a Hellhole then.) Place went co-op and they bought at an insider price, lived for years, decorated like Versailles. WHen retirement came they sold the apartment for a bleedin' FORTUNE and bought a gorgeous 1-bedroom in the same building. The money left over paid for their retirement and Summers on Fire Island.
If only we had a crystal ball, right, or a time machine.
Can you recall what year they sold it?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
WOW! In just a few words, especially the ones I highlighted, you summed up the reason for the apartment shortage, the reason for high market rents, and the case against rent control!
Short and simple. Well said. Congrats
Perhaps rent control is NOT the reason for the rental woes of the City. Perhaps it is the lack of UNIVERSAL rent control that is the cause of high market rents. Perhaps all 80/20's should be built with 80% affordable.
Also, do you feel trapped? In other words, you are getting such a good deal you can't leave, even if you really want to leave.
I don't feel trapped because thank God, I'm making decent money and have no debt - not one penny in even credit card debt. I live on my own cash. My rent is a smaller percentage of my income in comparison to that of other people.
The market rate is $2,700 (at least that's what my neighbors below me are paying). Although I have a one bedroom, my landlord wants to convert it into a two bedroom to make more money. He has told me himself and even offered me 50K to give up my lease.
I wouldn't mind paying up to $1,900 - but it has to be for a place I'd love to live in. There was a housing lottery here that I really wanted and my log number was only 2xx. I would have left my current place in a heartbeat. It never happened.
This is going to take some mental strain but I believe it was most likely the mid-'70's. When I met them they were already in the smaller, but still magnificent apartment. Other members of our Gay Mensa group said "You should have seen their OLD place."
I don't feel trapped because thank God, I'm making decent money and have no debt - not one penny in even credit card debt. I live on my own cash. My rent is a smaller percentage of my income in comparison to that of other people.
The market rate is $2,700 (at least that's what my neighbors below me are paying). Although I have a one bedroom, my landlord wants to convert it into a two bedroom to make more money. He has told me himself and even offered me 50K to give up my lease.
I wouldn't mind paying up to $1,900 - but it has to be for a place I'd love to live in. There was a housing lottery here that I really wanted and my log number was only 2xx. I would have left my current place in a heartbeat. It never happened.
50K? You can get into plenty of Mitchell-Lama co-ops around the city with that cash. I only put down 13K to get in mine. You wouldn't consider that?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
This is going to take some mental strain but I believe it was most likely the mid-'70's. When I met them they were already in the smaller, but still magnificent apartment. Other members of our Gay Mensa group said "You should have seen their OLD place."
They got lucky....you know I'm in M-L too so i'm not going anywhere for the foreseeable future.....but you know what, where I grew up is arguably the worst Queens has to offer, I would like to reap a few benefits from living here so long and firmly putting roots in my community. I'm not afraid to say it.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
My friend has a Penthouse apt on Park ave bt 34 n 40st. Wrap around terrace and 2 levels. Been there since the early 80's and pays less than $4500
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