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So then in a tenant, a landlord needs a prosperous job, an excellent FICO score, large bank statements, clean arrest record...but then INCREDIBLE STUPIDITY such that the tenant can never learn his rights.
Tenant vetting for these landlords is going to be a trying chore.
What rights are tenants being INCREDIBLY STUPID about?
I have - No Sh-t- been authorized to receive AND distribute automatic weaponry with less paperwork than is required for an NYC rental application.
Been at my job for over a year, full time.
Clean legal history
Clean military history, 7 years active
Bank account statements that can pay 2+ years up front
Credit scores all 3 are 700<
No debt at all
Good standing with current landlord
...but because of that 40x rule, I can't get a fuc-ing thing. 1,800 is the general average for studios or 1-bedrooms. That requires a salary of $72,000 . Many people in NYC will never make that and even secure jobs like firemen and cops have to reach a 5 year mark before they even begin to qualify for even the low end average.
I FUC-ING HATE THAT RULE!!
Problem is landlords are allowed to do it because the demand means somebody will pay that and, the tenant laws make collecting a disaster for landlords. Landlords cannot even complete filing a claim for unpaid rent until 60 days. An eviction notice requires another 30 days before Marshalls are notified. All these are minimum figures.
Even after all that, checking out some sh-thole studios in the Bronx (multiple roaches during the open house), you got desperate people that will bunch up 3 or 4 to such a place, sign a lease, without even having seen it.
You would think with prices permanently on the rise like this, people would leave but, the demand never drops because NYC is the only complete functional municipal economy. By that I mean that sure LA has Hollywood, San Fran has tech, Orlando has tourism etc... lots of cities have their moneymakers but NYC is the only one with so many different sectors. Also, even leveraging tariffs and other fees on international buyers would not help increase housing availability since the demand is so high they would pay anyway, since NYC is such an effective holding commodity.
Like if you bought 5 million dollars worth of oil, gold, wheat, lithium or whatever, or a single penthouse or brownstone in Harlem in Manhattan, the real estate in Manhattan would be guaranteed to give you a better return over any length of time!
This problem is likely never to go away until the US gets another multi-demand city.
I hate this silly rule. Incomes are simply not keeping up with the cost of housing. So requiring people to make 40X the rent in yearly income. Or 3X the rent in monthly income is absurd. Maybe...don't charge so much?
I've been looking at some real dumps that I do not qualify for due to this rule.
Am I supposed to go ask my boss to give me a 10% bump because my apartment search sucks?
Actually the quality of the housing stock in NYC is better than it has been in my lifetime. Back in my apartment hunting days, I was able to pay upper-middle range for an apartment, as long as it was in the outer boroughs. We hired a realtor. Yes, the apartments were more affordable and tenable. But ALL OF THEM, were crap holes. It took looking at 10 apartments to find one that was decent, and that was at the going rate. (We weren't trying to get a bargain by any means.) They weren't painted, the kitchens and baths were 30 years out of date. Now they are mostly all renovated, and overpriced.
I have - No Sh-t- been authorized to receive AND distribute automatic weaponry with less paperwork than is required for an NYC rental application.
Been at my job for over a year, full time.
Clean legal history
Clean military history, 7 years active
Bank account statements that can pay 2+ years up front
Credit scores all 3 are 700<
No debt at all
Good standing with current landlord
...but because of that 40x rule, I can't get a fuc-ing thing. 1,800 is the general average for studios or 1-bedrooms. That requires a salary of $72,000 . Many people in NYC will never make that and even secure jobs like firemen and cops have to reach a 5 year mark before they even begin to qualify for even the low end average.
I FUC-ING HATE THAT RULE!!
Problem is landlords are allowed to do it because the demand means somebody will pay that and, the tenant laws make collecting a disaster for landlords. Landlords cannot even complete filing a claim for unpaid rent until 60 days. An eviction notice requires another 30 days before Marshalls are notified. All these are minimum figures.
Even after all that, checking out some sh-thole studios in the Bronx (multiple roaches during the open house), you got desperate people that will bunch up 3 or 4 to such a place, sign a lease, without even having seen it.
You would think with prices permanently on the rise like this, people would leave but, the demand never drops because NYC is the only complete functional municipal economy. By that I mean that sure LA has Hollywood, San Fran has tech, Orlando has tourism etc... lots of cities have their moneymakers but NYC is the only one with so many different sectors. Also, even leveraging tariffs and other fees on international buyers would not help increase housing availability since the demand is so high they would pay anyway, since NYC is such an effective holding commodity.
Like if you bought 5 million dollars worth of oil, gold, wheat, lithium or whatever, or a single penthouse or brownstone in Harlem in Manhattan, the real estate in Manhattan would be guaranteed to give you a better return over any length of time!
This problem is likely never to go away until the US gets another multi-demand city.
The prices really went up with the Millennials. They are the largest generation born since the Boomers. Young people tend to flock to NYC since the dawn of time. It was expensive to live here so they double and tripled up. (And this is somewhat normal for young people.) And when you have three people sharing a space who can pay $1000 a pop, then it's pretty easy to charge $3000. So if you aren't cohabitating with others, it puts upward pressure on you to either make more money, or get roomies.
did you just come out of a coma? Landlords have already been doing this in forever, they seem to be managing
There is no sarcasm smilie...and some people are sarcasm-recognition-deficient, Sheldon.
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