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Old 04-06-2011, 04:46 AM
 
Location: Astoria, Queens, New York
4 posts, read 135,265 times
Reputation: 19

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Quote:
Originally Posted by EdwardA View Post
If he received tax abatements to build it I believe the units would be stabilized. Most likely not the case anyway in your situation. It's legal.
hi Edward, why do you think 'most likely not the case in your situation'?
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Old 04-06-2011, 06:29 AM
 
5,724 posts, read 7,447,079 times
Reputation: 4518
Quote:
Originally Posted by bluedog2 View Post
It's crazy.Someone just rented a 1 br in my building for 1,350.00/mo that they could have bought for 160,000.The loan cost would be around 650/mo and the maintenance on the unit 580/mo, so total cost to own would be 100.00 less per month even BEFORE taking mortgage interest and maintenance deductions !

I noticed the same in my development. Timing is everything.
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Old 05-10-2011, 06:50 AM
 
Location: Astoria, Queens, New York
4 posts, read 135,265 times
Reputation: 19
Quote:
Originally Posted by A-Room-In-New-York View Post
Hi all and greetings from Astoria, Queens!

Our landlord has given us notice he'll be increasing rent by 12% come the end of July. Is that legal?

A few facts:

- the building is only about 2-3 years old (so I assume it cannot be rent-stabilized?)
- current rent $2,050, new proposed rent: $2,300 (12% increase).
- our current rent of $2,050 was a preferential rent. The legal rent (according to our contract) which they could have charged, but didn't was always actually $2,500. (Even this has increased recently too and is now apparently $2,800)

Do we have to grin and bear it ...

or is this proposed increase illegal in any way?




Hello all,

an update!

I asked the landlord directly and he confirmed, yes, it is indeed a rent-stabilized building, despite the fact it's new. He didn't say under what program exactly when I asked, but he was open about the fact they receive tax breaks, because of agreeing to rent stabilize it.

Someone has pointed out: "The RGB’s mandate is to set renewal rates that are intended to be applied to legal rents, not preferential rents."

And that's the problem. We were indeed aware of the preferential rate ($2,000 and later $2050) and it was indeed included in the contract and stated clearly. So, based on that, the LL is still well below the legal rent ($2,800) stated on the contract. Jacking it up another $250 'only' brings it up to $2,300.


RE: "at the same time they don’t necessarily want you to leave because they’ll lose income while it’s not rented and have to paint/prep the apartment for the next tenant."

This guy seems quite confident he can have a replacement in there, lickety split. We've been good tenants, paid on time, no noise etc etc. but as the landlord said, quite frankly: it's a business. And, I understand his point of view.

So, my friends, one thing's for sure: it may be a nice apartment and everything, but for $2,300: we are OUTTA HERE!

(talk to The Hand, baby!)

Now, next steps: any apartment owners out there with a 2 or 3 bedroom reading this who might be interested in having a good couple with cute baby as their next tenants?

Click on http://www.a-room-in-new-york.com/ to contact us.....
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Old 05-12-2011, 09:01 AM
 
Location: Manhattan
25,341 posts, read 36,858,214 times
Reputation: 12735
Quote:
Originally Posted by bluedog2 View Post
It's crazy.Someone just rented a 1 br in my building for 1,350.00/mo that they could have bought for 160,000.The loan cost would be around 650/mo and the maintenance on the unit 580/mo, so total cost to own would be 100.00 less per month even BEFORE taking mortgage interest and maintenance deductions !

Is that a co-op he's renting? If a condo, you'd need to add real estate taxes. If a co-op board, then there's board approval to deal with, never pleasant.
A rental doesn't involve closing costs, down payments, etc...not everyone has the ready cash or the creditworthiness.

On the deductions, remember you get a standard deduction of some $7000 and probably interest and taxes on a $160K apartment will not rise to that level.

At a close to break even point, there are lots of reasons to rent rather than buy, not the least of which is the ability to easily clear out on a whim without having to unload the place to another buyer, a process that many have found to be expensive and mind-altering.

Last edited by Kefir King; 05-12-2011 at 09:10 AM..
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Old 08-05-2011, 07:31 AM
 
2 posts, read 5,665 times
Reputation: 12
is it legal for my landlord to go up on my rent twice in one year in the state of new york
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Old 08-30-2014, 09:25 PM
 
1 posts, read 2,660 times
Reputation: 10
I was told that my rent will be going up 5% every year now paying $2250. (just went up from $2000) I Don't know how much longer I can afford to live here I don't want to be priced out. Is there anything I can do? (house not rent stabilized.)
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Old 08-30-2014, 09:38 PM
 
Location: Riverdale, NY
300 posts, read 373,285 times
Reputation: 163
Quote:
Originally Posted by nevadiva View Post
is it legal for my landlord to go up on my rent twice in one year in the state of new york
How could your rent go up twice in one year? Don't you have at least a yearly lease?

Quote:
Originally Posted by pleasentvalley View Post
I was told that my rent will be going up 5% every year now paying $2250. (just went up from $2000) I Don't know how much longer I can afford to live here I don't want to be priced out. Is there anything I can do? (house not rent stabilized.)
Where is that you live exactly? If the rental is not rent stabilized, then the answer is no. You can move to an area with more reasonable prices.

Last edited by hhp3333; 08-30-2014 at 09:55 PM.. Reason: Revision
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Old 08-30-2014, 09:46 PM
 
Location: West Hollywood, CA
1,365 posts, read 2,235,201 times
Reputation: 1859
hey op, just to make u feel better about it -

I pay 1,650/mo, all utilities included (electric, gas, trash pick up, pool service, etc) for a 1 bedroom about 600 sq ft, 1 car parking included, 2 blocks from this (I took both pics):





and the weather stays between 60-80 all year long.

oh, and before I forget. my rent is controlled and it has no income restriction.

enjoy NYC

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Old 08-31-2014, 08:57 AM
 
33,398 posts, read 46,826,601 times
Reputation: 14046
Quote:
Originally Posted by YoungTraveler2011 View Post
hey op, just to make u feel better about it -

I pay 1,650/mo, all utilities included (electric, gas, trash pick up, pool service, etc) for a 1 bedroom about 600 sq ft, 1 car parking included, 2 blocks from this (I took both pics):





and the weather stays between 60-80 all year long.

oh, and before I forget. my rent is controlled and it has no income restriction.

enjoy NYC

Quote:
Originally Posted by YoungTraveler2011 View Post
1400!? seriously? that's actually pretty cheap.

Right now I pay 1700 for a crappy apt in Santa Monica.

I keep seeing a bunch of 2000+ apts in Newport but then again, I'm only using Zillow.

Is westsiderentals.com a good site to search in the OC?

Enjoy Santa Monica!
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Old 09-01-2014, 10:53 AM
 
Location: Manhattan
25,341 posts, read 36,858,214 times
Reputation: 12735
Yep,
California Rent Control Laws have resulted in come really good bargains, just like New York Rent Controls.
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