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There's one really important reason why NYC has strong tenant protections. We live in a democracy where people vote. There are far more tenants than landlords. So to satisify the public, yes, governments put in strong tenant protections.
If those who invest in real estate business don't like it, they might decide the landlord business is not for them.
yep , that is exactly why it became a political pawn and pulled so far away from what it was supposed to be.
stabilization , not rent control , which is almost gone has little to do with affordability . it's purpose was never to be any kind of lower income or affordability housing .
it was to allow rents to be at market levels and just to prevent rent gouging .
because of it becoming a political pawn it only benefits some those who manage to live in one if it even benefits them at all . there are stabilized apartments that are at market rents that are 4-5k a month and stabilized . rent stabilization lost its intended purpose decades ago . it has nothing to do with affordability at all anymore . it has nothing to do with someones asset level or income under 200k either .
anytime you artificially manipulate market prices it tends to work out poorly for most others except who benefit from something ..
don't get me wrong i like stabilization . we live in a stabilized apartment and as an investor through the years i did very well wheeling and dealing selling stabilized co-ops after buying out the tenants leases , but the whole program really does stink .
Last edited by mathjak107; 03-26-2018 at 11:45 AM..
For what reason would you want to end rent control, because of your greed? or maybe because you do not care about anything else but money.
The only remaining rent controlled apartments left in the city have senior citizens in the apartment who rented before 1972. When those people die the landlord will seriously upgrade the apartment and remove it from rent controlled status. In short actual rent control only benefits people who are 70 and older.
Rent stablilization has a lot more people on it and benefits a much broader selection of the NYC public. Of course there are ways apartments can be removed from rent stabilization as well.
there are beautiful stabilized apartments coming on line too . these are amazing buildings that rent for 3500 for a studio and over 5k for a 2 bedroom . they are part of the j51 and 451 programs .
they come to market at full market rents and then future increases are bound by the stabilization board agreements . they stay stabilized for as long as they take advantage of the program perks .
The only remaining rent controlled apartments left in the city have senior citizens in the apartment who rented before 1972. When those people die the landlord will seriously upgrade the apartment and remove it from rent controlled status. In short actual rent control only benefits people who are 70 and older.
Rent stablilization has a lot more people on it and benefits a much broader selection of the NYC public. Of course there are ways apartments can be removed from rent stabilization as well.
We had a whole big thread about this last year, the conclusion was there are actually legal ways of passing on rent controlled apartments indefinitely if done properly
We had a whole big thread about this last year, the conclusion was there are actually legal ways of passing on rent controlled apartments indefinitely if done properly
Rarely is it done properly, and there are very few rent controlled apartments left in the city.
Not all seniors have children, plus those that do have children that have moved elsewhere and are established with jobs and careers and what not.
Plus landlords have ways of constructively evicting tenants. Or they can buy them out.
Nothing stops NYC developers and people who have really lived in NYC know this.
yes , i remember learning rent controlled apartments can be passed . but for the most part these apartments are old and generally not a pleasant apartment to live in . many have been neglected for decades .most kids would want no part of it . so we are down to about 7 or 8% rent controlled and dropping yearly at a pretty quick rate.
many apartments that are stabilized are co-ops and these are original tenants. many rental buildings went co-op and as soon as these tenants are out or die they are no longer stabilized .
lots of boomers are relocating now and retiring so the pace will be increasing more and more .
I missed the part in the State or US constitution where people are entitled to live where they want forever, even if they can't afford it - and get me and others to pay for it.
Perhaps these people would be willing to pay my grocery and utility bills since I am paying for their housing. YOU might be willing to pay higher fees/taxes whatever to subsidize people who are living in places they could not afford if the market was allowed to rule, but I am not.
Or perhaps YOU would like to make my retirement account contributions and my kids' college tuitions.
Enough is enough, the leeching of others in this country has reached End Game...
Because I'm telling you and every other bleeding heart liberal who is more than happy to take MY money (more like steal it) and hand it over to those less willing to work hard / study for long, long hours to earn their salary - if people like me say the system has reached the point of total corruption like Greece, just like Greece - I will stop paying my taxes. And so will millions of other income producers, and guess what will happen to this country then...
Oh, you have kids? That's nice! I have been paying for my entire long life for your kids' public school costs. Also, for your kids to use the public library. And for those who had fires in their homes..and needed police protection..You are very selfish. That pretty much sums it up.
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