big family moving to Manhattan

[I_Love_LI_but]

Originally Posted by nyc1986

I wonder if anyone downtown "flood prone" will get rid of their apt (rent somewhere else or sell it) because of the flood scare in manhattan. I think manhattan is due for some kind of natural disaster, look at how many people are here, how much transportation, polution and how dense it is. Me and my family were born and raised in manhattan and we have to move. I wish we could stay here but it just doesnt make sense.
NYC has become old. I'm tired of all the "transplants," tourists and everything being overpriced because people will pay for it.
Moving to NJ near JSQ. Rent is 1100 and near the path, shopping is way cheaper and you dont HAVE to have a car if you dont need to.

Born and raised in Manhattan and you and your family DON'T have a rent-stablilized or even better, rent-controlled apartment with most of the rent "subsidized by force" by the landlord (at a much lower rate than 1100)? That is truly bad luck indeed!

[nyc1986]

Originally Posted by I_Love_LI_but

Born and raised in Manhattan and you and your family DON'T have a rent-stablilized or even better, rent-controlled apartment with most of the rent "subsidized by force" by the landlord (at a much lower rate than 1100)? That is truly bad luck indeed!

My mom does but not enough room for me and my family. Theres no privilages for people who were born/raised in manhattan. Only priveleges for people on welfare in projects in manhattan or people with $$, no middle class

[I_Love_LI_but]

Originally Posted by nyc1986

My mom does but not enough room for me and my family. Theres no privilages for people who were born/raised in manhattan. Only priveleges for people on welfare in projects in manhattan or people with $$, no middle class

Maybe you aren't tacky enough to do it, but I bet plenty of others do. There are privileges if someone lives with their mom and is living there at the time mom passes on. They can actually inherit the right to live in the apartment at reduced rent for life. Imagine that, inheriting an apartment that is owned by a landlord plus the right to cheap rent for life!

[nyc1986]

Originally Posted by I_Love_LI_but

Maybe you aren't tacky enough to do it, but I bet plenty of others do. There are privileges if someone lives with their mom and is living there at the time mom passes on. They can actually inherit the right to live in the apartment at reduced rent for life. Imagine that, inheriting an apartment that is owned by a landlord plus the right to cheap rent for life!

I know but i'd rather give it to my younger sister whos still living there. Plus my mom doesnt have the rent control. But by the time my mom has passed, it wont be cheap anymore really. She has rent stabalized, Rent stabzlied is much higher rent, still cheaper than the fair market but not like rent controlled for $500/month.
Also not sure when these laws on rent stablized/controlled apts will expire.
There are lottery systems to get into "affordable housing" units but the list is 20k people long and you must fit into their requirements to every dollar and maintain within their income limits.
I know several people who have rent controlled/rent stablized apts. One of them got kicked out by the landlord. The landlord accused them of everything under the book, didnt cash their rent checks to show that they werent paying the rent, etc. Someone else I know has a village apt going for 4k, he pays 500, he is offered 30k/yr to move.
The best bet is to get something in an up and coming neighborhood and be a gentrifier (east harlem, washington heights, brucker by the bridge, east new york in brooklyn) but its still a ***** hole.

[homelessperson]

OP hasn't responded, but the minimum salary with 4 kids in Manhattan is $1mil/yr before tax ($400k in income tax -- rates are very high in NYC) for something equivalent to an 'upper middle class suburbs' lifestyle. This will break down as follows:

$140k yr - school fees for 4 kids @ $35k/ea
$300k/yr ($25k/mo) - average 3,000 sq foot 4 bed apartment in UES/UWS
$40k/yr - groceries -- shopping in city is at least 2x more expensive. You can drive to Costco in Queens if you want
$20k/yr transportation - no matter how hard you to try only take the subway and busses (which is $120/mo per card), you will take taxis sometimes
$25k/yr - going out for the occasional meal, show, etc
$75k/yr - savings

Renting is cheaper than buying in Manhattan. To buy equivalent apartment would be ~$5m. If she wants 'space', a decent renovated townhouse is $6-$12m