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I came across a reading with someone saying after the "tax deal" expire with a 80/20 building that the 20% paying affordable rent prices will be marked up to market rent. When they came to my apartment to do my yearly recertification I believe I heard them saying otherwise, can someone confirm this for me
Each building can be different but fifteen years is around the number you hear often. Afterwards most all become part of the rent stabilized system which means future increases in rent will be governed by that system.
most are 30-35 years some are 40 and some are 20. It depends on a number of factors. Google 421 tax breaks, long term and you will find a wealth of information. All of this could always change depending on which politicians come into power, the economy, etc.
I think the MOST irritating part about it is that rents will NOT go up if your income increases, even if you go from 50K a year to 200K a year. That's ridiculous. Even more ridiculous is that after a year most of these places will let you move a scrub boyfriend or girlfriend in and they will be on the lease, but it doesn't matter what they make (or worse, what they DON'T make) :/ I have become so disillusioned with this entire system.
I think the MOST irritating part about it is that rents will NOT go up if your income increases, even if you go from 50K a year to 200K a year. That's ridiculous. Even more ridiculous is that after a year most of these places will let you move a scrub boyfriend or girlfriend in and they will be on the lease, but it doesn't matter what they make (or worse, what they DON'T make) :/ I have become so disillusioned with this entire system.
I personally know of someone paying ~$1.5K for a 3 bedroom and their household income is $150K+.
When they got the 3 bedroom it was substantially lower but this city is absolutely disgusting in it's public policy. It's perverted beyond belief.
Knowing a little about City and State politics, I strongly believe that these "affordable" apartments will remain so for the life of the building.
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