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Most non city owned rent stabilized apartments are buildings that went co-op .
After being tricked by rent stabilization landlords saw co-ops as the light at the end of the tunnel. After the origonal tenant is out the apartment is decontrolled.
With baby boomers retiring and relocating or dying every day now more and more rent stabilized apartments are deregulated.
Eventually the private sector will be mostly done with it.
My focus investing wise was buying out leases in prestigious buildings betting on the fact some baby boomer tenants would sell out their leases to us so we could sell off the co-op apartment.
That is not entirely true. There are plenty of RS units in private hands where the buildings aren't condos or co-ops. You can find them all over Manhattan starting from Soho going up to well beyond Harlem.
Indeed just walk around the UWS and Yorkville and there are plenty of RS apartments in those small and tenement buildings.
Granted many of the units may be owned by the large real estate families/property management corporations, but still.
You are likely to find large numbers of RS apartments were development hasn't run rampant again such as on the UES and Yorkville. Once you cross Third Avenue going towards the East River all those old tenement and apartment buildings are full of RS units, including many of the high rises that were built in the 1970's thus fell under RS laws.
The building we live in is a pure rental so yes there are still some. But the amount of rs apartments is shrinking daily now.
We are in bay terrace in queens. Out of all the buildings you see there are only 2 rental buildings left. Everything you see is co-op.
Same applys in most areas in queens. Other buildings are stabilized rentals and are under programs with time limits.
Yes, as one said the numbers of RS apartments especially those with below market rents is and will continue to shrink.
Tenants die, move, or otherwise vacate and not everyone has a spouse, child, grandchild or other eligible family member who qualifies to succeed the lease. Even when some do fit that bill unless the process is clear without challenges many just don't want to be bothered.
As one stated all over Manhattan and the "hip" parts of Brooklyn (the Heights, Fort Greene, Clinton Hill, etc, down through Windsor Terrace "South Park Slope/Brooklyn) those living in below market RS apartments are either middle aged or elderly. Either way in twenty or so years many will be gone and their apartments will go out of RS and turn market rate if trends hold.
many of the buildings that remain pure rentals are also like ours where we live . little by little apartments are vacated and the rents are getting them either close to or at levels where they are decontrolled.
That is not entirely true. There are plenty of RS units in private hands where the buildings aren't condos or co-ops. You can find them all over Manhattan starting from Soho going up to well beyond Harlem.
Indeed just walk around the UWS and Yorkville and there are plenty of RS apartments in those small and tenement buildings.
Granted many of the units may be owned by the large real estate families/property management corporations, but still.
You are likely to find large numbers of RS apartments were development hasn't run rampant again such as on the UES and Yorkville. Once you cross Third Avenue going towards the East River all those old tenement and apartment buildings are full of RS units, including many of the high rises that were built in the 1970's thus fell under RS laws.
There are also vast areas of the city outside of Manhattan with huge numbers of officially stabilized apartments that mean nothing because the maximum legal stabilized rent is actually higher than the market rent.As a result,the landlords have to write leases with "preferential" ( lower than allowed by stabilization) rents in order to get tenants.I know dozens of people renting across the city with "preferential rents"
Stabilization really doesn't mean much of anything any more compared to a few decades ago.
I do also know one multi millionaire who lives in a controlled apartment in a 4th floor walk up in the West Village.
many of the buildings that remain pure rentals are also like ours where we live . little by little apartments are vacated and the rents are getting them either close to or at levels where they are decontrolled.
Our building is pure rental as well and whenever a "lifer" (long term RS tenant with below market rent) moves out, the place is gutted down to the floor boards if required. Any and everything will be done to renovate the apartment to get it at or near the required $2K or whatever rent that will bring it out of RS. Have seen them renovate the same apartment *twice* in the space of a few years to get that rent up. Yes, am saying entire new kitchens were ripped out and chucked.
The article presents this as some huge problem but if you actually do the math with the numbers it gives, we're talking about less than 2 percent of RS apartments occupied by people making more than 200k.
This is a very minor problem with very minor effects on the market.
45% of rental units are rent stabilized. In "Core Manhattan" (Manhattan below Harlem) the median market rent is $2725, the median rent stabilized rent $1480. Looks like the gap is around 30% in the outer boroughs, for Washington Heights the difference is a factor 2, 86% of rental units are rental stabilized in Washington Heights / Inwood. Rent stabilized tenants are less likely to be white than market rate tenants, unlike some assume.
The income/rent ratio of University Heights/ Fordham residents, market and rent-regulated doesn't make sense. If the numbers are right, either almost all their money goes to rent, they're not reporting their income, or maybe just the income is per household and there are multiple households in the rental unit. Guessing the last one.
I will never understand the concept of being able to pass down your rent stabilized apartment to a close relative, that is, passing down something that you don't own to the next generation. The city council should end this outrage once and for all, but they are totally cowed by the rent control organizations.
They shouldn't be because the only people who truly have rent stabilized bargains are over 65 years old, and live in Manhattan or a small sliver of Brooklyn.
If you're a rent-stabilized tenant in The Bronx, Queens and most of Brooklyn, at bet you are saving a few bucks per month (paying $974.92 when the market rent is $1,000).
Our building is pure rental as well and whenever a "lifer" (long term RS tenant with below market rent) moves out, the place is gutted down to the floor boards if required. Any and everything will be done to renovate the apartment to get it at or near the required $2K or whatever rent that will bring it out of RS. Have seen them renovate the same apartment *twice* in the space of a few years to get that rent up. Yes, am saying entire new kitchens were ripped out and chucked.
That's right. The first new tenant might have been a friend or relative who needed it for a couple of years. So they gut the place and get the rent up from $900 to $1,733 (pass along I think 1/60 of the cost of the renovation, so if they spend $50,000, the rent goes up by $833).
The tenant moves out, they gut it again. Using the same formula they get the legal rent to over $2,500. Once it's over the $2,500 threshold they can raise to whatever they want. If they can get $6,000 they charge $6,000.
The whole thing is ridiculous (but good for the kitchen contractors).
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