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Look at the percentage of rent stabilized apartments. In 30 years, they declined from 61% to 47%. As boomers either die or retire what do you think happens to these apartments when they are no longer in them? De Blasio could have passed an 0% rent increase, that still would not stop the big drop in rent regulated units. He's appeasing his base, but not saving rent regulated apartments.
You left out the many RS units where tenants took buyouts essentially ending RS for a building or apartment for their own personal gain.
Walking around the UES the other night to get to a party saw what looks like another building (243 and 253 East 78th) have been cleared out of tenants both rental (above) and commercial (ground floor). Given its age those apartments were certainly RS if not some RC.
Interesting, I didn't know about the formula. So basically any landlord with half a brain who takes the time to properly maintain his building and file the right paperwork can get an annual 7.5% increase on rent controlled tenants. On a compounded basis the apartment will be market rate in no time. Some landlords are just not good business people
you can file hardship on rent stabilized apartments too but if the building was a co-op like most small landlords own today the requirements are different.
the paper work that is required does not exist for most of us . they want paper work history that goes back decades and they know is impoissible to produce . pure rentals have a formula that can be used but not converted co-ops.
i wonder what median income for stabilized apartments is ince you weed out the city's low income apartments , section 8 and all the affordable housing that falls under it with inciome restrictions i bet it is way way higher once the income retricted stuff is removed from the equation. .
Last edited by mathjak107; 03-14-2015 at 02:17 AM..
i wonder what median income for stabilized apartments is ince you weed out the city's low income apartments , section 8 and all the affordable housing that falls under it with inciome restrictions i bet it is way way higher once the income retricted stuff is removed from the equation. .
For sure, if a rent stabilized person lands a job on wall street or madison avenue making 6 figures, they're not just all of a sudden going to drop the cheap apartment. They're going to save more or buy extra drinks at the club
why shouldn't they do that. just because the politicians played games with the rents does not mean the tenant did anything wrong to the point if they are successful financially they have to move.
that would be rediculous thinking since someone could have millions in net worth and still have regular incomes yearly.
rent stabilization never ever was intended to be about someones net worth or income. only time in the apartment is criteria.
Because the law is meant to protect lower income people so they can afford to stay in New York City. When people can afford market rate but take a RS apartment, they're taking it away from someone who really needs it
rent stabilizationn ? you are believing your own bull-sh&t and making up your own fact . it has zero to do with lower income people . never did. if it did there would be net wotrh and income restrictions as well as stabilized rents can be very close to market.
after 35 years our apartment is only about 150 a month less on 220.00 a month rent . what kind of lower income is that geared for ?
you are adding a parameter to it that isn't part of what it is.
in fact the law says even earning more than 200k a year for 2 years does not matter unless your rent is also over 2500 a month .
designed for lower incomes ? ha ha ha ha i think you better learn more about it before commenting.
You have no business sense. Don't quit your teaching job. I'm a take you to school Harlem resident.
Let's break down the meaning of subsidies.
Subsidies = Incentives
If the city gives a subsidy to a developer or landlord, its for a reason. Subsidies are given when the city wants the developer or landlord to do something.
Example: NYC's housing stock is very old. The majority of the buildings are pre-war buildings. So instead of RS landlords neglecting the building, the city will give LL's a J-51 tax abatement for fixing their buildings. The J-51 is an incentive to encourage a behavior. Same goes for all other subsidies.
Why do some landlords rent to Section 8 tenants? Is it because they do it out of their kind hearts? Or is it because the city as an incentive pays TOP DOLLAR for an apartment as an incentive to entice a landlord to rent to Section 8 people.
The same goes for this new LINC program the city is trying to shove down landlord's throats. The LINC program is for homeless and domestic violence people. They keep adjusting the rent price limits higher with an advance payment of 3 months I believe plus broker's fee if a LL is willing to rent to this people.
You Harlem, call that subsidies, but in reality they are incentives.
What you described in your original post in this thread is what Section 8 housing is currently: landlords get market rate and eligible tenants pay about 30% of their income. The only requirement is that the apartment and building have to pass inspection.
rent stabilizationn ? you are believing your own bull-sh&t. it has zero to do with lower income people . never did. if it did there would be net wotrh and income restrictions as well as stabilized rents can be very close to market.
after 35 years our apartment is only about 150 a month less on 2k rent . what kind of lower income is that geared for ?
Don't get confused with the State/City's bullsh**. It's not my law, it's the government telling landlors what to charge, all in the name of keeping people here who can't afford here
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