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^^^
Wow what a mess that greedy LL got himself into. You do have a point Bugsypal: if I was the guy that was awarded that money.
I would buy a home.
Actually there is nothing stopping the guy from keeping his CPW apartment as his place "in town" and owning property elsewhere. Plenty of RS tenants have second or even third homes. The only thing which matters is where you have a permanent residence. It must be the RS apartment or LL can begin proceedings... However the number of such cases brought to the courts has dwindled in past years. They cost much to bring and as we know NY courts are pro-tenant; so odds are LL will lose in a majority of cases.
More NYC rent stabilization madness. The guy gets a 1500 square foot Upper West Side apartment for less than $800 per month, rent stabilized going forward. He also receives a lump sum of $876,619.10.
Why buy a home when the government is forcing the owner of the home to rent the unit for below it's value to another person?
And who's fault is that, Not the governments that crook LL needs to pay for scamming the system. And yes if I were that man.
I would buy a home and still keep the unit for ever. Just to remind that crook of what he did " SO STOP HATING."
Why buy a home when the government is forcing the owner of the home to rent the unit for below it's value to another person?
Why not?
Plenty of wealthy Manhattan persons have a "place in the country". Now this guy has over $800K to spend on a home elsewhere *and* keeps a well below market CPW rental.
Seriously the guy was paying >$3k per month and now is only paying much, much, much less. We're talking well over 2.5k per month savings IIRC. With today's low mortgage rates that soon may be going away you'd be a fool not to purchase something now. He can build assets/wealth, rent it out, plan for retirement, etc.... Remember this apartment isn't even subject to luxury vacancy control because the LL screwed up. Tenant could rent out a property he owned for enough to cover some or all mortgage payments, have money left over to pay his rent and still not worry about anything.
Plenty of wealthy Manhattan persons have a "place in the country". Now this guy has over $800K to spend on a home elsewhere *and* keeps a well below market CPW rental.
Seriously the guy was paying >$3k per month and now is only paying much, much, much less. We're talking well over 2.5k per month savings IIRC. With today's low mortgage rates that soon may be going away you'd be a fool not to purchase something now. He can build assets/wealth, rent it out, plan for retirement, etc.... Remember this apartment isn't even subject to luxury vacancy control because the LL screwed up. Tenant could rent out a property he owned for enough to cover some or all mortgage payments, have money left over to pay his rent and still not worry about anything.
Plenty of wealthy Manhattan persons have a "place in the country". Now this guy has over $800K to spend on a home elsewhere *and* keeps a well below market CPW rental.
Seriously the guy was paying >$3k per month and now is only paying much, much, much less. We're talking well over 2.5k per month savings IIRC. With today's low mortgage rates that soon may be going away you'd be a fool not to purchase something now. He can build assets/wealth, rent it out, plan for retirement, etc.... Remember this apartment isn't even subject to luxury vacancy control because the LL screwed up. Tenant could rent out a property he owned for enough to cover some or all mortgage payments, have money left over to pay his rent and still not worry about anything.
Schweet deal.
So your suggestion is that a person who is renting "a greedy landlord's apartment" at below market rate, go out and buy a place to rent out?
Given the housing shortage in NYC, wouldn't it make PERFECT sense, that those who own adequate housing are ineligible for having subsidized rentals?
Why buy a home when the government is forcing the owner of the home to rent the unit for below it's value to another person?
Quote:
Originally Posted by WithDisp
So your suggestion is that a person who is renting "a greedy landlord's apartment" at below market rate, go out and buy a place to rent out?
Given the housing shortage in NYC, wouldn't it make PERFECT sense, that those who own adequate housing are ineligible for having subsidized rentals?
Again, do some homework.
Plenty of RS tenants own property else where. Summer homes on Long Island, New Jersey, the Catskills, etc.. to yes, rental properties. Just read up on the matter as it has been covered in various NYC news outlets frequently enough. One LL has a RS tenant who owns a few NYC condos he rents out. He cannot be evicted from his RS apartment because time and time again housing court and via appeals decisions have stated that *nothing* in the RS code prevents persons from owning other property. As one stated previously all that matters is where one has primary residence. Long as it is the RS apartment that is that.
The only ways to get someone out of a RS apartment are if they are in substantial violation of their lease, non-primary residence, and luxury vacancy decontrol.
Walk around The Village, West Village, UES, Chelsea, UWS, etc... on any Thursday or Friday evening and you'll see plenty of singles and or families both straight and gay heading to "the country" who live in RS apartments.
Plenty of RS tenants own property else where. Summer homes on Long Island, New Jersey, the Catskills, etc.. to yes, rental properties. Just read up on the matter as it has been covered in various NYC news outlets frequently enough. One LL has a RS tenant who owns a few NYC condos he rents out. He cannot be evicted from his RS apartment because time and time again housing court and via appeals decisions have stated that *nothing* in the RS code prevents persons from owning other property. As one stated previously all that matters is where one has primary residence. Long as it is the RS apartment that is that.
The only ways to get someone out of a RS apartment are if they are in substantial violation of their lease, non-primary residence, and luxury vacancy decontrol.
Walk around The Village, West Village, UES, Chelsea, UWS, etc... on any Thursday or Friday evening and you'll see plenty of singles and or families both straight and gay heading to "the country" who live in RS apartments.
What homework, what on Earth are you talking about?
You're basically backing up exactly what I'm poking a hole at.
It's okay for one group of people to screw another (Tenants taking a landlords property), but not vice versa (landlords taking a tenant's money).
I'm well familiar with the laws. They're ridiculous.
Petty litigious matters will not solve the housing issues in NYC.
Plenty of RS tenants own property else where. Summer homes on Long Island, New Jersey, the Catskills, etc.. to yes, rental properties. Just read up on the matter as it has been covered in various NYC news outlets frequently enough. One LL has a RS tenant who owns a few NYC condos he rents out. He cannot be evicted from his RS apartment because time and time again housing court and via appeals decisions have stated that *nothing* in the RS code prevents persons from owning other property. As one stated previously all that matters is where one has primary residence. Long as it is the RS apartment that is that.
The only ways to get someone out of a RS apartment are if they are in substantial violation of their lease, non-primary residence, and luxury vacancy decontrol.
Walk around The Village, West Village, UES, Chelsea, UWS, etc... on any Thursday or Friday evening and you'll see plenty of singles and or families both straight and gay heading to "the country" who live in RS apartments.
Thanks for sharing, BugsyPal: you really know how to do the homework, I Appreciate you.
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