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Old 09-15-2018, 01:16 PM
 
Location: New York
2,580 posts, read 2,673,510 times
Reputation: 736

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Quote:
Originally Posted by BuildingLover View Post
It's pretty obvious, it's a good deal for someone who wants to own at a reasonable price. It's not the 90s anymore where there are still affordable houses to buy
I get that, but it doesn't feel like ownership if you don't get to accrue real estate increases.
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Old 09-15-2018, 07:22 PM
 
497 posts, read 106,008 times
Reputation: 220
Quote:
Originally Posted by roseba View Post
I get that, but it doesn't feel like ownership if you don't get to accrue real estate increases.
I bet it feels like ownership when a greedy landlord can't perpetually jack up your rent to the point you're forced out.

And it's a socialist program for lower to middle income people to have a place to live, it works by not being about profit.
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Old 09-16-2018, 05:04 AM
 
Location: Midtown
1,307 posts, read 747,036 times
Reputation: 915
Quote:
Originally Posted by roseba View Post
I get that, but it doesn't feel like ownership if you don't get to accrue real estate increases.
That's a feeling many New York residents will never know because they can't afford a six figure down payment on three quarter million condo.
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Old 09-16-2018, 08:59 AM
 
Location: Manhattan
20,144 posts, read 26,425,454 times
Reputation: 9029
Quote:
Originally Posted by BuildingLover View Post
I bet it feels like ownership when a greedy landlord can't perpetually jack up your rent to the point you're forced out.

And it's a socialist program for lower to middle income people to have a place to live, it works by not being about profit.


Exactly, eliminate PROFIT and your maintenance fees go down markedly. Same is true for a rental. Landlords are carting away your money in wheelbarrows while all the while howling HARDSHIP.


Also a 1% government mortgage, and a 90% reduction in real estate taxes means most of your charges can actually go back into the BUILDING adding to QOL.
(We paid $520 in real-estate taxes last year.)
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Old 09-16-2018, 09:04 AM
 
Location: Confines of the 101 Precinct
19,152 posts, read 32,681,385 times
Reputation: 7578
Quote:
Originally Posted by roseba View Post
Yes. An apartment across the street, same size, sold for 17,000 more than I paid for mine. The building across the street is identical to mine, same management company. (We have 4 buildings.)
Ok cool

When you decide to sell, I hope its worth much more than what you paid for it

The thread is about Mitchell-Lama, so I don't really know what else to say to you.
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Old 09-16-2018, 09:05 AM
 
Location: Manhattan
20,144 posts, read 26,425,454 times
Reputation: 9029
Mega Millions jackpot for Tuesday: $252 Million
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Old 09-16-2018, 09:40 AM
 
1,573 posts, read 417,501 times
Reputation: 1053
If i qualified for a Mitchell Lama I would buy one in a heartbeat and it would be a HOME that my son and his wife and kids could visit that I would leave to him and then he can do with it what he wants. Not everything is about how to make a quick buck.
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Old 09-16-2018, 10:09 AM
 
Location: New York
2,580 posts, read 2,673,510 times
Reputation: 736
Quote:
Originally Posted by GoHuskies View Post
That's a feeling many New York residents will never know because they can't afford a six figure down payment on three quarter million condo.
I didnít pay nearly that much. Maybe they should start with a starter place.
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Old 09-16-2018, 10:11 AM
 
Location: New York
2,580 posts, read 2,673,510 times
Reputation: 736
Quote:
Originally Posted by Hannah5555 View Post
If i qualified for a Mitchell Lama I would buy one in a heartbeat and it would be a HOME that my son and his wife and kids could visit that I would leave to him and then he can do with it what he wants. Not everything is about how to make a quick buck.
But if you only get back what you paid rather than market, and you need downsize or otherwise move, arenít you now priced out of your own neighborhood?
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Old 09-16-2018, 10:20 AM
 
Location: Midtown
1,307 posts, read 747,036 times
Reputation: 915
Quote:
Originally Posted by roseba View Post
I didn’t pay nearly that much. Maybe they should start with a starter place.
Those starter places are either going to be piles of garbage and/or located in crime ridden neighborhoods with crap schools.
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