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SCRIE and so forth come out of Albany, so city just cannot end the program. Also you have to give up reams of paperwork to qualify (1099 from SSA, pay stubs, tax returns, bank information, etc....).
The scheme isn't permanent either. But granted in several year benefit periods which expire, then people have to apply for a renewal which involves more paperwork, income checks, etc...
Overall SCRIE and whatever revert back to city's stupid and backwards property tax system.
Multi-family rental housing is taxed at commercial rates, and that includes RC, RS, voucher, affordable or whatever subsidized housing. SCRIE gives LL's a discount off the top of their property taxes to make up for loss of income (from future RS increases). Again this might not all be necessary if commercial RE wasn't bent over by city and state for income, but they are so it exists.
SCRIE goes right along with discounts for seniors on their RE property tax bills. Again if the system weren't so screwed up that wouldn't be necessary either.
I'd love to see someone run for mayor on an abolish SCRIE platform
Yeah wouldn't get too many votes. Therein lies the problem with entitlement programs - they are effectively permanent. Government dependence is never a good thing, they can't even pretend that SCRIE and DRIE is temporary assistance until someone gets back on their feet because this is basically a guaranteed cash flow from 62 to death
I can’t tell if the original post and title is intentionally misleading or just misinformed. I don’t like Big Bird either, but goodness have we gone off the deep end.
First, you have to live in some kind of subsidized housing in the first place to qualify for SCRIE. Like Mitchell Lama or NYCHA. Then you have to pass the income guideline once you get social security, which is a FIXED income, therefore the idea of a FIXED rent or every old person in the city would be on the street (and then we'd have to listen to all the whining about dirty homeless old people blah blah blah). So if you have a big pension or something that puts you over the FIXED income guideline, you don't qualify for SCRIE anyway.
Then there's the small statistic that you can be planning for yourself for all kinds of stuff BUT 56% of people over 50 are let go from their living wage jobs long before they're ready to retire, so good luck with the pension and savings by the time you hit 62.
OP obviously thinks you can plan for everything, but I can't wait until he comes up against some reality.
First, you have to live in some kind of subsidized housing in the first place to qualify for SCRIE. Like Mitchell Lama or NYCHA. Then you have to pass the income guideline once you get social security, which is a FIXED income, therefore the idea of a FIXED rent or every old person in the city would be on the street (and then we'd have to listen to all the whining about dirty homeless old people blah blah blah). So if you have a big pension or something that puts you over the FIXED income guideline, you don't qualify for SCRIE anyway.
Then there's the small statistic that you can be planning for yourself for all kinds of stuff BUT 56% of people over 50 are let go from their living wage jobs long before they're ready to retire, so good luck with the pension and savings by the time you hit 62.
OP obviously thinks you can plan for everything, but I can't wait until he comes up against some reality.
SCRIE and DRIE only apply for RC, RS, Mitchell-Lama, and buildings under city loft board control. Private market rate landlords, NYCHA, vouchers, etc... aren't eligible.
NYCHA like all public housing adjusts rent based upon income. So there isn't a need for SCRIE type programs. Neither city nor state have power (for now IIRC) to force private landlords (or rather offer) to accept less in rent in exchange for RE tax credits.
Furthermore benefit is portable; that is if SCRIE/DRIE move from one rent regulated or whatever eligible apartment to another, the benefit goes with them. Again long as property in question falls under scheme.
First, you have to live in some kind of subsidized housing in the first place to qualify for SCRIE. Like Mitchell Lama or NYCHA. Then you have to pass the income guideline once you get social security, which is a FIXED income, therefore the idea of a FIXED rent or every old person in the city would be on the street (and then we'd have to listen to all the whining about dirty homeless old people blah blah blah). So if you have a big pension or something that puts you over the FIXED income guideline, you don't qualify for SCRIE anyway.
Then there's the small statistic that you can be planning for yourself for all kinds of stuff BUT 56% of people over 50 are let go from their living wage jobs long before they're ready to retire, so good luck with the pension and savings by the time you hit 62.
OP obviously thinks you can plan for everything, but I can't wait until he comes up against some reality.
Correction; every "busted" old person. There are plenty of seniors or elderly who don't live in rent controlled housing, and or otherwise subsidized who are managing very well.
Problem with NYC in particular Manhattan and parts of Bronx, Queens, and Brooklyn is they are made up of large numbers of renters. NYC's housing market is screwed up due to rent control laws, and as such people who have spent their entire lives as renters under that system have largely been sheltered from RE reality.
Thus they reach middle age, senior or elderly and find themselves "stuck" in rental housing, with low to nil savings and on fixed/limited income. Because rent control only limits increases (which come every year or two), they have few options.
OTOH there are plenty of rent controlled, Mitchell-Lama and even loft tenants who earned and otherwise planned well. They own property elsewhere, have decent savings, investments, and so forth but enjoy living in a (well) below market rate apartment (often in prime areas of city).
We don't see much of this issue on SI outside of a few areas because most out there earn and own their homes. Thus when reaching retirement/senior years they have something to sell that makes up a large part of their retirement portfolio.
When you rent all your life *and* don't plan carefully this is what happens; you end up at mercy of LL's and other forces that cannot always be controlled.
Correction; every "busted" old person. There are plenty of seniors or elderly who don't live in rent controlled housing, and or otherwise subsidized who are managing very well.
Problem with NYC in particular Manhattan and parts of Bronx, Queens, and Brooklyn is they are made up of large numbers of renters. NYC's housing market is screwed up due to rent control laws, and as such people who have spent their entire lives as renters under that system have largely been sheltered from RE reality.
Thus they reach middle age, senior or elderly and find themselves "stuck" in rental housing, with low to nil savings and on fixed/limited income. Because rent control only limits increases (which come every year or two), they have few options.
OTOH there are plenty of rent controlled, Mitchell-Lama and even loft tenants who earned and otherwise planned well. They own property elsewhere, have decent savings, investments, and so forth but enjoy living in a (well) below market rate apartment (often in prime areas of city).
We don't see much of this issue on SI outside of a few areas because most out there earn and own their homes. Thus when reaching retirement/senior years they have something to sell that makes up a large part of their retirement portfolio.
When you rent all your life *and* don't plan carefully this is what happens; you end up at mercy of LL's and other forces that cannot always be controlled.
You tend to forget your history
In the 1940s - 1960s, NYC had no rent problems
In the 1970s, bankrupt
1980s, city was still poor
1990s, gentrification started
People who have been renting for 30+ years never had a chance
From the 1960s - 1990s
Plan carefully my ass
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