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And lots of them DO own something - like a country house upstate. Why give up your rent-control or rent-stablized apartment in the city when you can have both?
Lots? Not in my experience. Besides, it is illegal to keep a stabilized apartment if it is not your primary residence -- i.e., the address from which you vote, pay taxes and reside for more than half the year. If challenged, you have to be able to prove that it is your primary residence.
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Originally Posted by 12buttons
50's??? shouldn't those people be in their own houses and not renting? what sort of 50 year olds are we talking about? just curious...sounds weird
New York has a high concentration performers, writers, composers, artists -- people whose income tends to be unsteady. They are one reason why it is such an interesting (you may think weird) place to live, and they often are unable to accumulate enough to make the downpayment on a home. We also include people with steady income but hand-to-mouth salaries in not-for-profit jobs.
What kind of fly-over state are you from? I have 70 year old ladies on my floor who are renting. They live in stabilized apartments and probably pay under $500 a month in rent.
This is very common place in the city.
One thing about the rent when you are considered a senior citizen , if you are low income your rent does not increase, as far as what you have to pay. The apartment rent increases but the Department of the Aged pays whatever the difference is so that you pay what you were paying at 65. As long as you apply for the subsidy and get accepted, that is.
Lots? Not in my experience. Besides, it is illegal to keep a stabilized apartment if it is not your primary residence -- i.e., the address from which you vote, pay taxes and reside for more than half the year. If challenged, you have to be able to prove that it is your primary residence.
New York has a high concentration performers, writers, composers, artists -- people whose income tends to be unsteady. They are one reason why it is such an interesting (you may think weird) place to live, and they often are unable to accumulate enough to make the downpayment on a home. We also include people with steady income but hand-to-mouth salaries in not-for-profit jobs.
"Lots" - it's a vague term, isn't it. Let's just say I have known many people who have a rent-stabilized place in the city and own property upstate. My experience only. I suspect that they use the second residence as their "country home" and that they do reside more than half the year in NYC. And none of the people I know who own property upstate have ever been challenged.
Also, just because something is illegal, it doesn't stop people from doing things. It's illegal for rent-stabilized landlords to withhold heat and basic services from their tenants in order to force them out so they can raise the rent for the next tenant. Yet it happens all the time.
I have known many, many rent-stabilizied/rent controlled tenants who own second and third (!!!) homes in rural areas of PA/NY/NJ or the southern US, or in other countries (their country of origin). Many people keep their handed-down super cheap apartment and skirt the system by owning another property or two. They have quite the setup. Their thinking (illegal as it is) is "why not since I can pay rent of $300-400 per month and live in the best location in the best city in the world. Take my other income (from family, off books job, high paying job, whatever) and buy something else for vacation.
The system is not fair, clearly. But hey, people cheat it everyday.
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, if you are low income your rent does not increase, as far as what you have to pay. The apartment rent increases but the Department of the Aged pays whatever the difference is so that you pay what you were paying at 65. As long as you apply for the subsidy and get accepted, that is.
