rent stabilized apartments - income requirements (how much, employment, tenants)

[slim4]

hi there
i'm wondering if anyone can point me towards some information on income requirements for rent stabilized apartments in nyc/brooklyn. i know you need to have an income under a certain amount to qualify but that's not my concern. i'm wondering if there are requirments for the minimum income to get a lease in a stabilized apartment. does the same 40-50 time the monthly rent equation that lots of landlords use apply to stabilized apartments? is it impossible to get a stabilized apartment if you make less?

i'd appreciate any help!
thanks much

[jeffcon0]

The same 40 - 50x monthly rent applies. That's pretty much a universal rule in the city. Often landlords will give you some wiggle room if you put more money down up front. When I started in my current place I was just under 40x and had no employment history in NYC (another important factor for them -- they want to know you have stable income). I was able to get the place by putting down 5 months up front. First and second month rent, 2 months security deposit, and last month's rent.

It's doable if you don't meet the standard income requirements but expect to have to make some sort of concession such as multiple months rent.

To answer you question more directly: There is no law about how much you have to make to get an apartment -- stabilized or not -- it is at the landlord's discretion and some are more lenient than others. If you are looking in Manhattan it is usually VERY firm. In the outer boroughs you will have a better chance.

EDIT: If you don't meet the criteria you have the option of a guarantor who can co-sign with you if hey make 80-100x the monthly rent.

[Carbro]

Originally Posted by slim4

i'm wondering if anyone can point me towards some information on income requirements for rent stabilized apartments in nyc/brooklyn. i know you need to have an income under a certain amount to qualify . . .

There is no maximum income level to qualify for a stabilized apartment. In fact, one of the arguments for deregulation is the (outrageously exaggerated) assertion that a huge number of stabilized apartments are occupied by gazillionaires. Like Ronald Reagan's welfare queens and their new Cadillacs, there may be a handful, but they do not represent a statistically significant slice of the people who benefit, and they are no reason for disbanding a system that has protected people who need protection.

Whoops! This post did not start to be a mini-rant. Sorry.

[drkman]

I think that if you live in a rent stablized apartment and your income exceeds 170K then the apartment can be deregulated. How the Landlord would know that you make over 170K is something different.

[Carbro]

Yes. If you have been a tenant in an apartment whose rent has passed the $2,000 threshold, and if your income is above a certain level (which may be $170k, but it's worth checking), then the apartment is no longer rent stabilized. If I recall, seniors are exempt. However, if your landlord especially values you as a tenant, there's nothing requiring her/him to raise the rent beyond your ability to pay.

But this does not apply to new tenants, as they are moving into an apartment that is either stabilized or not. Of course, the higher the rent, the shorter the time you'll have the protections of stabilization. It takes longer for a $900 apartment to reach $2000 than it does an $1,800 apartment.

At the point when the stabilized rent reaches $2,000, the tenant must present proof of income (such as w 1040) if s/he wants to stay there under stabilization.

[nycity1]

is there any kind of constraint for renting a "rent stabilized apt" ... in terms of maximum salary or any other criteria? would really appreciate help on this ...

[nycity1]

hey .. just wanted to confirm if there is max sal level here...i.e if you make more than a certain level ,you cannot rent a rent stabilized apt?

[drkman]

No, if you can find a rent stabilized apartrment there are no salary restrictions. Restrictions start to come in once the apartment is renting for over 2,000 per month. At that point, if you make over 175,000 (I think) in 2 consecutive years the apartment can be deregulated while you are living in it.