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Old 03-18-2010, 11:33 PM
 
Location: Washington, DC & New York
10,761 posts, read 25,630,486 times
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This thread is wandering off-topic. The topic is not rent stabilization and its effect on communities in NYC; rather, it's rent stabilization referencing a buyout. Please confine remarks to the topic at hand. Off-topic posts will be removed. Thank you.
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Old 03-19-2010, 04:51 AM
 
65,091 posts, read 66,603,384 times
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i agree.... the rent stabilization debate grows old quickly its been battered to death here many times... both sides will argue it forever.... tell me which side you want me to take, i can argue for or against it just as easily and im a landlord, i can profit from it eitherway , so lets keep the subject focused...
 
Old 03-21-2010, 11:50 AM
 
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Quote:
Originally Posted by Lovegasoline View Post
the RGB (rent guideline board) which governs the annual rent regulated lease increases, the past year issued the highest percentage increase in recent memory. Let us also recall that there was also recently an introduction of a RGB 'poor tax', which penalized regulated tenants with low rent who had lived in their apartments for over 6 (?) years and forced them to pay higher than standard lease increases...and which went beyond the charter and authority of the RBG (it was challenged in a lawsuit and the RGB lost: they have no authority to impose such arbitrary higher rates). So while NYC market rate apartments are falling in value, the RGB board adds record rent increases not justified by a correspondent market rate or owner operation expenses. Smells like corruption to me.
This is something VERY important that I've just discovered that must be exposed and is worth noting and PROVES that the corruption really lies within the RENT STABILIZATION TENANT ASSOCIATION. After I make my point I will leave the RS topic alone on this thread and stay on topic about buyouts.

Well it turns out that good ol' Judge Goodman, the housing Judge who ruled that it was illegal for the RBG to imply a minimum dollar amount increase on tenants living in their apartments for 6 years or more (only effects tenants who pay below $1,000 in rent) apparently published "The Tenants Survival Book" in 1972, which evolved from her work as a tenants rights advocate. THINGS THAT MAKE YOU GO HMMMM????

Can you say conflict of interest and hidden agenda?

I'm actually surprised that she was allowed to hear this case because of the obvious conflict of interest. It will most likely be overturned by a higher court. But this goes to prove the dirty ways these liberal tenant advocates operate in order to push their agenda.

P.S. The minimum dollar rent increase was put into place so long time tenants can catch up to reasonable rent rates for this day and age. You have long time tenants paying $500, $600, $700 for a 3 bedroom apartment which is unjustifiable with all the increases in operating cost imposes on landlords.

Using percentage rates which normally range from 3%-6% to calculate a rent increase on a $600 rent is NOTHING of an increase (peanuts) and is unfair to landlords who have these high expense bills to pay.
 
Old 03-21-2010, 02:25 PM
 
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yep like i said the housing courts are soooo pro tenant its disgusting
 
Old 03-22-2010, 07:41 AM
 
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Mathjak...since you've done buyouts before, in your opinion do you think it's worth buying out a long time rent stabilized tenant who lives by himself in a 3 bedroom apartment and pays only $750 a month to then turn around, gut renovate the apartment and charge the fair market rent for my area (Bronx) which is $1,700 a month?

I know when you normally buyout a RS tenant its to then sell the apt. as a co-op but in my case it will still be RS just a higher rent stabilized rent once the renovations are done.
 
Old 03-22-2010, 09:39 AM
 
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I myself wouldnt buy out a lease only to keep it a rental......
 
Old 03-22-2010, 10:07 AM
 
1,016 posts, read 1,434,847 times
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can you sublet it or have a family or close friend rent it...I had a rent controlled apt and my landlord wanted me out so he could UP the rent and i asked him for 6 figures and he gave me 75k to move and I was very happy with that. I was paying 800 for a penthouse and it now rents for about 3.5k
 
Old 03-22-2010, 10:13 AM
 
1,263 posts, read 2,070,318 times
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Quote:
Originally Posted by victorfox View Post
Mathjak...since you've done buyouts before, in your opinion do you think it's worth buying out a long time rent stabilized tenant who lives by himself in a 3 bedroom apartment and pays only $750 a month to then turn around, gut renovate the apartment and charge the fair market rent for my area (Bronx) which is $1,700 a month?

I know when you normally buyout a RS tenant its to then sell the apt. as a co-op but in my case it will still be RS just a higher rent stabilized rent once the renovations are done.
Quote:
Originally Posted by mathjak107 View Post
I myself wouldnt buy out a lease only to keep it a rental......
I think it depends on the buyout price. Consider this:
I have a tenant who pays 40% below market. The $ amount difference is about $600.
But it's worse than that. He's chronically delinquent on the rent. I've had him in court four times. He arrives in court every time with a list of three or four "violations", like a non-working electric outlet, a loose tile in the bathroom, etc. He uses it as a counter-claim. If there are no violations he creates them. Last time he cracked a window pane. So in addition to the loss I'm taking on the apartment because of the low rent, it has cost me a couple of thousand in legal fees plus my time in dealing with this tenant. I've given up on taking him to court because there's no way I can get him out and he'll just do damage to create violations to use in court. He always owes several months rent - right now 3. It's like an indefinite interest free loan.

I would love to buy this tenant out but there's nowhere he can go to get anywhere near the same rent in as desireable a neighborhood. So the price he demands may be very high. But how high is too high?
 
Old 03-22-2010, 10:26 AM
 
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That is far out wrong..that he is allowed to get away with that.. and I assume he is Rent Stab?
 
Old 03-22-2010, 11:32 AM
 
1,263 posts, read 2,070,318 times
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Quote:
Originally Posted by mathjak107 View Post
yep like i said the housing courts are soooo pro tenant its disgusting
From the extremely biased language that judge Goodman used in her decision it was obvious she had strong pro-stabilization leanings but I never suspected she was actually a pro-regulation lobbyist! How could the State allow someone like that to rule on regulation case law???

Quote:
Originally Posted by Chichappens View Post
That is far out wrong..that he is allowed to get away with that.. and I assume he is Rent Stab?
Yes it is rent stab. That's precisely why this tenant can get away with it. If I take him to court 100 times it won't get me anywhere. I'll still be stuck with him.

Getting back to buyouts -
In order to understand how we got to the crazy concept of buyouts, we should understand how tenants gained this power and what would motivate an owner to buy back his own property.

Rent stabilization gives tenants "rights" not for moral reasons, not for the good of society, not for the good of the city, and not for the good of the housing market. In fact, this system has had a disastrous effect on housing, the city, and tax payers.
These "rights" are artificial ones imposed by POLITICIANS for political reasons.

In effect, property rights HAVE been transferred to these tenants.
An owner has no right to remove these people from his property. They have the right to stay for life, and sometimes the owner dies before seeing his apartment back within his possession. They are nothing more than legal squatters.
And where else in the world is one party FORCED to enter into a business contract which causes him a financial loss? It's called a rent-stabilzed lease.
What does this transfer of propery rights lead to? The absolutely ridiculous situation of an owner "buying" his own property!! Incredible.

99% of the people in the US would be shocked at what goes on in NY.

Last edited by lamontnow; 03-22-2010 at 11:49 AM..
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