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Old 12-11-2008, 04:25 PM
 
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a big factor is the structure of the origional posters building. if hes an origional stabilized tenant and the buildings co-op the landlord has a big incentive even if hes not selling the apartment. when that tenant goes the apartment is forever free of all regulation as a rental. if the structure of the building is strictly a rental then even if the landlord gets you to move all he gets is another stabilized tenent and the apartments still bound by regulation... he gets about 20% more rent but certainly not worth paying anything or much to the origional tenant

 
Old 12-11-2008, 05:02 PM
 
Location: Nassau, Long Island, NY
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Default Confused

Quote:
Originally Posted by SobroGuy View Post
Upon lease expiration, for example, is where the game changes and Landlord CAN and often DOES move Tenants out of the units.
This is kind of confusing to me when it comes to rent control/rent stabilization tenants. Do they have leases that last for LIFE or something? Because if what you are saying is true, then I would think any landlord with a brain would have moved all rent control/rent stabilization tenants out upon lease expiration a long time ago.
 
Old 12-11-2008, 05:24 PM
 
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Quote:
Originally Posted by I_Love_LI_but View Post
This is kind of confusing to me when it comes to rent control/rent stabilization tenants. Do they have leases that last for LIFE or something? Because if what you are saying is true, then I would think any landlord with a brain would have moved all rent control/rent stabilization tenants out upon lease expiration a long time ago.
by law they have to renew the lease, so yes they have the leave for life time, or when the apartment rent is higher then 2k, and it becomes free. or when the income of the renter is higher then 160k or something like that.
 
Old 12-12-2008, 01:56 AM
 
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The Rent Regulation Reform Act of 1997 provides two methods to deregulate apartments:

First, an owner can petition the NY State Division of Housing and Community Renewal to deregulate an OCCUPIED apartment, if the rent for the apartment is $2,000 or more and the resident household earned $175,000 or more in two consecutive years (income is based on the federal adjusted gross income as reported on New York State income tax returns). This process requires that various notices be sent to the tenants and that the tenants be given an opportunity to respond. The DHCR must confirm that your income exceeds $175,000 per annum prior to deregulation. One major warning is in order: DO NOT IGNORE DHCR

Second, if an apartment becomes vacant and the owner can (and does) raise the legal rent to $2,000 or more, the apartment is deregulated. For example, if the rent of the last tenant is $1,800, the landlord could claim a vacancy allowance under the Rent Regulation Reform Act of 20%, thereby raising the legal rent to $2,160. Note, however, that the State Division of Housing would consider the unit deregulated at this point so the landlord could actually charge whatever the market will bear (not necessarily the $2,160
 
Old 12-12-2008, 02:00 AM
 
64,548 posts, read 66,100,109 times
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Quote:
Originally Posted by I_Love_LI_but View Post
This is kind of confusing to me when it comes to rent control/rent stabilization tenants. Do they have leases that last for LIFE or something? Because if what you are saying is true, then I would think any landlord with a brain would have moved all rent control/rent stabilization tenants out upon lease expiration a long time ago.
yes the stupid laws actually make your tenant your new family member where merely based on length of time they lived in your apartment you have to not only absorb the difference between fair market value rent and what they pay you plus your stuck with them for life. great system!
 
Old 12-12-2008, 10:20 AM
 
1,263 posts, read 2,064,126 times
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Quote:
Originally Posted by mathjak107 View Post
yes the stupid laws actually make your tenant your new family member where merely based on length of time they lived in your apartment you have to not only absorb the difference between fair market value rent and what they pay you plus your stuck with them for life. great system!
You can be stuck with them beyond their life. If someone moves in with the tenant, and later the tenant dies, then the non-tenant (who the owner never signed a contract with) "inherits" the apartment. In other words, what are considered normal property rights in the rest of the U.S. have been taken away from building owners here. Incredible!

Believe it or not it will get worse. The rent-regulated tenant lobby is pushing thru the state legislature several bills that will shock you. Try to hold on to your hats! (or should I say your property).
 
Old 12-12-2008, 10:44 AM
 
8,750 posts, read 15,552,768 times
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No kidding Lamont....the whole rent regulation situation in NYC has completely ballooned out of control much like Wall Street...and it will only change when we have an equally bad crisis....when you start seeing buildings burning again because owners are bankrupted/unable to operate profitably, when you see NOBODY wanting to purchase anymore because the rents are so out of wack with the prices, and the ensuing tidal wave of large scale foreclosures....only then will the city rewrite the books. Until then, you have alot of deadbeat loudmouths who DEMAND they pay $800 for a 3 bedroom apt and expect A+ service. How long can it last?
 
Old 12-12-2008, 11:15 AM
 
Location: Nassau, Long Island, NY
16,416 posts, read 27,928,273 times
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I know some people who have sweetheart deals on rental apartments in Manhattan and guess what? They OWN homes too. Multiple vacation homes, other homes they rent to tenants of their own, etc.

I think if someone can afford to buy other property, they should not be entitled to keep a rent control/rent stabilization apartment. Yet they do. The law is ridiculous.
 
Old 12-12-2008, 11:17 AM
 
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Thats a the very least I LOVE LI...if I were an owner of a rent stabilized building in the city you can be sure that I would be very aware of who is on the lease, who is living in the apt, and what they own....because the abuse is rampant and flagrant.
 
Old 12-12-2008, 11:18 AM
 
Location: Nassau, Long Island, NY
16,416 posts, read 27,928,273 times
Reputation: 7249
Quote:
Originally Posted by mathjak107 View Post
we have a standing offer to our rent stabilized tenents in a building where we own co-op apartments over looking central park. the lease buyout offer is 50,000 as these apartments can be sold for over 1 million ... its all location location location.... if we werent interested in selling the apartments but re-renting them then the buyout would be a fraction of that offered deal or maybe nothing at all would be offered. depends on the rent we could get... but at this point none of the partners including ourselves (my wife and i) want to be a landlord any more
Curious about your lease buyout offer of $50,000 ... do you report it to the IRS ... that you paid someone $50,000 ... or do you leave it up to the ex-tenant whether or not they will report that income or just keep it tax-free?
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