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Old 12-12-2008, 11:30 AM
 
Location: Nassau, Long Island, NY
16,416 posts, read 27,941,732 times
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Quote:
Originally Posted by mathjak107 View Post
on the surface to most new yorkers it looks like a great idea but the reality is it rewarded the few that have been in them for decades, it created a supply shortage because except for luxury buildings and some low income projects which no one qualifies for except the very poor i know of no rentals build in decades at least from the mid 70's on so we all pay higher rents then we should be.
Do you think if rent stabilization/rent control ended completely that rents would go down since more apartments would be on the market because it would no longer make sense to hoard them? I don't. I think all the rents would just go sky high.

 
Old 12-12-2008, 11:33 AM
 
8,750 posts, read 15,555,711 times
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As you can see with housing prices coming down even in the NYC market (essentially a global market), with the flood of new apts available rents would come down precipitously....so long as we artificially restrict housing for the illogical benefit of some, rents will remain artificially high.....
 
Old 12-12-2008, 12:34 PM
 
64,629 posts, read 66,158,228 times
Reputation: 43060
Quote:
Originally Posted by I_Love_LI_but View Post
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?

We sure do ,its part of the sales expense and we file a 1099 for them
 
Old 11-28-2009, 06:03 PM
 
1 posts, read 2,936 times
Reputation: 12
I have a small 6 family building in queens that is rent stabilized and the building has been vacant, is there any way to destabilized it?
 
Old 11-29-2009, 12:44 AM
 
1,014 posts, read 2,530,994 times
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Quote:
Originally Posted by I_Love_LI_but View Post
Do you think if rent stabilization/rent control ended completely that rents would go down since more apartments would be on the market because it would no longer make sense to hoard them? I don't. I think all the rents would just go sky high.
There are approximately 3.3 million total housing units in NYC.

1 million are owner-occupied; 2 million are rented.
Of the ~2 million rented, 1 million are stabilized, while 750,000 are market and about 300,000 are regulated rentals (200,000 public housing + 100,000 other). *

If a substantial part of that 1 million stabilized units hit the market, rent and housing values would have to go down, at least in the short term.

In the long term, it is possible that they would go "sky high", but that price level would be driven primarily by job growth. Also, "sky high" rent drives people out-the people who live in nyc only because they are waiting for their buyout would be the first to hit the road if stabilization rules were loosened.

* numbers come from the HPD survey: http://www.nyc.gov/html/hpd/download...s-2008-HVS.pdf
 
Old 11-29-2009, 03:49 AM
 
64,629 posts, read 66,158,228 times
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Quote:
Originally Posted by gradstudent77 View Post
There are approximately 3.3 million total housing units in NYC.

1 million are owner-occupied; 2 million are rented.
Of the ~2 million rented, 1 million are stabilized, while 750,000 are market and about 300,000 are regulated rentals (200,000 public housing + 100,000 other). *

If a substantial part of that 1 million stabilized units hit the market, rent and housing values would have to go down, at least in the short term.

In the long term, it is possible that they would go "sky high", but that price level would be driven primarily by job growth. Also, "sky high" rent drives people out-the people who live in nyc only because they are waiting for their buyout would be the first to hit the road if stabilization rules were loosened.

* numbers come from the HPD survey: http://www.nyc.gov/html/hpd/download...s-2008-HVS.pdf
to my knowledge there hasnt been one rental building built in the city limits since the 70's that wasnt low income or luxury. our family ourselves took 39 apartments in a beautiful building over looking central park out of the rental market. we took the building co-op decades ago to escape the rath of stabilization eventually when the origional tenants moved. we are selling them off ....

the funny thing is the only ones who benefit from the stabilization thing are the old time tenants. even if you got a stabilized apartment today and just moved in the rent is pretty much market rate and the increases the last decade are real world increases.

that big rent savings everyone who had apartments in the past experienced is gone... now the increases are real world. in fact while most rents may have stayed the same or dropped rent stabilized rents increased this year and last.

no question we would all benefit from this political joke ending, more rental supply and nice new buildings would have gone up instead of only co-ops and condo's.

Last edited by mathjak107; 11-29-2009 at 03:58 AM..
 
Old 11-29-2009, 08:27 AM
 
64,629 posts, read 66,158,228 times
Reputation: 43060
Quote:
Originally Posted by nycsnake View Post
I have a small 6 family building in queens that is rent stabilized and the building has been vacant, is there any way to destabilized it?
take it co-op and then wait for the origional tenants to move ,die or be bought out.

if rents go above 2,000 and the apartments are empty they can be deregulated like that . or if any tenants have incomes over 175,000 for 2 years in a row and the rent made it over 2,000 bucks that apartment can be deregulated.

you can also claim 1 apartment for yourself or family if you have nothing else avail for them or yourself.


there are other ways but while legal they are far from ethical.
 
Old 11-29-2009, 08:11 PM
 
461 posts, read 1,765,893 times
Reputation: 361
Renovate your apartments to get the legal rent to $2,000 so it can become deregulated.
 
Old 11-30-2009, 09:03 AM
 
Location: Bronx, New York
3,062 posts, read 6,138,131 times
Reputation: 1229
Is the contract/lease up?

If not, then when is it up?

Isn't a contract/lease binding unless both sides agree to terminate the agreement?
 
Old 03-05-2010, 07:14 AM
 
1 posts, read 2,635 times
Reputation: 10
i am in this situation, paying 812 a month and now my post mitchell lama now condo apartment is on the market for 1.3 million dollars. i got into this building by waiting many years and was making about 21,000 per year. i am still not making a huge amount of money, and this apartment is my home. i have been here since 1995. i am aware that the landlord wants me to move out so that he can sell my unit for over a million dollars. i would not move unless i was offered a huge sum of money. of course this is about greed and luck. i understand that. the landlord is wanting to make money off these tenants. they offer them small amounts of money, like 50,000 after taxes (about 30,000) and these tenants are unaware of the taxes they have to pay( unless they do research).many elderly are scammed out of their apartments without any preparation.

if the landlord wants me to move , then i am asking for a huge payment. yes, it's ugly, but it is what it is. that money could be my daughter's college education. my retirement. the truth is, you can't live anywhere with even a 300,000 dollar payout after u pay most in taxes and have to start your life over with a new job and a new enviornment, a move, etc.
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