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Rent stabilized apartments are what I am gonna be looking for when moving over to NYC because then I would at least have some comfort that if where ever I move to becomes the new "hip" neighborhood, then the landlord can't simply kick me out to see if they can get 3X the rent of the place I am in.
Having rent slowly go up over time doesn't bother me.
But a neighborhood does not become "hip" over night. It takes time..years to transform it that way. So technically if your neighborhood is indeed getting hip, the rents will raise slowly which should not bother you according to what a said.
But a neighborhood does not become "hip" over night. It takes time..years to transform it that way. So technically if your neighborhood is indeed getting hip, the rents will raise slowly which should not bother you according to what a said.
But without stabilizing rents, a landlord (such as yourself) could simply double their rents overnight to try and attract higher paying tenants forcing more people to move from neighborhood to neighborhood.
And yes a neighborhood can become hip overnight, maybe the initial changes take time but I have seen neighborhoods change within a couple of years before.
In theory a landlord can simply double rents overnight, but that only means that his rents were grossly undervalued and should never have been that low in the first place, because rents don't double overnight, ever (unless you found 50 million barrels of oil under your home, or gold deposits of course). So while I understand what you are saying, it is really just a BS argument to maintain a very bad rent stabilization law.
Neighborhoods do not become hip overnight...it may seem like it gets hip in only 2 years, but you don't realize all the development and investment taking place in the prior decade to get to that point because the media/realtors are busy humping the already established "hot" neighborhoods. The Southern Bronx, IMO, is just such a neighborhood....nobody is talking about what is happening, and if they do they are simply dismissing it/ignoring it...nobody cares about the development occuring..that is until the neighborhood seemingly becomes "hip overnight".
The reason why rents are so high is because after the 70's and 80's stuff like "Seinfeld" and "Friends" and "Sex and the City" starting coming on tv and kids from middle America all decided they wanted to move to New York and live this lifestyle (that doesn't even really exist, by the way) that they saw on tv and in romantic comedy movies.
Once they were sure that the city was now officially safe, as it was being portrayed in pop culture as being full of well-to-do young white people, they all flocked out of college and into every loft and studio in the city, more than happy to pay high amounts of rent that New Yorkers previously wouldn't have even touched.
I'm not saying there's anything wrong with gentrification, we'd all rather live in better and safer places...but that's pretty much the way it went down in my opinion.
But without stabilizing rents, a landlord (such as yourself) could simply double their rents overnight to try and attract higher paying tenants forcing more people to move from neighborhood to neighborhood.
And yes a neighborhood can become hip overnight, maybe the initial changes take time but I have seen neighborhoods change within a couple of years before.
Ok so let me see if I have this correct. My 1 bedrooms in the Bronx goes for $1,000. So you're say that if I wanted to, I can charge $3,000 for the apartment and someone is willing to pay for it?
Ok so let me see if I have this correct. My 1 bedrooms in the Bronx goes for $1,000. So you're say that if I wanted to, I can charge $3,000 for the apartment and someone is willing to pay for it?
Very much so, but you would need to be close enough to a fairly hip neighborhood. And $3K might be too much, but $2400 would be a realistic jump.
Take Prospect Heights, it is now an expensive neighborhood, and hunting for apartments I have found overpriced apartments deep in Crown Heights that pretends to say that it lies in Prospect Heights. So yes, it does happen where landlords try and rent their apartments at an overpriced rate based off of being near a hip neighborhood.
But from my understanding on what you have said so far, you own a rent stabilized building, which I am not sure if the units were that when you bought the building or not, but you have said many times before that you would gladly raise your rents if the city let you, so I guess you even agree with my statement based on your past comments.
Very much so, but you would need to be close enough to a fairly hip neighborhood. And $3K might be too much, but $2400 would be a realistic jump.
Take Prospect Heights, it is now an expensive neighborhood, and hunting for apartments I have found overpriced apartments deep in Crown Heights that pretends to say that it lies in Prospect Heights. So yes, it does happen where landlords try and rent their apartments at an overpriced rate based off of being near a hip neighborhood.
But from my understanding on what you have said so far, you own a rent stabilized building, which I am not sure if the units were that when you bought the building or not, but you have said many times before that you would gladly raise your rents if the city let you, so I guess you even agree with my statement based on your past comments.
Don't bring up Prospect Heights. I could care less. My example was the Bronx where my building is at. I have a mixture of rent stabilized apartments and deregulated apartments. Hmmmm so you think I can't get 3K in rent but more like $2,400 for a 1 bedroom apartment? Interesting. Well I'll tell you this much, don't quit your day job cause you know jack about real estate for you to say such an uneducated reply. There is no way in hell I can get $2,400 for a 1 bedroom. Not even my deregulated 3 bedroom apartments go for that amount. Goes to show how much you know. Zero. I wish the numbers you are quoting were true, but they're not. Would I like to make more money...hell yeah, who doesn't? But you don't do it by over pricing your apartments. I don't create the rent prices, the market does. For my deregulated apartments I have the free will to charge whatever I want, doesn't mean I'm going to unless I like having alot of vacant apartments and losing money.
Like every place else, it's supply and demand.
But UNLIKE every place else, supply in NY is artificially constricted by the price control system called "rent stabilization". In effect, about half the rental apartments are kept off the market because low-rent stabilized tenants sit on them for decades, if not life, or even after death! (They pass it on as an inheritance).
So the market rent tenants are paying for the privileged tenants.
That's what I've been saying. However, NYC is not alone in this; almost every major city has some form of rent stabilisation. It's pretty bad in San Francisco and DC, particularly in the former as development is so heavily restricted that supply is being even more restricted.
Don't bring up Prospect Heights. I could care less. My example was the Bronx where my building is at. I have a mixture of rent stabilized apartments and deregulated apartments. Hmmmm so you think I can't get 3K in rent but more like $2,400 for a 1 bedroom apartment? Interesting. Well I'll tell you this much, don't quit your day job cause you know jack about real estate for you to say such an uneducated reply. There is no way in hell I can get $2,400 for a 1 bedroom. Not even my deregulated 3 bedroom apartments go for that amount. Goes to show how much you know. Zero. I wish the numbers you are quoting were true, but they're not. Would I like to make more money...hell yeah, who doesn't? But you don't do it by over pricing your apartments. I don't create the rent prices, the market does. For my deregulated apartments I have the free will to charge whatever I want, doesn't mean I'm going to unless I like having alot of vacant apartments and losing money.
I don't know much about the Bronx so I can only comment on what I know, which is Brooklyn. It is weird that you say I don't know anything about real estate when it is you that sounds like you made a bad investment. So you don't like rent stabilized apartments cause you want to raise your rents but you couldn't get anything more for them if you did....unless you are trying to tell me that if there wasn't rent stabilized apartments you could lower your rent. Then I would say I agree with you except that it would be a bad move on your part cause you would make much less money.
Maybe you should sell your building for a building in Crown Heights so you can say it is in Prospect Heights and charge $2400 for the unit instead of $1200.
Also, which area we area talking about isn't that important unless you want to talk specifically about a single neighborhood, then in that case you need to be less vague about that because i have no clue where your building g is because the Bronx is pretty big.
That's what I've been saying. However, NYC is not alone in this; almost every major city has some form of rent stabilisation. It's pretty bad in San Francisco and DC, particularly in the former as development is so heavily restricted that supply is being even more restricted.
That is true with San Francisco, but then again that is to be expected problem in a city that is roughly 49sq mi big.
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