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Old 01-30-2009, 11:02 AM
 
Location: Beautiful Pelham Parkway,The Bronx
8,479 posts, read 20,375,883 times
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You are so right again,DAS. There is no way they are ever going to do anything about relaxing or changing the rent laws while we are in this financial mess and everyone has either lost their job or is nervous about losing theirs in the near future.No way...just isn't going to happen.

 
Old 01-30-2009, 11:04 AM
 
294 posts, read 766,189 times
Reputation: 85
Quote:
Originally Posted by bluedog2 View Post
My question is why would anyone buy a building with all these stipulations in the first place if the numbers didn't work?
Mathjak said it correctly. Us landlords were conned, duped, made a victim of political lies promised to us landlords to get us on board.

At one point early in the creation of Rent Stabilization, rent increase DID in fact keep pace with the rise of expense. Everything was all good...no complaints.

As years and decades progressed, rent increases were made smaller and smaller will expense increases kept rising at a steady pace.

Eventually it snow balled into what we have today. Hardship for landlords.
 
Old 01-30-2009, 11:42 AM
 
294 posts, read 766,189 times
Reputation: 85
Quote:
Originally Posted by DAS View Post
You have stated previously that the property is your major source of income. For a lot of people this would be additional income to their job or other business ventures. So they may be pleased with the amount of income generated by the property.
Yes it is my major source of income. This is what puts food on the table. I only get 50K a year salary from this building and my wife gets 40K. Can't afford to give myself or wif a raise with the other expenses the building has.

Does anyone think thats alot of money for a property and business owner of a 50 unit building? I sure don't think so. I've yet to reap the rewards of ownership because of rent stabilization. The cash flow is very minimal.

I should be getting at least 100K and my wife 80K a year for being business owners of a multi-unit complex. But I can't because the city dictates what rents should be. Its totally unfair and me venting in this forum is my way of EXPOSING the true to pro-rent stabilized advocates that not all landlords have a lifestyle that of Trump.
 
Old 01-30-2009, 11:44 AM
 
Location: Boston MA, by way of NYC
2,763 posts, read 6,003,572 times
Reputation: 503
Das - you have schooled me - I really didn't know that there was a difference between rent control and rent stabelized. I thought they were one in the same. It explains a lot now. For me anyway. I believe one of the posters said something about 1900$ for a 3 bedroom? Am I the only one who thinks that is insane? Part of the reason we are paying that is because you have people who are pay 537$ for a 3 bedroom. In a perfect world there would be regulations according to income, but income after your taxes are taken out. What I can afford on my gross is completely different from my net.
 
Old 01-30-2009, 11:55 AM
 
1,263 posts, read 2,112,767 times
Reputation: 509
Chelsa,
You are soooo right! The person paying $537 for a 3-bedroom is a big reason that someone else pays a very high market rent. When will New Yorkers wake up??? It doesn't have to be like this.
 
Old 01-30-2009, 11:57 AM
 
Location: NJ/NY
10,635 posts, read 16,641,705 times
Reputation: 2803
Quote:
Originally Posted by A_Better_Bronx_2morrow View Post
Yes it is my major source of income. This is what puts food on the table. I only get 50K a year salary from this building and my wife gets 40K. Can't afford to give myself or wif a raise with the other expenses the building has.

Does anyone think thats alot of money for a property and business owner of a 50 unit building? I sure don't think so. I've yet to reap the rewards of ownership because of rent stabilization. The cash flow is very minimal.

I should be getting at least 100K and my wife 80K a year for being business owners of a multi-unit complex. But I can't because the city dictates what rents should be. Its totally unfair and me venting in this forum is my way of EXPOSING the true to pro-rent stabilized advocates that not all landlords have a lifestyle that of Trump.
You invested in a business that is bringing in 90k a year. If that is not enough, then you may want to consider cutting your losses and going into another line of work. My husband runs his own business, if the money wasn't there, he'd go into something else. Running a business can take a lot of work with not a lot of profit.
 
Old 01-30-2009, 12:03 PM
 
Location: Boston MA, by way of NYC
2,763 posts, read 6,003,572 times
Reputation: 503
Ooh love - I think that is asking way too much. We have too many bottom line type of people here. I can tell that you are not this type, but I know you know what I mean. Most (not all) Landlords, care only about the money they are getting. The mottow of one hand washes the other is not really recognized here. At least that is my experience. I am only 33 and am a mother of 2, so this statement I know will send shivers up some womens spines, but oh how I would love to be able to stay home with my boys and have only my husband work! That is an impossibility here. Unless of course he is a Partner in a large Law Firm - gone are the days of the working class man, being able to support his family on his income alone.
 
Old 01-30-2009, 12:29 PM
DAS
 
2,532 posts, read 6,001,959 times
Reputation: 1088
Quote:
Originally Posted by Chelsa1075 View Post
Das - you have schooled me - I really didn't know that there was a difference between rent control and rent stabelized. I thought they were one in the same. It explains a lot now. For me anyway. I believe one of the posters said something about 1900$ for a 3 bedroom? Am I the only one who thinks that is insane? Part of the reason we are paying that is because you have people who are pay 537$ for a 3 bedroom. In a perfect world there would be regulations according to income, but income after your taxes are taken out. What I can afford on my gross is completely different from my net.
Yes Chelsa1075 they are not the same. I think that $1900 a month for a family or group of people living together making around the median household income for NYC is insane as well.

But no matter what the landlord's post you are not paying more because someone else pays less.

I don't know why I'm posting this because I know what is coming behind it.

But here goes. From here on I'm referring only to rent stabilized apts unless I state otherwise. Landlords can only go up a certain percentage when the lease ends. They can go up a higher percentage if someone vacates the apt and an even higher percentage if they complete certain renovations when someone vacates. Once the rent gets to $2K they can charge market rate rent what ever and how ever much that is.

The only reason that one person is paying a lower amount than another is that they were there longer.

Only if you are receiving section 8 subsidy will your income be considered in the amount of rent you pay. The landlord only cares about your income in that you can pay what they are charging.

It doesn't matter what anyone else is paying as long as the building is stabilized the landlord cannot go over the percentages.

When the landlord can charge market rates they probably will consider what they need to compensate for the stabilized rents. However I doubt very much that they would lower the rents if everyone were paying more.

Of course they use this to try to build resentment between the tenants and make it uncomfortable for the stabilized and controlled tenants. It usually doesn't work, because people really can't pay more for the most part and they will find ways to deal with it. Sometimes making the market rate tenants more uncomfortable than they were trying to make them. But even that is good for the landlord because when that market rate tenant moves out they'll just charge more.
 
Old 01-30-2009, 01:03 PM
 
294 posts, read 766,189 times
Reputation: 85
Quote:
Originally Posted by newtoli View Post
You invested in a business that is bringing in 90k a year. If that is not enough, then you may want to consider cutting your losses and going into another line of work. My husband runs his own business, if the money wasn't there, he'd go into something else. Running a business can take a lot of work with not a lot of profit.
You've stated before on previous threads that YOU have friends and family in rent stabilized building. And you probably at one point of your life lived and rented a rent stabilized apartment.

Therefore, ANYTHING that comes out of your mouth is going to be BIAS, pro-rent stabilization and anti-landlord. So your words mean absolutely nothing to me and other landlords on this forum as you are in the OUTSIDE looking IN and you have NO clue what you are talking about.Youdon't FULLY understand what landlords go through and how these stupid rent stabilization laws contribute to alot of the housing issues you complain about.

So your solution is SELL. What if I don't want to sell because I invested over 30 years of back breaking work and the money that would be offered for my building in this economy pales in comparison.

You even shot down my very reasonable idea and plan for the city raising taxes to provide the low income RS tenants with subsidises. Thats the fairest thing to do. Anything that will help the landlord you are against but anything to help your rent stabilized buddys and family you are for. Give me a break.
 
Old 01-30-2009, 01:21 PM
 
3,225 posts, read 7,673,563 times
Reputation: 876
Quote:
Originally Posted by A_Better_Bronx_2morrow View Post
You even shot down my very reasonable idea and plan for the city raising taxes to provide the low income RS tenants with subsidises. Thats the fairest thing to do. Anything that will help the landlord you are against but anything to help your rent stabilized buddys and family you are for. Give me a break.
There's always a lot of contention and rhetoric regarding this issue as evident by the annual raucous event in June.

I guess that it's to be expected when one is dealing with issues of finance, livelihood, profits, making ends meet as a tenant or as a a landlord.

There will always be a few culprits on both sides who abuse a system that was designed to do good. There will be a few stabilized tenants with lofty salaries and assets, riding high, frolicking in the sand and beach at their other villas; there'll be landlords never satisfied with the rent they are getting if they can eke out one more penny from another potential tenant instead of collecting rent from the old granny living off of her tiny social security check and struggling to buy food and medicine.

When the smoke clears and the dust settles, one finds that sometimes there really are struggling landlords; and yes, sometimes there really are people who are unable to move elsewhere not only in the city but in any corner of the planet, save maybe Tibet.

In light of all this drama, I would seriously consider a Better Bronx's proposal above as a way for us to address this contentious issue that puts so much at stake for both sides.
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