NY Times Article (leases, landlord, estate)

[Wevi]

Did anyone see the article the other day about rents coming down in the city? For instance, $1500 one bedrooms. What do you think? Thanks!

[Spac3d]

Is this the article? http://www.nytimes.com/2009/05/10/re...sq=rent&st=cse

[Wevi]

Originally Posted by Spac3d

Is this the article? http://www.nytimes.com/2009/05/10/re...sq=rent&st=cse

Yes, that's it!

[omigawd]

$1500 for a 1BR in a decent part of Manhattan? Please let me know and I will be there with bells on!

[anders]

It helps if the places are rent-stabilized. Otherwise, as soon as the economy picks up, the rents can go through the ceiling and-or leases can be nonrenewed, at landlord's whim.

Of course, that's not an issue if you're already in a market-rate (non-stabilized) place, think it's well worth the risk, are in NYC short term, or aren't $-limited.