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Old 02-03-2010, 01:00 PM
 
53 posts, read 126,771 times
Reputation: 24
Quote:
Originally Posted by mathjak107 View Post
at the typical increase of 300-500 a month how many years would a landlord have to wait just to break even on 30,000 bucks
No one is putting a gun to the landlord's head. This landlord clearly already offered remington 25K.. Why? I don't know - Maybe he can convert an adjacent 1 bedroom to a 2 bedroom and charge more than 500 extra a month.

Maybe the landlord wants to sell the building tomorrow and pocket the additional 50K - 100K valuation - or maybe increase his loan so he can expand further..

We're just witnessing the flipside to what may have been viewed as virtuous 50 or 60 years ago... people should have thought about the unintended consequences back then...

 
Old 02-03-2010, 01:00 PM
 
Location: Confines of the 100 Precinct
9,695 posts, read 16,913,513 times
Reputation: 3413
are we really sure that if we end rent stabilization that prices will get better? because didnt boston end rent stabilization in '99? i looked up roxbury, one of boston's more notorious neighborhoods, and the prices there didnt look particulary affordable to me. when i did put in an affordable price (i put in studios for 800), the ones that were available didnt look appealing. pretty much what i would expect to find in nyc for that price, a city that has rent stabilization, so am i missing something here?

mind you, i looked on craigslist, but i needed some type of starting point as i am unfamiliar with popular boston realty companies.
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Old 02-03-2010, 01:03 PM
 
Location: Beautiful Pelham Parkway,The Bronx
6,372 posts, read 10,321,718 times
Reputation: 3921
Quote:
Originally Posted by MovingCouple View Post
Getting rid of you will substantially increase the valuation of the landlord's building - much more than 25K.
...
I'm curious how getting rid of a stabilized tenant who pays $800.00/mo would increase the value of the building by much at all.The tenant may be gone but the apartment stays stabilized.The rent can go up but not by much and it will still be a stabilized apartment.All of these steps are a matter of public record(control) and if the landlord tried to double the rent or something like that the next tenant could take him to court(even after signing a lease) after the fact and get the rent rolled back to the legal"stabilized" amount and get the overpayment back from the landlord.It happens every day.
 
Old 02-03-2010, 01:10 PM
 
27,368 posts, read 22,807,000 times
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Unless im selling the apartments off its not worth it to buy out a tenant just for the increase.

we will never be able to answer thew question about would rents come down if it wasnt for stabilization but one thing is for sure. the selection of apartments would be much nicer for the rest of us. .

nyc hasnt had a rental built since the 70's that wasnt luxury or low income..
 
Old 02-03-2010, 01:12 PM
 
6,643 posts, read 10,751,081 times
Reputation: 3798
Quote:
Originally Posted by mathjak107 View Post
You could argue its not the same thing being layed off as you worked all those years and earned that severance package as part of your employment whether you were going to leave or not.... any benefit a job is willing to reward you with is something you are entitled to.
I think what I presented is a very similar moral issue as the one we are discussing. A serverance package is generally awarded when an employee is terminated against their will. In the situation I presented, the person has already decided to give notice -- leaving by choice-- and they are presented with $30K by the employer who is offering it because they believe they are forcing the employee to leave against their will.

It's ok if you don't agree that the situation I presented is very similar to the moral predicament people on this board think the OP is in. I think it is, and I was just trying to get people to look at this in a different light.
 
Old 02-03-2010, 01:13 PM
 
6,643 posts, read 10,751,081 times
Reputation: 3798
Quote:
Originally Posted by bluedog2 View Post
I'm curious how getting rid of a stabilized tenant who pays $800.00/mo would increase the value of the building by much at all.The tenant may be gone but the apartment stays stabilized.The rent can go up but not by much and it will still be a stabilized apartment.All of these steps are a matter of public record(control) and if the landlord tried to double the rent or something like that the next tenant could take him to court(even after signing a lease) after the fact and get the rent rolled back to the legal"stabilized" amount and get the overpayment back from the landlord.It happens every day.
The can renovate the heck out of it and charge for all those improvements, plus an additional 18 to 20% for a new tenancy.
 
Old 02-03-2010, 01:19 PM
 
Location: Beautiful Pelham Parkway,The Bronx
6,372 posts, read 10,321,718 times
Reputation: 3921
Quote:
Originally Posted by SeventhFloor View Post
are we really sure that if we end rent stabilization that prices will get better? because didnt boston end rent stabilization in '99? i looked up roxbury, one of boston's more notorious neighborhoods, and the prices there didnt look particulary affordable to me. when i did put in an affordable price (i put in studios for 800), the ones that were available didnt look appealing. pretty much what i would expect to find in nyc for that price, a city that has rent stabilization, so am i missing something here?

mind you, i looked on craigslist, but i needed some type of starting point as i am unfamiliar with popular boston realty companies.
I was born in Boston and grew up there.When rent controls went out the rents skyrocketed and never came back down.Boston now has the 2nd or 3rd highest rents of any city in the country.The end of rent controls did nothing to lower rents at all....it had the opposite effect.
In some ways the rents in Boston seem even worse than NY now because there are no really affordable neighborhoods left.At least here in NY if you are willing to spend the time searching and investigating you can find relatively affordable buildings and neighborhoods in Brooklyn,Queens and The Bronx.The rents average higher in NY only because the Manhattan rents tend to skew the numbers higher.The lack of affordable housing is actually much worse in Boston.
So in Boston the people in the highest priced rentals pay less than they would for something comparable in NY but the people in the middle and lower range tend to pay more than they would in NY.There is no way that I could buy or rent an apartment as big and nice as mine in as nice a building as mine in Boston.In Boston,I would be in a total crap hole in the absolute worst neighborhood in the city where I would be quite a distance from a subway.

Last edited by bluedog2; 02-03-2010 at 01:54 PM..
 
Old 02-03-2010, 01:26 PM
 
27,368 posts, read 22,807,000 times
Reputation: 14346
Quote:
Originally Posted by Henna View Post
The can renovate the heck out of it and charge for all those improvements, plus an additional 18 to 20% for a new tenancy.
The capital improvement increases are very complex to figure.. its not just make improvements and raise the rent. it can take decades to recover your money as there are formulas for how much you can increase an existing tenant for improvements regardless of what you spent.
 
Old 02-03-2010, 01:31 PM
 
Location: Beautiful Pelham Parkway,The Bronx
6,372 posts, read 10,321,718 times
Reputation: 3921
Quote:
Originally Posted by Henna View Post
The can renovate the heck out of it and charge for all those improvements, plus an additional 18 to 20% for a new tenancy.
That's true but they can only get back a certain percentage of their improvement costs and it gets amortized over a long term.It doesn't raise the rent that much...at least not legally and not enough to substantially increase the value of the whole building.My guess is that even with renovating and adding 20% for a new tenant the rent might legally go from 800 to 1,200 tops and it would still be a stabilized apartment.
As far as I can see the only really good reason to buy a tenant out would be if the rent was in range of being jacked up enough to be destabilized or if the building was/is co oped or condo'd under a non eviction plan and the apartment could then be sold.
I have known a lot of people over the years who have signed leases on apartments and found out afterwards that the rent was illegal and successfully sued the landlord for rent reductions and rebates.It's quite common.Always check with the city to see what the legal rent is on a stabilized apartment.Many(most?) people never do this.

Last edited by bluedog2; 02-03-2010 at 01:39 PM..
 
Old 02-03-2010, 01:38 PM
 
27,368 posts, read 22,807,000 times
Reputation: 14346
if a tenant is existing then its not just getting the rent over 2,000 a month but there is an income requirement too
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