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no , not true , rent stabilized studio's can run 3200 a month in manhattan . we pay over 2k with a parking spot . don't confuse rent stabilized with rent controlled apartments . they are not the same thing . many rent stabilized are at market rate or just a bit below .
there are loads of stabilized buildings as most are just that . half of all housing is stabilized . unless you choose to live in a private home you will be stabilized for at least a period of time unless it is a luxury rental building .
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there are stabilized studio's for 3500.00 a month to almost 4k a month right now on chrystie st here in nyc.
STUDIOS -UNIT-708-Studio
$3,425/month
they are stabilized because the building falls under the 421a exemption . rents can be over 2700.00 and the building adheres to accepting rent stabilization voted increases in exchange for perks from the city for a certain period of time . today there are all sorts of stabilized programs for incentive purposes for landlords .
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you can search to see stabilization status , here are the results
See a List of Status Definitions Additional Addresses
142577 2016 229 TO 235 CHRYSTIE ST
NEW YORK, NY 10002 NEW YORK
MULTIPLE DWELLING A
421-A
I was in a stabilized alcove studio in a Union Square doorman building where I started paying around 950 and ended at around 1100 after 10 years ending in 2006. It was completely renovated when I moved in. The previous tenant was paying around 580 when they moved out. I also was paying 250 for a parking spot because I lived in the building. Once I got married and had a kid, it was time to head to the suburbs. If I had not married, I would still be living in that apartment.
some tenants may have still have had rent controlled apartments and were priced way low . today there are rarely deals . the apartments generally have enough changes in tenants to be near market .
in fact with all the programs today like 421a and j51 many have been renovated and capital improvement increases applied through the years bringing them close to market .
you may have some origonal tenants still in apartments that are way below market in areas but for the most part the train left the station years ago for getting a good deal because the apartment is stabilized .
my wife has been here 35 years and with all the improvements we are within spitting distance of market , we have a pool and tennis courts as well as private security .
Are you suggesting the guidelines are inflated or unnecessary? I find far too many people don't save enough and an article backed by a financial firm or not really isn't going to change that
These types of articles aren't directed at people who aren't saving for retirement at all, or who are only saving a minuscule amount. They are directed at people who are conscientiously saving and trying to figure out the right balance on how to save for retirement while meeting their needs today.
And yes, I think the financial companies have an interest in getting people to save as much as possible because they benefit from that money being invested in their financial products, and the suggested amounts often seem inflated to me. Of course having more money in retirement is a good thing, and allows for a nicer lifestyle and more options for just about everything in life.
But I see people my age - in their early 50s, who have been diligently saving while not leading extravagant lifestyles, yet they lay awake at night after reading articles like these and think there is no way they can save "enough" money. I think the vast majority of these people will be ok in retirement - perhaps not heading off on world cruises or taking up expensive new hobbies, but that isn't the lifestyle they are leading right now, so it's not like it's going to be some huge adjustment to live a modest yet happy life.
These types of articles aren't directed at people who aren't saving for retirement at all, or who are only saving a minuscule amount. They are directed at people who are conscientiously saving and trying to figure out the right balance on how to save for retirement while meeting their needs today.
And yes, I think the financial companies have an interest in getting people to save as much as possible because they benefit from that money being invested in their financial products, and the suggested amounts often seem inflated to me. Of course having more money in retirement is a good thing, and allows for a nicer lifestyle and more options for just about everything in life.
But I see people my age - in their early 50s, who have been diligently saving while not leading extravagant lifestyles, yet they lay awake at night after reading articles like these and think there is no way they can save "enough" money. I think the vast majority of these people will be ok in retirement - perhaps not heading off on world cruises or taking up expensive new hobbies, but that isn't the lifestyle they are leading right now, so it's not like it's going to be some huge adjustment to live a modest yet happy life.
How many people do you know in their 50s that lay awake at night after reading articles like these? Seems like you are grossly exaggerating or you know a lot of people that did a **** poor job of planning otherwise they wouldn't lay awake at night over a news article
I suppose I'm on target. I'm 29 and have as much saved as my annual income. But I also have my home paid off, no debt, and a decent amount in various physical assets. But my income is not very high. My income is pretty unstable, I'm self employed, so I decided to get my home paid off early. I really need to get my income up.
How many people do you know in their 50s that lay awake at night after reading articles like these? Seems like you are grossly exaggerating or you know a lot of people that did a **** poor job of planning otherwise they wouldn't lay awake at night over a news article
Not true. There are plenty of us who have done solid planning but continue to worry if it is enough. This article is much less intimidating than the many that claim you need a million dollars or you are screwed.
Obviously there are a lot of variables but I don't think these articles are a complete waste. They are simply a guide, not the end all and be all.
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