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I mean, in theory maybe it could be true? Maybe their number is in the single digits?
Or do you think even a single-digit log winner won't be moving in by the end of 2021?
I was being flippant. But literally no one can answer that question in a coronavirus world.
maybe there's large exodus of penn south residents; maybe people that live in studios can't afford to move up to 1BR thus affecting the movement of the studio list. there's alot of variables that we do not know yet.
I agree with dreamernyc that it's impossible to predict what's going to happen, considering all the variables that are unknowable. Plus, the situation is still unfolding. We're not out of the woods yet.
My feeling is that the various lists will move pretty fast, as many prospective Penn South owners who have lost their jobs or incurred investment losses won't be able to come up with the down payment or the financing. Also, maybe some will decline apartments after reevaluating their desire to live in Manhattan and are opting for suburbs with open spaces. Plus, even faraway suburbs are appealing to those people who successfully made the transition to working from home.
On the other hand, maybe current residents of Penn South who would like to move out of Manhattan can no longer afford to do that.
Bottom line: We are facing lots of changes in how we are living, but no one can predict if these will be lasting or not. After 9/11, people didn't think NYC real estate would ever recover.
Is anyone able to break down all of the factors that are considered in the application process, once you are off the waitlist and offered/commit to an apartment? And how far back are they likely to require info from? Just thinking in order to keep track of documentation in preparation since it's likely years down the line. I know generally - finances, proof of residency, home visit, etc. Do they look at rent payment history? Or other documentation from rental history?
Is anyone able to break down all of the factors that are considered in the application process, once you are off the waitlist and offered/commit to an apartment? And how far back are they likely to require info from? Just thinking in order to keep track of documentation in preparation since it's likely years down the line. I know generally - finances, proof of residency, home visit, etc. Do they look at rent payment history? Or other documentation from rental history?
last 2 years of taxes.
P/L statement if you are self-employed
they asked for current rent i'm paying on one of the forms you fill out along with landlord's contact information which you put on the "consent to background check" form. They did call my landlord for basic info, FYI.
All we can do is wait. This is an unprecedented situation. I have a feeling the 2014 list went a lot faster... though I wonder if they will be lowering the buy-in price accordingly.
All we can do is wait. This is an unprecedented situation. I have a feeling the 2014 list went a lot faster... though I wonder if they will be lowering the buy-in price accordingly.
I don't know what the prices are based on, so I don't know if they will be lowered or not. If enough people can't afford to buy the apartments, PS will just do a new lottery.
I'm wondering what happens with all the empty apartments that can't be filled because of COVID-19. I imagine no one is paying monthly maintenance on those units. Might the co-op have trouble paying its bills? I'm betting maintenance will be going up.
Is Penn South pet friendly as long as the pet is not illegal in NYC, and it's a manageable number? I know cats and dogs (with limitations) are permitted, but what about other pets?
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