Looking for some advice (apartments, leases, home)
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I was recently asked to submit documents and my application has been "Under Review" for about 2 weeks. My dilemma is I work from home and really want to leave my small apartment. Should I just start looking on Street Easy for a new apartment? I'm afraid that if I win the apartment it will be hard to break the new lease and I'm not sure what to do. Thanks in advance for any advice!
I was recently asked to submit documents and my application has been "Under Review" for about 2 weeks. My dilemma is I work from home and really want to leave my small apartment. Should I just start looking on Street Easy for a new apartment? I'm afraid that if I win the apartment it will be hard to break the new lease and I'm not sure what to do. Thanks in advance for any advice!
I have the same dilemma and have decided to be patient. Make for yourself a deadline that by X date, if you don't get called, then you'll look for market rate. I found many beautiful and large apartments in Jersey City with views to Manhattan and close to Path, and I'm always tempted to apply, so I totally get you!
By the way, two weeks is nothing. If you got called to submit documents, it's only a matter of time before they contact you again with an update to submit more information or for HPD.
It depends on several factors, how fast your application would move forward. 130% and low log number probably gets there in no time. My process took 11 month I believe. So the lottery option is not set in stone until you sign the lease, in my opinion.
Do you have a hard ‘out’ date, or even a preferred one if that’s self-imposed? Two weeks was the standard ‘evaluation’ time for a lottery I sent docs to, and I don’t know if my paperwork will be seen before the end of the year. (My log number was low 500s). The tentative timeline was about 4 months from outreach to move-in. However it does not factor appeals, which can add weeks to the process. Even if your docs are perfect, if people ahead of you are doing several rounds of appeals, your application may be stuck in limbo until those are settled. Were you given a schedule or estimated timetable?
People in the higher AMIs (130+) usually have better odds as they are more likely to shop around.
One option could be to look into short term leases, like on leasebreak.com. Some units have options to extend, too. Or conversely, use leasebreak to get someone to take over yours if you have to leave.
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By looking for an apartment on Street Easy or whatever now you control your living situation. Sorry to say, but by waiting and hoping you win a lease on lottery unit you control nothing. Unless someone in authority has told you there is a strong likelihood you will win a lottery unit by such and such a date then you are taking a chance with where you are going to be living when your lease expires.
It is very likely, that lotteries approve many more people than there are units so they don’t get caught short when people turn an offer down. Even with the lowest lottery number there can be who are in a preferred class who get to go ahead of the lowest log#.
(Also, has construction been finished on this building? Even if it is, there can be reasons why it’s not open for residents yet.)
You had the option now to try to negotiate a new short lease where you are with an option to renew, or do likewise with a new place.
I wish you the best. I hope you get contacted later today to discuss a move in date in a new lottery apt.
If you don't have a hard lease renewal date and your health and safety aren't being seriously jeopardized where you live, I'd hang in and wait. If either of those conditions aren't true, then I would go ahead and start looking.
OP, which income bracket are you in? If you're in a lower bracket, such as the 40%, 60%, 80%, and even 100%, the lottery apartments are a great deal.
If you are in one of these brackets, I would encourage you to hang in there and wait, assuming you like the building and the location. Once they ask you for documents, they are processing you.
If you are in the 130% or 165% brackets, the lottery apartments will be closer to market rate. So if you decide to look at the open market, you will find places that you can afford. But the advantage of the lottery apartment is that you would be rent-stabilized, and your future increases would be limited by law.
Last edited by macnyc2003; 11-18-2021 at 02:53 PM..
If you don't have a hard lease renewal date and your health and safety aren't being seriously jeopardized where you live, I'd hang in and wait. If either of those conditions aren't true, then I would go ahead and start looking.
I agree. OP you have the best information on whether you can stand staying at your current place and for how long. Lottery units are not reliable for urgent needs, and until you have a lease in hand, it’s hard to anticipate when you will be able to move in. Several people turn down lottery units because they are unsuitable for their needs, even the ones that looked really attractive on paper.
There are short term lease options you can look into if you’d like to get out ASAP but want to be able to leave without a huge penalty. Also - if you haven’t already, check out the threads for the specific lottery you are waiting on - you’ll likely get more insight into the turnaround from others’ info!
I was recently asked to submit documents and my application has been "Under Review" for about 2 weeks. My dilemma is I work from home and really want to leave my small apartment. Should I just start looking on Street Easy for a new apartment? I'm afraid that if I win the apartment it will be hard to break the new lease and I'm not sure what to do. Thanks in advance for any advice!
What kind of documents did you submit?
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