Mitchell Lama Rentals vs. Coops (New York, York: apartments, purchase, tenants)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have a question for all the Mitchell Lama gurus out there. Are the Mitchell Lama rentals as desirable as the Mitchell Lama coops? It seems that the rentals are rather expensive but not in relation to the going rate for apartments in New York City. Still, if you are on a budget it seems like a lot.
A ML rental is not as good as a co-op for a couple of reasons. But the main difference is, what happens when and if a building pulls out of the ML program?
If the owner of a ML rental decides to go market rate, as many of them have, tenants will probably face higher rents. It's also possible that they will be protected in some way, but that would vary building by building.
If the residents of a ML co-op vote to leave the ML system, each of them will own their apartment and can sell it on the open market for lots of money.
mac is right, but it's worth thinking about your time frame. Privatization that was not already underway (and thus known to you) is unlikely to happen in less than a few years. Even then, there's likely to be at least some temporary accommodation on rents for existing tenants. So if you're looking for somewhere to settle indefinitely, the possibility of privatization is a definite drawback, but if you're just looking for a place to stay for a while and you otherwise like it, a M-L rental might not be a bad idea.
Location: Read the Marketing Handbook, and Income a Guide.
2,010 posts, read 1,628,911 times
Reputation: 479
The circumstances of the applicant matter here. A Mitchell-Lama RENTAL is superior, if an applicant does not have the money to make a Mitchell-Lama purchase of a CO-OP, and can’t raise the financing for it.
Putting that aside, the typical advantages of a Co-op apply. Many residents might develop a pride-of-place attitude about the building and a strengthening of community can result. We can hope management would respect the opinions of owners about various decision for the building.
Like most of my fellow MLer's I am lists for both rentals and coops. My waitlist numbers for each are roughly the same too. I guess it will depend on my circumstances when I am contacted. Thanks to all for excellent advice. I really rely on you all.
Like most of my fellow MLer's I am lists for both rentals and coops. My waitlist numbers for each are roughly the same too. I guess it will depend on my circumstances when I am contacted. Thanks to all for excellent advice. I really rely on you all.
I put myself on the Village East Towers 3br waitlist. The chance that my profile of 'family of 5' with an income of '$42,909.65-$185,000.00' is similar in 5, 10, or even 15 years is virtually zero. But ya never know.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
