Decrease in salary or losing a job (low income, apartments)

[Chopperthemopper]

I'm sure someone already posted something similar but I couldn't find a straight answer to this question.

Let's say I live in a unit in the 130% AMI (single person) and end up losing a job or salary decreasing due to some unforeseeable event and can't afford the $2500+ monthly rent anymore or no longer in the same AMI. What would happen or what should I do?

I know the obvious answer is to get a new job but what if there's something blocking you from obtaining a higher-salary or second job (i.e. hiring freeze, other life commitments, disability, etc.) -- Is there anything in place to help someone in that situation?

[BugsyPal]

Originally Posted by Chopperthemopper

I'm sure someone already posted something similar but I couldn't find a straight answer to this question.

Let's say I live in a unit in the 130% AMI (single person) and end up losing a job or salary decreasing due to some unforeseeable event and can't afford the $2500+ monthly rent anymore or no longer in the same AMI. What would happen or what should I do?

I know the obvious answer is to get a new job but what if there's something blocking you from obtaining a higher-salary or second job (i.e. hiring freeze, other life commitments, disability, etc.) -- Is there anything in place to help someone in that situation?

Same as anyone else living in a RS or other apartment; find a new job or ways to pay your rent. Otherwise sooner or later your happy self will be evicted for nonpayment. It happens all the time.

Saving grace is RS tenants can pay rent habitually late, be dragged into housing court again and again for nonpayment and LL still must offer renewal lease. Only way to get shot of such a "nuisance" RS tenant is to bring a holdover proceeding where landlord claims he/she is being harmed by tenant who chronically pays rent late.

Mind you being unable to pay rent is not a valid defence in NYS. If hauled into housing court for nonpayment even RS tenants have to give court or LL's attorney something to work with. Tenant has to come up with back rent and be able to keep up with forward rent.

[BugsyPal]

Originally Posted by Chopperthemopper

I'm sure someone already posted something similar but I couldn't find a straight answer to this question.

Let's say I live in a unit in the 130% AMI (single person) and end up losing a job or salary decreasing due to some unforeseeable event and can't afford the $2500+ monthly rent anymore or no longer in the same AMI. What would happen or what should I do?

I know the obvious answer is to get a new job but what if there's something blocking you from obtaining a higher-salary or second job (i.e. hiring freeze, other life commitments, disability, etc.) -- Is there anything in place to help someone in that situation?

If by "something" you mean an adjustment in rent, forget it.

These lottery apartments are RS units but that's where things end. They're not NYCHA or some sort of income to rent subsidized ratio housing. Nor does LL have any obligation to allow a lottery tenant in one unit to transfer over to something cheaper. It is what it is basically; either tenant pays rent as agreed or will have to vacate apartment one way or another.

Over years many people thanks to various economic upheavals (stock market crashes, 2008 credit/fiscal crisis then recession), other recessions, company going bankrupt, etc...) have lost high paying jobs. Those with RS units, even below market rent, are not immune to laws. Some begged, borrowed and whatever to make rent until things got better. Others either left unit voluntarily or were evicted.

A few good friends over years suffered financial reverses due to said economic upheavals. They took one or two jobs, basically working most of hours God gives in order to make their monthly nut.

[randomperson2]

Note that if you're a rent-stabilized tenant who becomes disabled, you can apply for DRIE, which will freeze your rent (city grants property tax credit to make up the difference). So, in that situation, if you can hold out a few years, the relative expense of the rent will diminish (i.e., $2500 five years from now is worth less than $2500 now).

But, no, they don't adjust the rent just because your income diminishes, just as they don't jack it up if your income increases.

[BugsyPal]

Originally Posted by randomperson2

Note that if you're a rent-stabilized tenant who becomes disabled, you can apply for DRIE, which will freeze your rent (city grants property tax credit to make up the difference). So, in that situation, if you can hold out a few years, the relative expense of the rent will diminish (i.e., $2500 five years from now is worth less than $2500 now).

But, no, they don't adjust the rent just because your income diminishes, just as they don't jack it up if your income increases.

DRIE like SCRIE is only for low income persons (annual income equal to or less than $50k), living in a RC or RS unit and paying at least one-third of income each month towards rent.

Long story short NYS isn't giving anything away and either program only helps a small certain demographic.

In OP's hypothetical situation neither DRIE or SCRIE would be of much use.

As noted both programs only freeze rent; neither do anything towards providing funds to pay.

[randomperson2]

Well, if you lose your job and can't work due to disability you will almost certainly end up in that low-income, rent-burdened group! Max annual SSDI benefit this year is under $45K, and most won't get anywhere near that. Check your SSA statement sometime.

Just providing some more complete information in case anyone reads this later. Don't disagree with the default assumption that the rent is the rent, regardless of your ability to pay.