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I have a couple of long time RS tenants that for decades paid way below market rents. It has gotten to the point now that they finally caught up and even surpassed the going market rent for their apartment that's not even renovated.
Do you think I'm going to offer them a discounted preferential rent since they caught up to market levels? Hell no! I'm gonna make those mofos pay through the nose.
Payback is a biotch! For all those years they paid below market rent, I consider the excess rent above market rent I'm now collecting a way of payback to compensate me for all those years those mofos paid below market rent. And they have no plans on moving as they are accustom to their apartments and oblivious to the fact that they are paying above market rent.
What I don't understand, is how come the highest courts haven't abolished this sort of price control already. It's amazing that in our country this sort of thing is allowed to be imposed on private assets, especially rent control. RC and RS need to be phased out and eliminated completely
I just read that RS is only applicable to buildings with six or more apartments. So if you own a 10-unit building, what's to stop you from not renewing the 5 market rate units, demolishing the walls to make them part of the lobby, so the net units becomes 5 and then you de-regulate? The other 5 would get their rents jacked to market, and then you just file the building permits to put back in the other units
I just read that RS is only applicable to buildings with six or more apartments. So if you own a 10-unit building, what's to stop you from not renewing the 5 market rate units, demolishing the walls to make them part of the lobby, so the net units becomes 5 and then you de-regulate? The other 5 would get their rents jacked to market, and then you just file the building permits to put back in the other units
A little extreme, maybe, but wouldn't that work?
You need money for that.....that's where the extreme part comes in. Renovating is not cheap in NYC. You need an architect, engineer, plumber, electrician and general contractor, probably even a fire supression contractor if the building needs to be sprinklered and then you need to file with the city for work permits and quite possibly even need to file with DOT to allow a container in the street (those huge dumpsters where the debris gets put).
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
I just read that RS is only applicable to buildings with six or more apartments. So if you own a 10-unit building, what's to stop you from not renewing the 5 market rate units, demolishing the walls to make them part of the lobby, so the net units becomes 5 and then you de-regulate? The other 5 would get their rents jacked to market, and then you just file the building permits to put back in the other units
Rent control was repealed in 1994 in Boston. Rents did soar, but they also soared in New York at the time, so it wasn't due to rent control--the late 90s were just good years for landlords.
I wonder if any middle class people from Boston can chime in and speak on how their rent situation is. I'll make it happen.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
What I don't understand, is how come the highest courts haven't abolished this sort of price control already. It's amazing that in our country this sort of thing is allowed to be imposed on private assets, especially rent control. RC and RS need to be phased out and eliminated completely
Oblivious? They probably just like the place and can afford it. If it gets too high, don't you worry they will be out of there in no time
It's already too high. It's above market rent.
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