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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?
Better yet, you could keep shooting your tenants, getting a 20% increase each time until the rent reaches $2500, and then destabilize the apartment raise the rent to $5,000 and find a really stupid person to rent to...but don't shoot him.
Better yet, you could keep shooting your tenants, getting a 20% increase each time until the rent reaches $2500, and then destabilize the apartment raise the rent to $5,000 and find a really stupid person to rent to...but don't shoot him.
Yes KK, sounds like a reasonable plan. Good one. Smh!
Yes KK, sounds like a reasonable plan. Good one. Smh!
I consider myself progressive but I do not believe that a perpetual system of price controls is the solution for anything. For short term shortages, one can make an argument for price controls. But the rent control system that has perpetuated in N Y C for the past few decades should be dismantled. I truly believe that it perpetuates the shortage of affordable housing rather than alleviating it. It's basic economics. I truly believe that vacancy decontrol is the answer. As more and more market rate apartments are part of the supply and as long as the market rent is high enough to encourage building, landlords will build and supply will increase keeping rents stable . The answer to the social policy issues is to provide government subsidies to individuals whom society deems worthy such as the elderly and poor. The landlord deserves to get a market rent and no tenant has a right to live on 72nd and Park forever.
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.
The question is why don't those tenants move? If they are truly paying above market rent in your building, it would make sense for them to move elsewhere and pay market. Something is missing from this story. There must be something in your building that is appealing to them to justify paying above market. Either that or the are just ignorant.
The question is why don't those tenants move? If they are truly paying above market rent in your building, it would make sense for them to move elsewhere and pay market. Something is missing from this story. There must be something in your building that is appealing to them to justify paying above market. Either that or the are just ignorant.
Sometimes the difference isn't that much. You have to debate which is worth more to you, to save a few bucks and deal with moving or to stay put and shall out a little extra money.
I consider myself progressive but I do not believe that a perpetual system of price controls is the solution for anything. For short term shortages, one can make an argument for price controls. But the rent control system that has perpetuated in N Y C for the past few decades should be dismantled. I truly believe that it perpetuates the shortage of affordable housing rather than alleviating it. It's basic economics. I truly believe that vacancy decontrol is the answer. As more and more market rate apartments are part of the supply and as long as the market rent is high enough to encourage building, landlords will build and supply will increase keeping rents stable . The answer to the social policy issues is to provide government subsidies to individuals whom society deems worthy such as the elderly and poor. The landlord deserves to get a market rent and no tenant has a right to live on 72nd and Park forever.
RS and RC were basically meant to keep people in their apartments until they die, because lets face it, few elderly people can get a market rate apartment (unless they are wealthy or had a good retirement plan). Its really an argument for buying a house somewhere if you can. NYC is going to have an explosion in the homeless population (oops, that's already happening).
Other factors come in in terms of whether developers will build (landlords certainly don't). Financing, interest rates, the local job market, and the overall popularity of the area.
Getting rid of rs and rc and of themselves don't create a real estate boom . And remember, as some economists have said, the mother of every boom is a bust and the mother of every bust as a boom. Who wants to be holding a bunch of new developments when things crash (as they always do, eventually)? A lot depends on your timing.
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).
There's also a process in which you use to convert apartments. If a tenant goes to the Department of Buildings and finds out your apartment is illegally converted, you'd owe the tenant all the rent he or she has paid.
Great story that is not true at all about it being concieved to keep the elderly in place with cheaper housing. In its origonal concept it was NOT the idea that anyone would be paying anything less than market rates.
It was only to prevent rent gouging.
that was a political pawn the politicians created to get votes much much later on that held rates artificially low.
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