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Old 08-01-2013, 09:35 AM
 
1,431 posts, read 2,609,670 times
Reputation: 1199

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Quote:
Originally Posted by NickL28 View Post
This thread is old but what makes you think Bklyn, Queens, SI (and now most of the Bronx) are anywhere near affordable?? Maybe some parts of Brooklyn that are safe if you take the L train to the last stop and then one or two busses to parts of Flatlands, Manhattan Beach or Sheepshead Bay..
Queens is now the new nouveau riche full of creative class types at least in most of western Queens.. Only affordable apartments (meaning less than $2,000 a month) may be a basement apt. in Corona..

It actually is worse because you not only have a commute that can take anywhere between 30-90 minutes each way (or longer) but you pretty much need to own a car and car insurance outside of Manhattan except for maybe staten island is close to the highest in the country.
The city is expensive but come on. As someone who just wrapped up an apartment hunt I can assure you there are plenty of decent-sized apartments for less than $1500 in western Queens and other desirable areas.
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Old 08-01-2013, 10:36 AM
 
Location: Manhattan
25,351 posts, read 36,900,734 times
Reputation: 12751
Can we just end rent control/stabilization already?


Short answer: NO, they are very popular with the electorate.
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Old 08-01-2013, 04:23 PM
 
Location: Brooklyn
575 posts, read 669,073 times
Reputation: 543
Quote:
Originally Posted by mathjak107 View Post
. . . as the owner of rent stabilized apartments i can tell you most of my tenants earn more than i do....

Were you forced to buy RS apts? Why did you buy them? Why didn't you buy RD apts?

For every RS unit owned by Landlords who hate RS, there are an equal number of RS units owned by tenants who are thankful for RS.

RS rental rates go up yearly or bi-yearly or upon rehab or improvements. But there are increases if LLs do nothing. But when you buy with a fixed rate loan, your carry is the same in year 20 as it was in year 1, taxes and insurance excepted.

You LLs should quit whining unless someone held a gun to your head and forced you to pay fork over your $$$$$.

Right Kefir King?
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Old 08-01-2013, 04:30 PM
 
Location: Brooklyn
575 posts, read 669,073 times
Reputation: 543
Quote:
Originally Posted by mathjak107 View Post
REALLY???? . . . as the owner of rent stabilized apartments i can tell you most of my tenants earn more than i do....
Did someone hold a gun to your head and force you to buy RS apts? Maybe you should have bought Destabilized units.

For every apt owned by a LL who hates RS, there are an equal number of Tenants who are thankful for RS.

There are annual or bi-annual rent increases with RS. But when you buy an apt or a bldg with RS, as a LL, and if you have a fixed rate mtg, your debt service, carry or whatever you want to call it, is the same in year 20 as it is in year 1, yet your revenue climbs (basically) annually.

You LLs should quit whining about RS unless you were forced into the deal. You should be thankful for your blessings.

Right Kefir King???
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Old 08-01-2013, 04:33 PM
 
106,009 posts, read 107,976,655 times
Reputation: 79593
the deal we signed on for and promised by the city when the building was a rental was very different from from where the politics of rent stabilization took things.

the idea was that it would be transparent to us and was only to prevent rent gouging.

that was not the deal it turned into. the rents became political pawns and were held down artificially low for many many years screwing every landlord that went along with the program ,which by the way they had to do or risk a tax reclassification that would have driven you into bankruptsey.

but most landlords got out by eventually de-stabilizing their apartments by going co-op . if they did it is only the remaining origonal tenants who are still stabilized.

Last edited by mathjak107; 08-01-2013 at 04:52 PM..
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Old 08-01-2013, 04:34 PM
 
208 posts, read 463,124 times
Reputation: 162
In my case rent stabilization actually hurts me. I believe my rent is going to be more then the going market rate for my neighborhood.
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Old 08-01-2013, 04:54 PM
 
106,009 posts, read 107,976,655 times
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yep, throughout the worst part of the downturn stabilized rents rose while the market place either leveled off or even dropped.

i saw so many ads with a free month offered on the open market apartments. .
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Old 08-01-2013, 04:55 PM
 
106,009 posts, read 107,976,655 times
Reputation: 79593
Quote:
Originally Posted by TotalKaos View Post
Were you forced to buy RS apts? Why did you buy them? Why didn't you buy RD apts?

For every RS unit owned by Landlords who hate RS, there are an equal number of RS units owned by tenants who are thankful for RS.

RS rental rates go up yearly or bi-yearly or upon rehab or improvements. But there are increases if LLs do nothing. But when you buy with a fixed rate loan, your carry is the same in year 20 as it was in year 1, taxes and insurance excepted.

You LLs should quit whining unless someone held a gun to your head and forced you to pay fork over your $$$$$.

Right Kefir King?
it is obvious you know very little about the expenses or mechanics of running a building. the only thing fixed is an interest rate on an amount today that is either a very tiny amount in comparision to the purchade price or it is an amount overwhelmed by everything else that soared in costs..

you do not know much either about commercial building loans and how they work. they generally carry balloon payments that can be refinanced out for up to 30 years .

Last edited by mathjak107; 08-01-2013 at 05:10 PM..
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Old 08-02-2013, 06:05 AM
 
Location: Manhattan
25,351 posts, read 36,900,734 times
Reputation: 12751
Quote:
Originally Posted by nycangel View Post
In my case rent stabilization actually hurts me. I believe my rent is going to be more then the going market rate for my neighborhood.
That's an impossibility, angel.
An apartment priced at more than the "market rate" will remains vacant.
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Old 08-02-2013, 06:38 AM
 
106,009 posts, read 107,976,655 times
Reputation: 79593
no it won't. folks with stabilized apartments are not giving them up and moving because their own rents didn't track the general market being flat ,offering perks or moving downward a bit.

our own went up too more than the general market over the worst of the downturn . that doesn't mean we are moving .
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