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like i said it is not for everyone, including myself.
i can recite negative things i found every where i lived but there is a whole lot many folks like about the same area.
i have found nyc to be one of the greatest cities and with that go the issues of city life.
i have never lived in the city and in fact if i go 2x a year thats about my extent of it . but as an investor in real estate in manhattan for decades i can tell you it is one desirable place to live.
Last edited by mathjak107; 01-20-2013 at 05:34 AM..
The city once again extended the rates on rent stablization- every apartment that isn't at market rate slims the availability of unregulated apartments (these ones follow supply and demand).
About 50% of Manhattanites live in a rent-regulated apartment, be it controlled, stabilized, 80/20, or NYCHA.
Very little of that 50% is brand new to the city, so that $1800 you describe is the price you pay to move here.
As long as there are people willing to pay it, the costs will continue to stay put if not rise.
The face of the city would shatter if Rent Control was brought to a halt... but I wouldn't hold my breath.
A lot of people in rent controlled apartments are old. When they die, their kids (if they even have them) aren't necessarily interested in living in the apartment. So the landlord will just upgrade the apartment and jack up the rent to market rate.
Ditto for rent stabilized apartments.
Also, a lot of rent stabilized and rent controlled apartments are illegally sublet (with the person on the lease often living out of town). When landlords find out about this, the matter is taken to eviction court.
Technically, the increase of a rent stabilized apartment is only supposed to be within certain parameters. But if the landlord rents to an out of towner, who would find out?
Now, certain units like NYCHA are permanently subsidized housing (unless the city decides to sell them). 80/20s are not necessarily permanent if the management company can do without the tax break.
It became the "norm" when Caleb and Sarah from the flyover states were too chicken and enamored with the city to tell the LLs to go.
Roommating is the "norm" if you want to live in Manhattan. You can still afford a decent place of your own in the outerboroughs if you look hard enough.
Not necessarily. The really high end real estate in Manhattan, of which there is plenty, you would have to make 40 times one month's rent to even move in ,and they check things like bank accounts, assets, investments, etc.
Of course, you can find a building in Manhattan and move in with roommates. But it will be a building. Any place nice is NOT dealing with primary leaseholders who can't pay the rent on their own.
And a lot of the newer buildings are co ops or condos, further reducing rentals and therefore increasing the price.
Last edited by bmwguydc; 01-20-2013 at 09:42 AM..
Reason: Inappropriate language - if the word is filtered, please use another word.
The city once again extended the rates on rent stablization- every apartment that isn't at market rate slims the availability of unregulated apartments (these ones follow supply and demand).
About 50% of Manhattanites live in a rent-regulated apartment, be it controlled, stabilized, 80/20, or NYCHA.
Very little of that 50% is brand new to the city, so that $1800 you describe is the price you pay to move here.
As long as there are people willing to pay it, the costs will continue to stay put if not rise.
The face of the city would shatter if Rent Control was brought to a halt... but I wouldn't hold my breath.
Many of the new units in Manhattan are also co ops or CONDOS, so that further takes rentals off the market. Meaning, low supply, high demand, equals high prices.
A lot of people in rent controlled apartments are old. When they die, their kids (if they even have them) aren't necessarily interested in living in the apartment. So the landlord will just upgrade the apartment and jack up the rent to market rate.
Ditto for rent stabilized apartments.
Also, a lot of rent stabilized and rent controlled apartments are illegally sublet (with the person on the lease often living out of town). When landlords find out about this, the matter is taken to eviction court.
Technically, the increase of a rent stabilized apartment is only supposed to be within certain parameters. But if the landlord rents to an out of towner, who would find out?
Now, certain units like NYCHA are permanently subsidized housing (unless the city decides to sell them). 80/20s are not necessarily permanent if the management company can do without the tax break.
most of the buildings that are not city owned and still regulated are co-op conversions and only remain regulated until the origonal tenant dies assuming no kids..
where we are in bay terrace in bayside out of all the buildings you see only 2 are pure rentals and i live in one of them. the entire area is condo and converted co-ops.
Many of the new units in Manhattan are also co ops or CONDOS, so that further takes rentals off the market. Meaning, low supply, high demand, equals high prices.
to my knowledge there has not been a rental building put up in nyc or the boroughs aince the 1970's that was not low income ,subsidized, or city sponsered . everything else that was put up was what was called luxury meaning over the limits rent wise to be regulated.
the rest were all co-op and condo's .
the building we own our co-ops in was a rental building at one time and it was converted to co-op to eventually have a light at the end of the tunnel to avoid stabilization. that was 390 apartments in that building taken away as future rentals..
no one wants to get involved with putting up anything that has anything to do with being regulated. so the only rentals around in buildings are old old apartments.
thank you stabilization. i can not say what rents would be without it but there is no doubt it stuck us with old buildings .
Last edited by mathjak107; 01-20-2013 at 07:50 AM..
with most buildings that are not city owned converted co-ops as soon as the origonal tenants move or die the building is free market.
with boomers reaching that point recently the number of stabilized apartments will drop like a rock over the next decade.
of course just being regulated does not mean you are paying any less then market or close to market. it all depends how long you live there and how many times the apartment changed hands .
any way here is that link where the ny times claims 50% are still regulated.
Many of the new units in Manhattan are also co ops or CONDOS, so that further takes rentals off the market. Meaning, low supply, high demand, equals high prices.
CoOps and Condos are owned- they are not rental units.
Supply and Demand applies to 50% of the rental units in Manhattan.
The other half are artificially controlled through Gov't regulations and subsidized by owners or taxpayers.
CoOps and Condos are owned- they are not rental units.
Supply and Demand applies to 50% of the rental units in Manhattan.
The other half are artificially controlled through Gov't regulations and subsidized by owners or taxpayers.
Condos and Co Ops are housing units. So the more housing units that are OWNED by occupants as opposed to occupied by renters, you've less of a supply of apartments to rents and this does boost the price.
The Lower East Side, West Village, Hells Kitchen, and Chelsea have seen a lot of tenement housing torn down (rentals) and replaced by CONDO buildings. This makes the remaining rental units more valuable as demand for them has not dropped.
And of course, some buildings are converted to co ops.
Rent stabilized also doesn't necessarily mean cheap. A 1,900 month one bedroom, and there are plenty of those around town, is still rent stabilized. The more the apartment changes hands, the more the landlord can upgrade the apartment and increase the rent (if the market will bear it).
most of the buildings that are not city owned and still regulated are co-op conversions and only remain regulated until the origonal tenant dies assuming no kids..
where we are in bay terrace in bayside out of all the buildings you see only 2 are pure rentals and i live in one of them. the entire area is condo and converted co-ops.
That's just it, by the time the original tenant dies, even if they have kids, by then they are established elsewhere and may not be interested in the rent controlled or stabilized apartment. So the rent goes up. My friend had a neighbor is building who was in her 80s. Her rent was only $300 a month. She died. Of course you know what the landlord did with the rent.
I know an 85 year old man in Midtown East with $300 rent for an one bedroom, rent controlled. He has no kids. You know what's happening with that rent.
Rent controlled units are apartments that were rented before 1972, and basically frozen at those rates. You don't find young people in them, for the most part. As people die, that's the end of rent controlled apartments.
And landlords find ways to get rent stabilized apartments, as a common scam is to make money off you rent stabilized apartment by subleasing or having roommates. When the landlord finds out, that's it, partially because one cannot profit more than 10% off of a rent stabilized apartment.
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