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Also, what do you think would happen to all these tenants if they abolished RC/RS tomorrow and everyone had to pay market rent???? Not all RC/RS tenants are earning big bucks like the LLs claim.
Also, what would the LLs do with the apartments? Most of the apartments would probably need major renovations to bring them up to date/up to code so the apartments would lay vacant for at least 2 months. The LLs would then be complaining they're losing money because they have no tenants.
Why do people take jobs and then decades down the road complain they are not making as much money as they should be?
Because the deals made sense and were market rates on stabilized apartments when most took them over. No different than your jobs looked back then.
Only difference is when you were played dirty at your job you were free to go.
When the politicians screwed a landlord over and cash flow shrank many could not afford to sell the building at a loss.
Every landlord ,myself included has their own reason they ended up with the apartments just like everyone of you are still at the same job and complaining about the low pay.
Last edited by mathjak107; 08-15-2013 at 05:51 PM..
Also, what do you think would happen to all these tenants if they abolished RC/RS tomorrow and everyone had to pay market rent???? Not all RC/RS tenants are earning big bucks like the LLs claim.
Also, what would the LLs do with the apartments? Most of the apartments would probably need major renovations to bring them up to date/up to code so the apartments would lay vacant for at least 2 months. The LLs would then be complaining they're losing money because they have no tenants.
I am a tenant myself as well as a landlord. I am on both sides of the fence.
AgAin people who can't afford market rents don't belong in market rent apartments. They belong in low income housing.
It is not my responsibilty to provide that.
Our building which was a 100% rental at one time converted to co-op status just to get out from rent stabilization.
The building at this point has very few origonal tenants and when they are gone thats over 300 apartments that will no longer be supporting folks who should not be there.
I am not complaining for myself as things have gone just as planned as far as waiting out the tenants and being able to sell the apartments.
But my beef is why folks don't want to take out of their own pockets to build affordable low income housing for the same folks that don't belong living where they are if they can not afford it. But yet they have these fake tears about the poor who will have to relocate.
Put your money where your mouth is too. If you are so concerned get your politicians to raise taxes just to support these folks.
It is all okay for landlords to have to subsidize them as long as it does not come out of your income. I want to see you have all this pity when your check is reduced.
What bull.
Last edited by mathjak107; 08-15-2013 at 05:42 PM..
The place that we have is 3 bedrooms. And yes the area is not in a good area and sort of hood. Wouldn't that mean we can't get much for it if we decide to get a buyout a few years from now whether its 5, 10 or 15 or whenever? I dont feel like we will stay here for more than 15 years though.
I feel like even 50k is ridiculous because this isn't a good area but it isn't that bad.
Can someone give their insight on this? Or is my logic completely wrong here even if the area is not that good. Someone told me price savings is the biggest thing to look at but i feel that the area plays a vital area such as if its a good area or not...
By the way, landlords of stabilized building have done something about getting rid of the stabilized apartments.
That is why we had the co-op conversion craze. Rental building after rental building turned co-op starting the process of getting out of being duped.
It is a waiting game for those origonal tenants to die,leave or take a buyout but it is happening at an accelerated rate now as boomers retire or die.
Except for city owned stuff the problems of stabilization for the private landlord will bring an end to itself in the near future.
Co-ops also bring a lot more money very quickly for a landlord than even market rent would over a long period of time. That is why you only see co-ops and condos being built. quick money.
As for low income public housing, there isn't that much available. there is a wait list as it is. You want more built, then you will pay for it via higher taxes.
In the meantime we need privately built, affordable rental units.
As Boston has shown, if you get rid of RC/RS all that happens is the rents at the bottom skyrocket, the ones at the top stay where they are or go up. And all that still gets built is co-op/Condos, because of the quick turn around for the money.
Developers want to put their money in, get the building built, then get the RoR with the sale of Co-ops and Condos. They aren't looking at it as a long term income for themselves.
I am a tenant myself as well as a landlord. I am on both sides of the fence.
AgAin people who can't afford market rents don't belong in market rent apartments. They belong in low income housing.
It is not my responsibilty to provide that.
Our building which was a 100% rental at one time converted to co-op status just to get out from rent stabilization.
The building at this point has very few origonal tenants and when they are gone thats over 300 apartments that will no longer be supporting folks who should not be there.
I am not complaining for myself as things have gone just as planned as far as waiting out the tenants and being able to sell the apartments.
But my beef is why folks don't want to take out of their own pockets to build affordable low income housing for the same folks that don't belong living where they are if they can not afford it. But yet they have these fake tears about the poor who will have to relocate.
Put your money where your mouth is too. If you are so concerned get your politicians to raise taxes just to support these folks.
It is all okay for landlords to have to subsidize them as long as it does not come out of your income. I want to see you have all this pity when your check is reduced.
What bull.
My building is the same, out of 32 apartments there are a handful of owners like me, and the rest are market rate renters.
There are only 2 RS tenants remaining. One is a 76 year old man, and the other is a 38 year old woman that has lived here since she was 7 with her family (who are now deceased).
This is why a lot of the LL's during the 80's went co-op, once the RS RC tenant moves the apt becomes the property of the sponsor, thus releasing the apt from RS RC rules and regulations once and for all.
The place that we have is 3 bedrooms. And yes the area is not in a good area and sort of hood. Wouldn't that mean we can't get much for it if we decide to get a buyout a few years from now whether its 5, 10 or 15 or whenever? I dont feel like we will stay here for more than 15 years though.
I feel like even 50k is ridiculous because this isn't a good area but it isn't that bad.
Can someone give their insight on this? Or is my logic completely wrong here even if the area is not that good. Someone told me price savings is the biggest thing to look at but i feel that the area plays a vital area such as if its a good area or not...
Someone here can answer this?
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