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I know it is the law for RS RC, i just dont agree with it.
I dont think it applies to non RC RS apts. At least in our building that has 32 apts that are not RC RS, the LL only paints when the tenant moves out, not during the tenancy.
Okay original poster, I'll answer. Yes, I think asking for $50k is insane. I also think asking for $10k is insane. Additionally, I think asking for $500 is insane. I don't think you are owed a dime. I don't care what some neighbor got. You are RENTING. That means you should not have ownership rights. Bc you own nothing. You are asking someone $50k to move from a place that is theirs? Or some other way to game the system, about moving in a few years when you want, but still maximizing your pay out? Bc you don't want to pay a fair price?
Here's how much you deserve - ZERO!
What he owns is a lease right which is considered real property. if a landlord wants to buy it back then he has to pay for it.
I am in full dis-agreement with this but that is the logic behind it.
Our family lives in a rent stabilized apartment. We been living in this apartment for 25 years. Our rent is 900 dollars per month and the market price is somewhere between 2.5x to 3x the amount. I know my landlord has asked other tenants who lived in my building to move out and 1 of them did because he offered a sum of money for them.
My first question is, is this legal to receive money from the owner of the building to move out? I read it is online and this is called a buyout.
FYI - people have gotten $250,000 - $350,000 in buy-outs. Depends on desirability of neighborhood and how low the regulated rent is. I know someone who received $365,000 last year for a place downtown.
Opponents to regulation here will respond in a moment, saying this is not true. Do not pay attention.
Related to my first comment - if you decide to think about a buy-out, get a lawyer, and a good one experienced in tenant buy-outs. This is a crucial factor.
That's right. And not paying property taxes because you refrain from market rent is quite a deal for owners.
how about the 10 year tax abatement we got in 1963 for being stabilized that ended in 1973.... what is that worth today for putting up with the below market rents and real estate taxes where they are today .
you are slinging things out you have no clue about what they are in dollars and cents or how they work, .
Usually the ones talking the loudest about this topic are those who don't even own rent stabilized buildings, and simply regurgitating what they hear or random articles online. Mathjak is the only one with decades of first hand knowledge, and yet there are those who continue to argue out of ignorance? boredom?
All I can say is that 95% of the problem with rent stabilization would be solved if LLs had at least the option not to renew a tenant. And I also believe lifetime renewals of tenants is also the reason why many neighborhoods have stayed so bad for so long....you can't get rid of anyone so the 5% bad people continue to hold the 95% hostage. Nobody wins, except the 5% bad of course.
it isn't what they don't know that makes them wrong. it is what they think they know that aint so .
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