Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
True my RS apt is what the market rent is for the neighborhood. I don't make what I made 5-6 years ago, I make LESS.
This is the plight of many many people and my heart goes out to you.
Do you know why "luxury" co-ops and rentals are the big market here now ? Why there are all of these "conversions" downtown, for example ? Buildings that were in no way "low income," basically market-rate units.
Because only the wealthiest people still have money.
What about if they cannot afford those new rents that are doubled? Where do they go to live?
You want rent control ended, build more affordable rental units so that the vacancy rate goes above 1%.
Boston got rid of Rent control, all they saw was a rise in condos, rents skyrocket. Their rental vacancy rate hovers around 1-2%. The poor and some middle class are forced to live in substandard housing in order to find something that they can afford.
It is people like you who would instantly double the rents if were able to do so as the reason we have RC/RS, in addition to the negligible vacancy rate.
What NYC needs is affordable apartments. I am lucky in that I pay 1100 a month for my apartment (non rent controlled/stablized in Astoria) but most 1 bedrooms around here cost between 1250-1400 a month. Even as it is I am paying 45% of my monthly take home pay for my rent.
There are people paying 60% and up of their monthly take home pay as it is, if they were hit with their rents doubling overnight, they would be unable to afford them and who knows what would happen to them.
People are lucky if they get 3% payraises in a year (if they get any pay raise at all), how are they supposed to afford a doubling of their rents?
It is my sense that the anti-regulation people who post here are nouveau-riche types, if that, and therefore not of any real moment. Such people always turn on the guy just below them, a place from which they have just escaped.
The predatory investment groups are the real issue.
I think I am suggesting that you are wasting your breath ...
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...
You would need to be more specific about where it is - perhaps you did and I missed it somehow.
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, .
Really ?!
Quite a lot of stridency there. Are you sure ?
Guess we cannot all be as "objective" as the "individual hand" folks.
We own ... some things. But I think we are in different realms.
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 ...
Really ? How do you know ?
I certainly do hear rhetoric and the usual tired positions, but that's what i always hear.
Funnily enough, with the bigger people, "decades of knowledge" is no longer useful.
Things have changed so much.
Indeed..if you have decades of knowledge which ended 40 years ago..then you would be correct. That is not the case with Mathjak, or haven't you been paying attention for the past 5 years this poster has been active on this forum?
As for "how I know"....it is the same answer as above..I have been paying attention for the past 5 years I have been on this board...which includes knowing you do not own, and never have owned, a multi-unit rent stabilized building in NYC.
Indeed..if you have decades of knowledge which ended 40 years ago..then you would be correct. That is not the case with Mathjak, or haven't you been paying attention for the past 5 years this poster has been active on this forum?
Not to be mean but honest, I find the posts those of a guy not currently involved ...
It is a dated perspective.
My question is - how do you know about "decades of knowledge which ended 40 years ago." Because that's the assertion ?
The best way to understand real estate here - go to all political and community meetings and listen very carefully. Second, have meaningful developers as "friends," from their perspective close ones. Then, again, listen carefully.
This is my wisdom of a scant several years and it is working in the real world.
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.
You sound like a nice person who wants things to be fair for everyone, so don't get taken advantage of. Your landlord has been there for a long time, he knows the deal. You don't want to move, so you need to tell him you are not leaving under any circumstance, that's the end of that. If somehow he comes in with a $250,000 offer one day then maybe you can consider it, otherwise make clear in no uncertain terms that it's not about money it's your home and you intend to live there for the rest of your natural life - have a nice day.
Not to be mean but honest, I find the posts those of a guy not currently involved ...
It is a dated perspective.
My question is - how do you know about "decades of knowledge which ended 40 years ago." Because that's the assertion ?
The best way to understand real estate here - go to all political and community meetings and listen very carefully. Second, have meaningful developers as "friends," from their perspective close ones. Then, again, listen carefully.
This is my wisdom of a scant several years and it is working in the real world.
WHY ? because there have been no rentals built since the late 1970's anywhere in the 5 boros that were stabilized and not low income or special project..
that means they all had their tax abatements come and go for the most part decades ago.
unless there are some special situation deals for the most part the abatements are long gone.
now it is only for improvements unless you have something special going on.
most rental buildings converted to co-op so nothing applies anymore as well to them. .
Indeed..if you have decades of knowledge which ended 40 years ago..then you would be correct. That is not the case with Mathjak, or haven't you been paying attention for the past 5 years this poster has been active on this forum?
As for "how I know"....it is the same answer as above..I have been paying attention for the past 5 years I have been on this board...which includes knowing you do not own, and never have owned, a multi-unit rent stabilized building in NYC.
I should have responded to this - no, we do not own anything regulated - not those sorts of investments. This is clear from my perspective because I am not afraid of losing money, granted, but I would add that we would not invest there given the ethical dilemmas. Who has the interest or time for that. Owners are wrong, tenants are wrong, what a mess.
I do know the laws quite well, however. Someone in my family has represented tenants, but she also represents landlords. Perhaps even more the latter.
Not small landlords, though.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
