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there are no studies or data on the wealth or incomes of tenants in rs apartments.. there isn't need of one since the concept has nothing to do with net worth or income.
An apartment will remain rent stabilized even if the rent rises above $2,500 while a tenant remains in occupancy and household income is less than $200,000 for the two previous years.
other than that net worth is not even a factor and quite frankly should not be since it's politics that brought rents below market and not design or concept.
there are no studies or data on the wealth or incomes of tenants in rs apartments.. there isn't need of one since the concept has nothing to do with net worth or income.
An apartment will remain rent stabilized even if the rent rises above $2,500 while a tenant remains in occupancy and household income is less than $200,000 for the two previous years. other than that net worth is not even a factor and quite frankly should not be since it's politics that brought rents below market and not design or concept.
I had asked that question because of what was stated in your previous post; not every RC/RS tenant is "some grandmother living on her social security check". I was trying to get a concept of the true diversity of an average RC/RS tenant.
you can't equate wealth and rs , my wife has lived in the apartment we are in for over 30 years. we love it in the area and really have no intention of retiring else where after a failed attempt at buying a home in a more rural area to retire to.. on the other hand we own stabilized apartments ourselves.
there is no relationship to wealth and having lower rent other than the time in your apartment and that was caused by dirty politics and nothing else...
we are on both sides of the fence but i still feel the system as is represents nothing more than a farce. politics caused the situation to end up what it is and politics should fix it.
i am all in favor of market rates for those who can afford it and more affordable and low income housing for those who qualify and can't afford it..
the j51 and 421 programs for landlords are a start but they are not nearly enough. there is to much distrust yet for small investors to get involved with rentals on a medium to large scale again after getting screwed by the politics of it.
you cannot end stabilization totally until you have the infrastructure to deal with those who have to relocate to places they can afford or you could just end it with them. when they die or leave game over and apartments go to market..
the city took the burdon of dealing with those who really can't afford to live where they are and instead of building more housing for them and those like them, they threw it on the landlords to absorb.
it worked for the city, the politics cut the budget for having to build affordable housing and also won votes. it was a win win for them.
except the landlords had an ace up their sleeve. co-op conversions . now you will see as much as 1/3 to 1/2 of all stabilized apartments vanish over the next decade. that is my prediction. the city and state will be left with their developments and a small segment of existing private stabilized rentals like hill top jay's as an example but the bulk will be gone as the apartments become vacant in the co-op conversion buildings.
so where does the public get screwed? when 1/2 the stabilized apartments are gone and at market rate and there is not enough affordable or low income housing available where do the next crop of folks go? the ghettos?
you have to pay the piper sooner or later for all those dirty politics and now that baby boomers are dying and relocating the city is going to meet its waterloo as the people like them have no where affordable to go.
by affordable housing i mean special housing where you have to be below certain income requirements to get in and it is subsidized wih grants and tax dollars so costs are spread out for all to absorb .
not enough of that kind of housing was built to replace the stabilized co-op rentals that will vanish this decade.,
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Last edited by mathjak107; 08-19-2013 at 10:34 AM..
Even if the children had been living there all along?
My own personal opinion, yes. If they are over 18, they are adults and legally able to sign contracts of their own. They are no longer dependent children and the original contract was between the parents and the landlord. Forcing a landlord to transfer the apartment at the deflated rental rate to another adult seems wrong to me as is the forcing of a landlord to add a 35 year old "child" to a parent's lease because they move in when mom and dad get old so they can keep the cheap apartment as long as they live there for two years.
what is simply untrue is your examples . you are shooting from the hip before you looked to even see these are affordable housing units not open market rentals .
FYI - no, I did not. Their status changed, much like the building at 123rd and St. Nicholas (now market-rate rentals; started as something else) and I am "eh" interested in real estate.
nah , the status doesn't change. these projects are approved for what they are long before the building stages. its okay to be wrong , none of us know everything self included. but everything should be a learning experience .
by affordable housing i mean special housing where you have to be below certain income requirements to get in and it is subsidized wih grants and tax dollars so costs are spread out for all to absorb .
not enough of that kind of housing was built to replace the stabilized co-op rentals that will vanish this decade.
Entirely untrue. To the extent that "investors" are already sinking enormous energy into getting around regulations and maximizing profits within the programs for which they opted. The "mixed-income" building, usually in a crap neighborhood - oops, I meant "up and coming" neighborhood - is increasingly the choice.
Why would small landlords go for the tax exemption programs. They cannot afford the initial investments and they won't be approved.
nah , the status doesn't change. these projects are approved for what they are long before the building stages. its okay to be wrong , none of us know everything self included. but everything should be a learning experience .
You are wrong. Approvals are re-thought and re-cast all of the time given a myriad of complexities.
People should make note of which positions resort to defensiveness and how quickly.
I had asked that question because of what was stated in your previous post; not every RC/RS tenant is "some grandmother living on her social security check". I was trying to get a concept of the true diversity of an average RC/RS tenant.
I know a million people, I feel at times, and talk to many different people and I could not even estimate this.
I have mostly encountered middle-income-ish, $40,000 - $80,000, small families.
There is this hysteria that it's all the wealthy scamming the system - hype, and patently false.
Entirely untrue. To the extent that "investors" are already sinking enormous energy into getting around regulations and maximizing profits within the programs for which they opted. The "mixed-income" building, usually in a crap neighborhood - oops, I meant "up and coming" neighborhood - is increasingly the choice.
Why would small landlords go for the tax exemption programs. They cannot afford the initial investments and they won't be approved.
it will not be nearly enough. have you any idea how many stabilized apartments are co-op?
just watch at the shortages we will see in non market rate apartments . in fact losing many of those co-ops to owners who now will occupy even the market value apartments will be in short supply.
nyc has a growing population. that says it all.
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