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All I am saying is NYC is one of the only places with such a rule, even big cities such as SF or other places do not require this. For example someone who makes 60,000 might just as well cover these expenses as a person who makes 80,000.
And there are landlords who will accept that in NYC as well.... But a general rule of thumb is annual income of 40x the rent.
Just to clarify, the requirement is that you make 40x the rent. So if it's a $2,000/ month apartment, you should make $80,000/year.
Again, it's not "what you have" it's what you make.
From your last comment, you are saying a landlord should accept you into a $2,000 apartment if you "have" $6,000"... That's asinine. You need proof of your income for the year to make your rental payments. To make $24,000 of rental payments in the year, they want to make sure you make $80,000. Not unreasonable. If you were in the position of a landlord, you would understand. You can't just accept anyone off the street who has $6,000 in their bank.
Agreed! The landlords are just protecting themselves - and why not, the demand greatly exceeds the supply! It does seem a bit much, but when you think about it, the rule makes total sense. If you're not making at least 40x the rent, it would be pretty tough to pay your rent, bills and have any kind of life!
Ok I do not want to get in a debate about this and I do not think it is "tough" at all to live with slightly less- I do! Just want to point out to anyone wanting to move that it is possible to avoid this rule and one should not be completely discouraged.
At the same time of course I do not advise for anyone to move here with $10 in their pocket either.
Agreed! The landlords are just protecting themselves - and why not, the demand greatly exceeds the supply! It does seem a bit much, but when you think about it, the rule makes total sense. If you're not making at least 40x the rent, it would be pretty tough to pay your rent, bills and have any kind of life!
Also let's not forget the big one, the rules in NYC greatly favor tenants. Once someone gets in an apartment, it can be really hard to get them out. Imagine getting a tenant that didn't make enough or had shaky finances and they stop paying you rent. It can take months to evict them. It's not like this in other cities. The 40x rule is really to protect landlords and ensure that even if someone has an unfortunate financial situation, they can still pay the rent. Not all landlords are big rich 1% people. Having a non paying tenant can hit them harder than many think.
On the car thing, insurance isn't all that expensive. Expect to pay in the $1100-$1200 range per year for a sedan with a clean driving record if you're over 26. Parking obviously is the main problem. You can garage it for as low as $300/month or park on the street if you can manage the cleaning shifts or are close to easy parking (rare). To manage the shifts you have to be able to stay in your car for about an hour after the sweeper passes and do that three times per week - and this does not include times when you actually have to USE the car because when you come back you are probably S.O.L. lol
If you need your car occasionally, like weekends & holidays, the way to go is park the car on the street in Long Island City and take a quick subway ride to retrieve it
I kind of hope more ppl move out first before letting ppl in...isn't it already overcrowded? i know some spots will free up when airborneguy and availableguy retire...
You should post some nice things in that Baltimore topic then.
Baltimore is the bestest!!!! It's like having NYC for a tenth of the price and ten times the fun!
On the car thing, insurance isn't all that expensive. Expect to pay in the $1100-$1200 range per year for a sedan with a clean driving record if you're over 26. Parking obviously is the main problem. You can garage it for as low as $300/month or park on the street if you can manage the cleaning shifts or are close to easy parking (rare). To manage the shifts you have to be able to stay in your car for about an hour after the sweeper passes and do that three times per week - and this does not include times when you actually have to USE the car because when you come back you are probably S.O.L. lol
If you need your car occasionally, like weekends & holidays, the way to go is park the car on the street in Long Island City and take a quick subway ride to retrieve it
There are some neighborhoods that offer easy parking. The part of Forest Hills south of Queens Blvd around Forest Hills Gardens, Jamaica, Bayside and Douglaston. Basically, you will find easy parking in Queens and Brooklyn in neighborhoods with lots of houses and far from the subway. The area in Jamaica I used to live didn't even have alternate side street cleaning.
Also let's not forget the big one, the rules in NYC greatly favor tenants. Once someone gets in an apartment, it can be really hard to get them out. Imagine getting a tenant that didn't make enough or had shaky finances and they stop paying you rent. It can take months to evict them. It's not like this in other cities. The 40x rule is really to protect landlords and ensure that even if someone has an unfortunate financial situation, they can still pay the rent. Not all landlords are big rich 1% people. Having a non paying tenant can hit them harder than many think.
this is very true. i heard about this.
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