How do rent controlled apartments stay so cheap?

[mathjak107]

i find it funny how some people here expect tenants to pack up and move from where they always lived , and did nothing themselves to get artificially low rents except just live where they do .

so they should move and increase their expenses many times over just because .

i am a landlord with stabilized tenants below market and i can't even see the logic in that thinking .

like i said , those people would never quit a higher paying job to make less money for the same thing somewhere else so someone else can have their higher paying job .

[Kefir King]

The other thing to remember is that land is forever, while human beings have a set lifespan. Sooner or later we all are going to die. If not the current landlord then his heirs or whoever he sells the building to will sooner or later get that apartment back.




Thank God the landlords and their heirs haven't figured out yet how to live forever either.

[mathjak107]

that is why we don't care about the 2 remaining apartments . if the tenants out live us the kids will get them back and sell them.

all things being equal we will take 50 cents on the dollar today but if not so be it .

[BugsyPal]

Originally Posted by Kefir King

The other thing to remember is that land is forever, while human beings have a set lifespan. Sooner or later we all are going to die. If not the current landlord then his heirs or whoever he sells the building to will sooner or later get that apartment back.




Thank God the landlords and their heirs haven't figured out yet how to live forever either.

No, the fathers just die and leave all their property to a son like Donald Trump.


My point was that even if a RS apartment cannot be made vacant "now", long as the family holds onto the building sooner or later time is on their side.


Indeed property owners who have sat on land for years or decades are now often making a windfall as developers are looking for things to buy.


As have mentioned the entire east side of First avenue between 80th and 79 has been purchased, emptied out of mostly all commercial and residential. It is the big secret that everyone knows. What is unknown atm are the plans and who is behind.


Was announced last Friday that North Shore-LIJ (now Northwell) owner of Lenox Hill hospital is going to purchase the corner buildings on 77th and Third (where the liquor store and Capitol One Bank are located). So that will also soon be coming down, and the current owner stands to make a mint.


Only little pishers who buy buildings with large or all RC/RS tenants but are so over leveraged they cannot make the deal work with current rent rolls get into trouble. People like the Rudins or whatever simply will wait things out.