Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-27-2008, 09:58 AM
 
2 posts, read 20,542 times
Reputation: 13

Advertisements

hi there
i'm wondering if anyone can point me towards some information on income requirements for rent stabilized apartments in nyc/brooklyn. i know you need to have an income under a certain amount to qualify but that's not my concern. i'm wondering if there are requirments for the minimum income to get a lease in a stabilized apartment. does the same 40-50 time the monthly rent equation that lots of landlords use apply to stabilized apartments? is it impossible to get a stabilized apartment if you make less?

i'd appreciate any help!
thanks much
Reply With Quote Quick reply to this message

 
Old 04-27-2008, 10:40 AM
 
Location: Chittenden County, VT
510 posts, read 2,239,092 times
Reputation: 292
The same 40 - 50x monthly rent applies. That's pretty much a universal rule in the city. Often landlords will give you some wiggle room if you put more money down up front. When I started in my current place I was just under 40x and had no employment history in NYC (another important factor for them -- they want to know you have stable income). I was able to get the place by putting down 5 months up front. First and second month rent, 2 months security deposit, and last month's rent.

It's doable if you don't meet the standard income requirements but expect to have to make some sort of concession such as multiple months rent.

To answer you question more directly: There is no law about how much you have to make to get an apartment -- stabilized or not -- it is at the landlord's discretion and some are more lenient than others. If you are looking in Manhattan it is usually VERY firm. In the outer boroughs you will have a better chance.

EDIT: If you don't meet the criteria you have the option of a guarantor who can co-sign with you if hey make 80-100x the monthly rent.
Reply With Quote Quick reply to this message
 
Old 04-28-2008, 02:29 AM
 
Location: UWS -- Lucky Me!
757 posts, read 3,353,286 times
Reputation: 206
Quote:
Originally Posted by slim4 View Post
i'm wondering if anyone can point me towards some information on income requirements for rent stabilized apartments in nyc/brooklyn. i know you need to have an income under a certain amount to qualify . . .
There is no maximum income level to qualify for a stabilized apartment. In fact, one of the arguments for deregulation is the (outrageously exaggerated) assertion that a huge number of stabilized apartments are occupied by gazillionaires. Like Ronald Reagan's welfare queens and their new Cadillacs, there may be a handful, but they do not represent a statistically significant slice of the people who benefit, and they are no reason for disbanding a system that has protected people who need protection.

Whoops! This post did not start to be a mini-rant. Sorry.
Reply With Quote Quick reply to this message
 
Old 04-28-2008, 12:20 PM
 
Location: Brooklyn, New York
877 posts, read 2,760,530 times
Reputation: 318
I think that if you live in a rent stablized apartment and your income exceeds 170K then the apartment can be deregulated. How the Landlord would know that you make over 170K is something different.
Reply With Quote Quick reply to this message
 
Old 04-29-2008, 12:15 AM
 
Location: UWS -- Lucky Me!
757 posts, read 3,353,286 times
Reputation: 206
Yes. If you have been a tenant in an apartment whose rent has passed the $2,000 threshold, and if your income is above a certain level (which may be $170k, but it's worth checking), then the apartment is no longer rent stabilized. If I recall, seniors are exempt. However, if your landlord especially values you as a tenant, there's nothing requiring her/him to raise the rent beyond your ability to pay.

But this does not apply to new tenants, as they are moving into an apartment that is either stabilized or not. Of course, the higher the rent, the shorter the time you'll have the protections of stabilization. It takes longer for a $900 apartment to reach $2000 than it does an $1,800 apartment.

At the point when the stabilized rent reaches $2,000, the tenant must present proof of income (such as w 1040) if s/he wants to stay there under stabilization.
Reply With Quote Quick reply to this message
 
Old 11-22-2008, 07:47 AM
 
2 posts, read 36,124 times
Reputation: 11
Default is there any kind of constraint for renting a "rent stabilized apt" ... in terms of maximum salary or anyother criteria?

is there any kind of constraint for renting a "rent stabilized apt" ... in terms of maximum salary or any other criteria? would really appreciate help on this ...
Reply With Quote Quick reply to this message
 
Old 11-22-2008, 07:54 AM
 
2 posts, read 36,124 times
Reputation: 11
hey .. just wanted to confirm if there is max sal level here...i.e if you make more than a certain level ,you cannot rent a rent stabilized apt?
Reply With Quote Quick reply to this message
 
Old 11-22-2008, 07:55 AM
 
Location: Brooklyn, New York
877 posts, read 2,760,530 times
Reputation: 318
No, if you can find a rent stabilized apartrment there are no salary restrictions. Restrictions start to come in once the apartment is renting for over 2,000 per month. At that point, if you make over 175,000 (I think) in 2 consecutive years the apartment can be deregulated while you are living in it.

Last edited by drkman; 11-22-2008 at 08:03 AM..
Reply With Quote Quick reply to this message
 
Old 10-23-2010, 05:01 PM
 
1 posts, read 13,380 times
Reputation: 10
i am a 30 yrcold male with a wife and child looking forward to a rent stabilized for at least a 1 or 2 bedroom, but the system is not in my favor because of a credit issue. why should credit plays a factor in this situation. if anyone have any suggestion how i can be qualified, please advise. because it makes no sense for me to be paying this much money for a studio apartment. id rather pay it for at least a rent stabilized apartment.
Reply With Quote Quick reply to this message
 
Old 10-23-2010, 08:31 PM
 
1,263 posts, read 2,325,013 times
Reputation: 511
Quote:
Originally Posted by Carbro View Post
There is no maximum income level to qualify for a stabilized apartment. In fact, one of the arguments for deregulation is the (outrageously exaggerated) assertion that a huge number of stabilized apartments are occupied by gazillionaires. Like Ronald Reagan's welfare queens and their new Cadillacs, there may be a handful, but they do not represent a statistically significant slice of the people who benefit, and they are no reason for disbanding a system that has protected people who need protection.

Whoops! This post did not start to be a mini-rant. Sorry.
How do you know what the percentage is of well-off people is in rent-stabilized apartments?
There is no reliable source because the very powerful low-rent tenant lobby has blocked all attempts to take a survey of incomes. Now, why would that be?
On top of that, the lobby's politicians introduced a bill to raise the maximum income to a quarter million! Again, why in the world would they do that?
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top