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I don't have "nothing" from renting, I have the returns on the money that would otherwise have been a down payment. People often fail to understand that.
Obviously there are reasons that people will prefer ownership beyond returns, and I won't argue with those. But the problem is not generally wastrel renters, but rather the general decline of wages in real terms and increase of unavoidable expenses like health care over the past few decades. People used to live five years after retirement and pay the doctor in cans of beans. Now people live twenty or more years and long-term care costs several thousand dollars a month even in cheaper states.
I read the fine print of our lease and it looks like the owner can legally charge market rate after the tax abatement expires. What effect does this have on SCRIE? I'm interpreting it as the apartment won't be eligible then since our apartment will no longer be rent subsidized.
I read the fine print of our lease and it looks like the owner can legally charge market rate after the tax abatement expires. What effect does this have on SCRIE? I'm interpreting it as the apartment won't be eligible then since our apartment will no longer be rent subsidized.
You'd have to look it up, but various changes to rent regulation laws might make it a moot point if or when your unit comes out of RS. Also when does this happen? If it's twenty or more years from now I wouldn't get so worried unless you're planning on being a lifer in that apartment.
I don't have "nothing" from renting, I have the returns on the money that would otherwise have been a down payment. People often fail to understand that.
Obviously there are reasons that people will prefer ownership beyond returns, and I won't argue with those. But the problem is not generally wastrel renters, but rather the general decline of wages in real terms and increase of unavoidable expenses like health care over the past few decades. People used to live five years after retirement and pay the doctor in cans of beans. Now people live twenty or more years and long-term care costs several thousand dollars a month even in cheaper states.
Which is exactly what one stated, but many renters don't do that and or otherwise hit late middle age or senior citizen status with barely enough money or assets to last a few months.
Anyway SCRIE doesn't solve all seniors problems, even for those who manage to qualify and their rent is frozen at an affordable level.
Much low income, affordable, rent regulated or even market rate housing have become de facto naturally occurring retirement or nursing homes. Living in on the upper most floors of a five or six story walk-up building was fine when younger, but can become a prison as people age.
There is a huge problem with seniors in NYC living in apartments that just aren't suited to their health, age and other conditions. Their rent is low and they cannot find any other place for same or less so they're stuck. Sometimes social services, local politicians or whoever will lean on a LL to give tenant another unit in building on a lower floor, but that doesn't always work.
All over Yorkville and other parts of UES there are scores of seniors or elderly living in those five or six story tenement/walk-up buildings. They've been there since God made dirt and spit so rent is really low, where are they going to go?
Seniors often need things like guide rails in hallways/common areas, in bathrooms. Latest push is for walk in sit down showers. NYCHA has begun installing them in senior housing they run but private landlords largely aren't.
Not just the UES. All down the East Village and into "Two Bridges" or whatever you want to call it, and in Chinatown. (Note that this problem isn't specific to renting. Plenty of walk-up six-floor coops.)
Displacing seniors from their social and support networks can be hugely harmful, though, and even hasten their deaths.
Friend lives below a (now) elderly woman who is aging in place as it were. Unbeknownst to friend her upstairs neighbor got a walker about a year ago. She couldn't figure out WTF was going on above her, said it sounded like someone dragging a dead body. *LOL*
You'd have to look it up, but various changes to rent regulation laws might make it a moot point if or when your unit comes out of RS. Also when does this happen? If it's twenty or more years from now I wouldn't get so worried unless you're planning on being a lifer in that apartment.
We've got 7 years left to the 421a abatement so this is a good time for me to start exploring options for my parents.
Does anyone know if SCRIE benefits extend after the building's 421a tax abatement expires? We currently have several years left before the expiration, but would like to start considering our options. Thanks!
Did you ever find out if someone has SCRIE or apply for then get it SCRIE BEFORE the apartment of 421-a expires that change to market rate - can their SCRIE remain? Or their SCRIE expires too ?
Hope everything works out for you and thank you !
Did you ever find out if someone has SCRIE or apply for then get it SCRIE BEFORE the apartment of 421-a expires that change to market rate - can their SCRIE remain? Or their SCRIE expires too ?
Hope everything works out for you and thank you !
I encourage you to read this so that you have an understanding of how SCRIE works:
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