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The sick thing is even thinking about this. I use to have a co worker I considered a friend who's parents had a big house in the burbs. She said I can't wait till the house becomes mine. That was the end of that friendship for me. The house was more important then her parents were. This hits me the same. Rather have the apartment then your mom alive.
Enjoy the time you have with your mother while she's still healthy and living.
Hope she lives to be at least 100!
Op's situation reminds me of a high school friend who lived in Mitchell Lama housing in the 1980s and 1990s. He kept boasted about inheriting that apartment when his parents died. But he "ONLY" had to wait until the mid 2010s for the board to convert it to a private property. He wasted the better part of 35 years sitting in a tiny shoe box apt playing for time when he could have grown into a real person.
So many lost opportunities were missed - he turned down opportunities to buy real estate in 2009 after the Lehman bros crash. He has a government job so he did not have to worry about layoffs. 2009 NYC and 2002 NYC post 9/11 were the 2 big times to buy at steep discounts.
Op's situation reminds me of a high school friend who lived in Mitchell Lama housing in the 1980s and 1990s. He kept boasted about inheriting that apartment when his parents died. But he "ONLY" had to wait until the mid 2010s for the board to convert it to a private property. He wasted the better part of 35 years sitting in a tiny shoe box apt playing for time when he could have grown into a real person.
So many lost opportunities were missed - he turned down opportunities to buy real estate in 2009 after the Lehman bros crash. He has a government job so he did not have to worry about layoffs. 2009 NYC and 2002 NYC post 9/11 were the 2 big times to buy at steep discounts.
So was dogecoin this time last year. Monday morning quarterbacking much? Not exactly on topic either.
Oh...you guarantee it? Interesting! You're not willing to put up money, and bet on it though. If you are, would you like to pay me through PayPal or CashApp?
As to everyone else, thanks for all your replies. I actually have been living here for at least the last 2 years, but I may be leaving the country next year for an extended period of time. There's still one of my other siblings here as well, so we wouldn't be losing the rental property even if I did leave the country, because it would still correspond to my other sibling upon my mother's demise. I created the topic because I'm just trying to "get my ducks in a row", and plan/see what my options are.
For the people that commented very harshly and kind of insinuated that we should just leave the property when the time comes and let others rent it for nearly double the current price...nah. I'll do what I can to ensure that is not going to happen (I'm only one person, but I'll do what I can.). You can look at the economic ladder from the lowest rung all the way to the tippity top and find people trying to take advantages of laws and loopholes at every level. This should've shown you by now that: "Life is not fair.". Get a grip.
My suggestion is pretty simple but needs some work on your part.
You should impersonate your dead mom on her passing. If you are a broad shouldered tallish guy, you need to hunker down and practice her mannerisms, which should be second nature to you by now. You’re better off turning yourself into her, and concentrate real hard on the make believe before her passing to accomplish the transition. Good luck.
Not my business. I don't live in or have ever lived in a NYCHA building. I am not about to waste my precious minutes on people and their NYCHA issues and scams. I am sure they know who lives in what apartment.
The sick thing is even thinking about this. I use to have a co worker I considered a friend who's parents had a big house in the burbs. She said I can't wait till the house becomes mine. That was the end of that friendship for me. The house was more important then her parents were. This hits me the same. Rather have the apartment then your mom alive.
Enjoy the time you have with your mother while she's still healthy and living. Hope she lives to be at least 100!
I hope my mother outlives you. I don't see how that's relevant though, since I already mentioned in my original post that I have no desire for her demise any time soon. All of this is about "planning".
I hope my mother outlives you. I don't see how that's relevant though, since I already mentioned in my original post that I have no desire for her demise any time soon. All of this is about "planning".
You are wasting precious time, opportunity and brain cells scheming on a one bedroom rental apartment (and I would bet my left toe out dated since she has been living in there since the 70s)
When you could put that energy into owning.
Like I said up top. Please use the 'windfall' to plan better for your future.
You are wasting precious time, opportunity and brain cells scheming on a one bedroom rental apartment (and I would bet my left toe out dated since she has been living in there since the 70s)
When you could put that energy into owning.
Like I said up top. Please use the 'windfall' to plan better for your future.
You are not wrong at all, and I appreciate you being one of the only uplifting/positive posters in this thread, but I must also retort with:
”Why should the landlord keep extending you this gratitude when others probably pay a significant amount more than you?”
The landlord isn't extending any damn thing. He's adhering to the law he knew existed when he bought the apartment. Also, do you think the landlord gives a damn about the interests of the ”others?” He just wants to line his pockets as much as he possibly can, which means you owe him adherence to the law and nothing else.
You need to have been living in the apartment for two years (less if you are disabled or over 62) at the time of the tenant's death or permanent departure to a care facility to have succession rights. There are a few exceptions related to being in college or serving in the armed forces, but you do still have to have been living there first. Only you can decide whether the prospect of a rent-controlled apartment is worth making it your primary residence (and living with your mom) for years first.
Because it is fair. Yes, so laws are unfair. And maybe this is the same owner when it started. And why should other tenants pay more in rent to subsidize the rent controlled ones. You also make it sound like there are more bad landlords then tenants. When it is clearly the other way around.
And we have a shortage of housing. Why make it so less people will invest and build more.
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I don't see how that's relevant though, since I already mentioned in my original post that I have no desire for her demise any time soon. All of this is about "planning".
