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Why are you assuming rent stabilized means cheap ? Or that one can’t better themselves because they want to rent and most rentals are stabilized
Our building is right at market for apartments…we have a pool and tennis courts too .
One of my favorite stabilized buildings is the chrystie where a 2 bedroom goes for 7-8k a month .
That 2700 hundred dollar cap in rent before being destabilized only applies to building put up prior to 1974 .
New construction has no cap
Most OLDER rent stabilized apartment are way below market rate. We know your set up. That is not the norm.
Rent stabilized renters moan and complain if they have to pay 2% increased rent while everyone else has been seeing over 20% increased rent. If such a miniscule increase in rent causes anyone to be homeless, protesting so vocally, then they need to look at their finances.
MOST rent stabilized (or any building in NYC for that matter) does not come with a pool and tennis court. Most rent stabilized tenants aren't spending anywhere close to $3000 for their rent much less $700K for a 2 bedroom apt
Most OLDER rent stabilized apartment are way below market rate. We know your set up. That is not the norm.
Rent stabilized renters moan and complain if they have to pay 2% increased rent while everyone else has been seeing over 20% increased rent. If such a miniscule increase in rent causes anyone to be homeless, protesting so vocally, then they need to look at their finances.
MOST rent stabilized (or any building in NYC for that matter) does not come with a pool and tennis court. Most rent stabilized tenants aren't spending anywhere close to $3000 for their rent much less $700K for a 2 bedroom apt
We are not talking about the outliers here.
But you still can’t make a one size fits all statements like you did .
Most Renters are renters because they like the resources to be buyers or many wouldnt be renters .
So renters by group are a very wide group ranging from very poor and unmotivated to very rich and very successful so your one size fits all statement is incorrect .
Not all who live in stabilized apartments have dingy old apartments below market and not all are unsuccessful.
So your statement is wrong ..our building is filed with professionals who choose to deploy their money in to buying a practice or business proves it wrong .
Rents are right at market here as well.
Anyone who wants an apartment here can have one , they are available but they are not cheap
My response was for the doom and gloom economy is tanking people who don't think they should pay a rent increase in 10 years while the cost of everything has increased significantly in the same time period.
My response was for the doom and gloom economy is tanking people who don't think they should pay a rent increase in 10 years while the cost of everything has increased significantly in the same time period.
Well I agree , people should not expect to remain unscathed by this inflationary cycle ….
So yeah rents should go up ….
Stabilized rents have gone up with few exceptions the last 10 years so not sure where you get this no rent increase in ten years …..in fact 2 year leases have gone up every year. Only this year will a two year lease go up zero the first year .
1 year leases have had increases in 3 out of seven years .
However most buildings had other sizable increases .
In the years we got no increase they simply raised parking to 200 a month and whacked us with capital improvement increases . So they get their money one way or another .
All these kinds of increases fall outside the boundaries of what stabilization does
Do they decide on the rent increases yearly? I'm surprised they would consider a substantial rent increase with the economy tanking and COVID still making an impact.
This what I think as well.
Quote:
Originally Posted by mathjak107
Why are you assuming rent stabilized means cheap ? Or that one can’t better themselves because they want to rent and most rentals are stabilized
Absolutely! If an apt. has changed residents enough times, the rent isn't cheap even in a rent stabilized situation.
Quote:
Originally Posted by mathjak107
Well I agree , people should not expect to remain unscathed by this inflationary cycle ….
So yeah rents should go up ….
Stabilized rents have gone up with few exceptions the last 10 years so not sure where you get this no rent increase in ten years …..in fact 2 year leases have gone up every year. Only this year will a two year lease go up zero the first year .
It's the exception when rent stabilized lease renewals don't come with some kind of increase. This year is the first time that a one year lease renewal the rent only increases during the second half of the lease (which is similar to what you are describing about the 2 year lease renewal).
Those who don’t deal with stabilization don’t understand just how it works and what everyone’s deal is as well as how it works and why it is so profitable for developers to get in to this market .
They tend to think incorrectly that all those in stabilized apartments are living in some awful hobble or are unsuccessful people.
Also , the stabilization board increases are only part of the deal …mci increases were so high that the new laws had to temper them down , plus other things like parking were pushed as high as they could reasonably get.
Our building doubled the pool membership with no more tenant discount
So there are pretty decent increases in buildings that are maintained and desirable.
Our building development consists of two buildings with over 300 apartments….all are stabilized.
We kept hoping for decades the owners would take the building coop to get out of being stabilized ….but nope , the building has been so profitable for them over decades it has not been a thought by them.
Just the natural progression of rents will start to see some apartments being destabilized as they cross 2700.
They are currently at 2500-2600 for a 2 bedroom renovated apartment
Last edited by mathjak107; 04-15-2022 at 05:06 AM..
He's NOT a loser - he's absolutely 100% right! The economy is abso-effin'-lutely tanking. We haven't had this type of inflation in years, and now we're at the steps of WW3. Prepare for rations and the collapse of the dollar. Forget rent stabilization at this time - that luxury is long gone. I'm trying to see how I can buy a property with at least 1/2 acre to grow my own food.
By the way, what world are you living in??
When I was a teen , I listened to Alex Jones, late night Art Bell.radio, and was into reading various conspiracy websites it was entertaining. Like watching a movie. I guess some.people.nevwr grow out of that phase.
When I was a teen , I listened to Alex Jones, late night Art Bell.radio, and was into reading various conspiracy websites it was entertaining. Like watching a movie. I guess some.people.nevwr grow out of that phase.
Back in the 1980s I used to get these gold bug newsletters .
You can take whatever was in them decades ago and repost it today.
So now because I rent, I'm poor and a loser? Interesting... I do not think that's how most people would consider me, but what do I know
Exactly why I am combative in these one size fits all renter vs owning discussions….
I resent being called a loser .
I spent my life making sure I never raised my own family in a nyc housing project like where I grew up .
Renters are a much wider group , so you will have quite a bit of lower end earners in the mix , but to paint everyone with the same broad based description is just stupidity.
I can say my success was because I did rent the last two decades and could take the money no longer tied up in a house and buy a share in a real estate business that was so lucrative it was life changing .
I have no desire to own a thing anymore …we sold all our real estate and rent and have no chores , work or responsibilities to maintain a thing housing wise in our retirement.
We prefer not to saddle our kids with a house or apartment that has continual expenses and headaches for heirs .
If we buy a coop or condo apartment it has to make sense and so far it will cost us way more to buy then renting and leaving that money invested does
Last edited by mathjak107; 04-15-2022 at 08:06 AM..
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