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Sweetheart deal between the LL and the broker. The other thing I've heard of some LLs doing when they can't get their price is having a broker come in that can bring in tenants on programs. The reverse of this where you have market rate places that are too expensive compared to the size of the apartment.
I'd believe it. Some of these programs pay higher than market rate.
Another instance of not distorting the market.
You seem to be completely missing the point. RS creates this black market.
Do you buy bread or milk on the black market? Why not?
This is no different than the countless instances virtually all in NYC have heard of (if they've lived here long enough) of people buying their way unto M-L/section 8 lists, using NYCHA apartments as extended family dwellings, 80/20 lottery income fraud, and the thousand other ways people defraud social.welfare programs in this city
Do you have proof that the broker and LL are in cahoots?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
I would say this is a win for the tenant and broker. Clearly the market rate for such an apartment is closer to $3000. This is the only reason the broker was able to list it at that price and have interested renters calling him/her.
If the tenant scored an apartment that is $1500 under market rate and he stays there for 3 years or more he wins.
He wanted an under priced apartment in prime locations for free? No dice.
Landlords can't jack up the rent anymore when a longtime tenant leaves, so these reasonable apartments are starting to come on the market. It's definitely a win for tenants that these loopholes have been closed up.
In Stuy Town, these apartments are being renovated in a minimal way but still nice, with redone kitchens and bathrooms, refinished hardwood floors, and walls freshly painted. They are being rented to middle-income New Yorkers via a lottery, and it's really life-changing for the lucky individuals who are selected. I give Blackstone credit for following the rules and not warehousing the apartments, as the company did originally. Stuy Town has been returned to its original intention, providing a decent place to live for the average person. Even some apartments in Peter Cooper are included!
I would say this is a win for the tenant and broker. Clearly the market rate for such an apartment is closer to $3000. This is the only reason the broker was able to list it at that price and have interested renters calling him/her.
If the tenant scored an apartment that is $1500 under market rate and he stays there for 3 years or more he wins.
He wanted an under priced apartment in prime locations for free? No dice.
No **** this makes sense for the tenant, the broker, and the landlord. That's not the point though.
Gee, Thieving brokers and crooked landlords, who woudda THUNK?
Call the State Attorney General's office and file a report against the broker, and the landlord.
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