More than 60,000 Rent-Stabilized Apartments are Now Vacant (New York, Albany: employment, neighborhoods)
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There is no higher demand …the same amount of people are still needing the same amount of available housing .
It’s basic economics …all that is happening is one group may be paying less then others but they still need a place to live..
Destabilize and The only change would be all would pay Higher rents like boston saw .the stabilized stuff would get renovated and brought up to market .
Rents would be based on full market values of apartments and buildings .
You need a drastic supply increase of rentals , just shuffling the deck isn’t increasing supply …
many of those 60,000 warehoused apartments which only account for less than 6% of stabilized apartments ,may be converted to condo or coop without stabilization and they would add nothing to the rental market.
Some may be converted to multi use commercial properties , again shrinking available resi housing …
In fact it may increase demand for housing if they had to leave because the building was being converted.
So lower rents is not going to happen either way
Your mind is distorted on this topic. Your argument essentially states that without RS, this city can’t have a healthy market while ignoring the the fact that RS ruined the market in the first place.
It’s like claiming that drug dealers are good for society because without drugs an addict would go into withdrawal.
We all under that in order to correct the market there would be a lot of short term pain. That doesn’t make your argument valid.
Your mind is distorted on this topic. Your argument essentially states that without RS, this city can’t have a healthy market while ignoring the the fact that RS ruined the market in the first place.
It’s like claiming that drug dealers are good for society because without drugs an addict would go into withdrawal.
We all under that in order to correct the market there would be a lot of short term pain. That doesn’t make your argument valid.
A healthy market ? Likely not as far as rentals go as condos and coops can be more lucrative ..
All we will see is higher rents for all instead of some having lower rents .
No one had to be stabilized since the 1970s yet not one , let me repeat that , not one pure rental building open to all was ever put up in all of nyc .
Developers rather just build and sell them off as condos or coops .
So there is no reason that will change without incentives to build more rentals to increase supply which is what you are crying about now.
Any Rentals put up today are far outside the affordability of even the upper middle class ..buildings like the chrystie which is a rental get 5k - 6k a month for a family.
The problem is building in nyc for rentals is just way to costly to be affordable without subsidies.
People with that kind of money usually prefer to own and that makes things very different here.
Your view of some equitable rental market is a pipe dream here
Last edited by mathjak107; 11-01-2022 at 08:24 AM..
That’s even worse. I understand those that truly need the help. The problem with the current day NYC welfare state is that many participate in it just because they can/ they see others who truly don’t need it participating.
It’s the moral degradation of society.
First of all, it's not welfare. Second, don't hate the player, hate the game (or policy).
Part of the reason why landlords here have to charge high rents is not only because of a supply and demand issue, but because of high property taxes. Politicians in Albany set the taxes in New York City. It is also those politicians who tell landlords, "If you give that girl an apartment for $3,000 instead of $6,000 a month, you will get a huge tax rebate." The landlord therefore takes the opportunity as in, "If you're going to give it to me, then I'll take it" and receives enough subsidy that they're able to not only make a profit, but build more property on underutilized land.
So if anyone is taking advantage of the tax system, it is the landlord. But again, I don't blame them because property taxes in this State are out of control. The taller the building and more units, offices and amenities it has, the higher the taxes.
Part of the reason why landlords here have to charge high rents is not only because of a supply and demand issue, but because of high property taxes. Politicians in Albany set the taxes in New York City. It is also those politicians who tell landlords, "If you give that girl an apartment for $3,000 instead of $6,000 a month, you will get a huge tax rebate." The landlord therefore takes the opportunity as in, "If you're going to give it to me, then I'll take it" and receives enough subsidy that they're able to not only make a profit, but build more property on underutilized land.
So if anyone is taking advantage of the tax system, it is the landlord. But again, I don't blame them because property taxes in this State are out of control. The taller the building and more units, offices and amenities it has, the higher the taxes.
Exactly! "So if anyone is taking advantage of the tax system, it is the landlord" yet I don't see anyone calling them welfare folks.
What mathjak107 said "Any Rentals put up today are far outside the affordability of even the upper middle class ..buildings like the chrystie which is a rental get 5k - 6k a month for a family."
There are no new buildings that aren't "luxury", coops, or condos in the city. These developers need incentives like affordable housing/421-a tax break in order to be able to get a profit to their liking. There is nothing wrong with someone turning to these properties for a place to live because its literally the only thing out there other than owning a home. As we've seen there are very few RS apartments out there as well due to warehousing..
This talk about welfare when it comes to affordable hosing is a non-sense argument and you can tell because those calling it welfare had nothing to say when shown that people making 200k qualify for it.
Those making 112-255k are considered middle income in NYC AND qualify for affordable housing. People should do some research before making extremely false claims over and over again like a broken record : https://www1.nyc.gov/site/hpd/servic...u-qualify.page
Definition of on welfare
US. : receiving money from the government because of a low income or lack of income a family on welfare.
Had no idea people making 200k are receiving money from the government.....
Last edited by Gilmoregal; 11-01-2022 at 11:36 AM..
Exactly! "So if anyone is taking advantage of the tax system, it is the landlord" yet I don't see anyone calling them welfare folks.
What mathjak107 said "Any Rentals put up today are far outside the affordability of even the upper middle class ..buildings like the chrystie which is a rental get 5k - 6k a month for a family."
There are no new buildings that aren't "luxury", coops, or condos in the city. These developers need incentives like affordable housing/421-a tax break in order to be able to get a profit to their liking. There is nothing wrong with someone turning to these properties for a place to live because its literally the only thing out there other than owning a home. As we've seen there are very few RS apartments out there as well due to warehousing..
This talk about welfare when it comes to affordable hosing is a non-sense argument and you can tell because those calling it welfare had nothing to say when shown that people making 200k qualify for it.
Those making 112-255k are considered middle income in NYC AND qualify for affordable housing. People should do some research before making extremely false claims over and over again like a broken record : https://www1.nyc.gov/site/hpd/servic...u-qualify.page
Definition of on welfare
US. : receiving money from the government because of a low income or lack of income a family on welfare.
Had no idea people making 200k are receiving money from the government.....
On this topic, mathjak actually has the experience, and therefore the knowledge. I don't know why certain people here keep arguing with him when they have no experience on the topic. They should just admit they're wrong and move on.
People who benefit from the largest tax breaks and benefits are actually corporations, banks, Zelensky, NYS retirees with their lucrative retirement packages, CUNY students and affordable housing landlords. I'm sorry if that offends anyone, but it's the truth.
"On this topic, mathjak actually has the experience, and therefore the knowledge."
I'm wondering the same thing. Takes a special kind of personality to argue with someone who has clearly more knowledge & personal experience with a topic when you have zero....
"On this topic, mathjak actually has the experience, and therefore the knowledge."
I'm wondering the same thing. Takes a special kind of personality to argue with someone who has clearly more knowledge & personal experience with a topic when you have zero....
I only know what I know and have direct experiences with ..I can’t speak for what other landlords run in to and their specifics .
I can tell you this though , my partner Bernie spitzer was one of the largest real estate moguls in New York .
He took the 200 Central Park south building where we had our apartments , coop to get out from under stabilization ….
The only stabilized tenants left are those who didn’t buy in the conversion..
Whatever stabilized apartments he held as a sponsor he blew out price wise just to have nothing to do with tenants .
Stabilization ended just under 50 years ago here for any new construction ….yet few rentals were built that are not part of some restricted income or affordable housing project .
It was only these incentives that brought some developers in to the market here .
The ashkenazy group whom we sold our commercial lease rights to has put up luxury rentals costing many many thousands a month with the deals , that the apartments will stay stabilized as long as the incentives last .
Stabilization or not , no one is rushing to build more supply here and if they did few middle class can afford the apartments becuse nyc is so expensive to reside in
A healthy market ? Likely not as far as rentals go as condos and coops can be more lucrative ..
All we will see is higher rents for all instead of some having lower rents .
No one had to be stabilized since the 1970s yet not one , let me repeat that , not one pure rental building open to all was ever put up in all of nyc .
Developers rather just build and sell them off as condos or coops .
So there is no reason that will change without incentives to build more rentals to increase supply which is what you are crying about now.
Any Rentals put up today are far outside the affordability of even the upper middle class ..buildings like the chrystie which is a rental get 5k - 6k a month for a family.
The problem is building in nyc for rentals is just way to costly to be affordable without subsidies.
People with that kind of money usually prefer to own and that makes things very different here.
Your view of some equitable rental market is a pipe dream here
Once again, your argument is basically, "drug dealers are fine because without the drugs the addicts would be in withdrawal".
For the umpteenth time, we all understand that the current RS game benefits some landlords and tenants. That's not a reason that to keep the current game going.
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