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I am a small LL of RS apartments and I agree with just about everything you said. Most of my tenants, although RS, pay market rent and I have had no problems at all with them. But of the three that are long-time very low-rent, two of them drive me crazy.
One is a chronic non-payer of rent. She is always a few months behind. When it gets to four or five months I hire a lawyer and go to court. She comes up with the money and then immediately stops paying again. Sometimes she comes to court with a list of three or four repairs, a couple of which she caused herself or which are not my responsibility. This has been going on for many years. It has cost me a lot in time and legal fees.
Another does not even live there for most of the year and I know for a fact he has sublet and profiteered on the low rent. It took me a while to realize what was going on. This guy is wealthy and spends most of the year vacationing. His father is a successful MD and wanted to buy the building from me to give to his son. And he's been living there for 10 years at about half the market rent.
Both of these tenants know the RS law inside and out. They know what they can get away with (which is a lot) and what they can't get away with. The law ties my hands as far as eviction goes, unless the tenant makes a big mistake - which is unlikely.
geek, if you are paying market rent then your concern about an outrageous increase if there were no RS is unfounded. The definition of market rent is the rent that the market would pay. It would make no business sense for a LL to force you out by asking for a much higher rent when he couldn't get that rent from someone else. Being a good tenant and having a good relationship makes it even more unlikely. In fact, if RS would magically disappear or be phased out, market rents would eventually decrease because hundreds of thousands of apartments that are now hoarded by long-time low-rent tenants would gradually come on to the market. That would increase the supply. When supply of a product increases and demand stays about the same, the price of that product goes down. Most market rent tenants don't realize this.
Market rent tenants, RS or not, would benefit greatly by a phase-out of the RS system.
"Another does not even live there for most of the year and I know for a fact he has sublet and profiteered on the low rent. It took me a while to realize what was going on. This guy is wealthy and spends most of the year vacationing. His father is a successful MD and wanted to buy the building from me to give to his son. And he's been living there for 10 years at about half the market rent."
I told him that from now on if he wants to sublet then it will have to be strictly by the book (meaning that he won't get away with any more antics). His reacted by threatening to "scour the building" for any violations. I'm afraid that if he doesn't find any he'll create some. I locked the roof latch and basement.
This guy is a nightmare. Why do I have to be stuck with for life? I have rent stabilization to thank. WHERE ARE MY PROPERTY RIGHTS??!!
"Another does not even live there for most of the year and I know for a fact he has sublet and profiteered on the low rent. It took me a while to realize what was going on. This guy is wealthy and spends most of the year vacationing. His father is a successful MD and wanted to buy the building from me to give to his son. And he's been living there for 10 years at about half the market rent."
I told him that from now on if he wants to sublet then it will have to be strictly by the book (meaning that he won't get away with any more antics). His reacted by threatening to "scour the building" for any violations. I'm afraid that if he doesn't find any he'll create some. I locked the roof latch and basement.
This guy is a nightmare. Why do I have to be stuck with for life? I have rent stabilization to thank. WHERE ARE MY PROPERTY RIGHTS??!!
Don't know if this will help you but the url leads to a fact sheet for RGB regarding sublets: NYC Rent Guidelines Board
"Another does not even live there for most of the year and I know for a fact he has sublet and profiteered on the low rent. It took me a while to realize what was going on. This guy is wealthy and spends most of the year vacationing. His father is a successful MD and wanted to buy the building from me to give to his son. And he's been living there for 10 years at about half the market rent."
I told him that from now on if he wants to sublet then it will have to be strictly by the book (meaning that he won't get away with any more antics). His reacted by threatening to "scour the building" for any violations. I'm afraid that if he doesn't find any he'll create some. I locked the roof latch and basement.
This guy is a nightmare. Why do I have to be stuck with for life? I have rent stabilization to thank. WHERE ARE MY PROPERTY RIGHTS??!!
These are the type of tenants that take advantage of the system and get away with it. Don't let that FOOL scare you. If you have no violations in your building then you are in good position to take aggressive legal action against him...I would. Take pics of your roof, hallways, basement and save them in case he trys to sabotage you.
"Another does not even live there for most of the year and I know for a fact he has sublet and profiteered on the low rent. It took me a while to realize what was going on. This guy is wealthy and spends most of the year vacationing. His father is a successful MD and wanted to buy the building from me to give to his son. And he's been living there for 10 years at about half the market rent."
I told him that from now on if he wants to sublet then it will have to be strictly by the book (meaning that he won't get away with any more antics). His reacted by threatening to "scour the building" for any violations. I'm afraid that if he doesn't find any he'll create some. I locked the roof latch and basement.
This guy is a nightmare. Why do I have to be stuck with for life? I have rent stabilization to thank. WHERE ARE MY PROPERTY RIGHTS??!!
you have no rights, every law pretty much we have is to protect tenants not landlords.....
you have no rights, every law pretty much we have is to protect tenants not landlords.....
Thats right...so tenants, next time you go to the RBG meetings holding up signs, ranting and screaming like animals about landlords are greedy, remember that the landlord is PAYING for a portion of your below market rent, so be nice to him...lol. Thats a gift from the landlord to the tenant.
With the Democrats in office - what is 2009 rental increase forecast? Higher or lower percentage for rent renewals? Because of economy will they make high in favor of landlords or keep lower for us tenants?
Remember this? It was the OP's question. I believe that the particular political party in office has very little (translation: nothing) to do with the rents in New York City. The percentage of increase is a city affair, and so you can't blame it on either Bush or Obama. Yes, it would be more fun to blame it on Bush, but that's one area where you have to be fair and acknowledge that he's innocent.
Remember this? It was the OP's question. I believe that the particular political party in office has very little (translation: nothing) to do with the rents in New York City. The percentage of increase is a city affair, and so you can't blame it on either Bush or Obama. Yes, it would be more fun to blame it on Bush, but that's one area where you have to be fair and acknowledge that he's innocent.
We're talking on a city and state level as in the senate, come january will be runned by democrats now instead of republicans. Therefore democrats tend to vote for more "socialist" policies such as RENT STABILIZATION. Democrats are PRO rent stabilization. So they will unfortunately have a BIG influence on future increases and making RS more strict like abolishing de-regulation. What a shame!
We're talking on a city and state level as in the senate, come january will be runned by democrats now instead of republicans. Therefore democrats tend to vote for more "socialist" policies such as RENT STABILIZATION. Democrats are PRO rent stabilization. So they will unfortunately have a BIG influence on future increases and making RS more strict like abolishing de-regulation. What a shame!
To add to that, the City Counsel especially with that fat chick Quinn in charge who is a democrat, REALLY wants to make rent stabilization stricter. She also wants to run for Mayor so she wants to appear as if she is a voice for the poor, lower income voters.
Quinn earlier this year pasted a NEW ANTI-HARRASSMENT LAW against rent stabilization landlords with the hopes of detering aggressive landlords from evicting RS tenants and ultimately PRESERVING the RS housing stock.
Also in April, attoreny general Cuomo (democrat) introduced a bill that pasted which now makes it ILLEGAL for a RS landlord to deny a section 8 tenant. Prior to this law, if a tenant with section 8 approached you for an apartment, you could of easily said "sorry, I don't take section 8 programs in my building" end of story and they would look for a neighborhood that accepts section 8 people.
Now you can NO LONGER say that because its considered discrimination even though section 8 is suppose to be a VOLUNTARY program. The democrats are FORCING landlords to accept these people which will have a BIG negative impact on the neighborhood if landlord are NOT clever enough to deny section 8 tenants not because they have section 8 but for other JUSTIFIABLE reasons such as "I found a better qualified tenant with excellent creditials"
I would say about 6 months or so into the new year these demorats will start taking away whatever little lifelines RS landlords have in order to preserve the RS housing stock. I'm def not looking forward to this.
In anticipation of a Democratic takeover of the state, the activist low-rent stabilized tenant lobby introduced a slew of bills a few months ago. What they want to do will make your eyes pop. For example, one of the bills will allow any artificially low-rent tenant with an income of up to $240,000 to retain his right to the low rent (as if $175,000 wasn't high enough)!
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