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With the vacancy rate as low as it is in NYC, there is no way th 40x rule is as widely used as som believe.
The landlords who have no clue on how to manage their buildings and have no "system" in place are the ones who don't use the 40x rule.
And those are the same landlords who have a lot of tenant headaches and a lot of non-paying tenants. Chance are those buildings are mismanaged with a lot of maintenance issues.
Last edited by hilltopjay; 10-11-2011 at 08:13 PM..
With the vacancy rate as low as it is in NYC, there is no way th 40x rule is as widely used as som believe.
Think again.I see it advertised more and more in rental ads for buildings in my neighborhood and I live in The Bronx !
If anything,it might be more widely used than in some years past.I think a lot of landlords got burned by deadbeat renters just as a lot of banks got burned by deadbeat owners.The entire real estate industry,including rentals,has gotten more conservative than ever in the last couple of years.
The 40x rule is not draconian or overly restrictive.It just makes common sense.People should not be spending 30, 40 or 50 % of their incomes on rent.20 or 25% is quite enough.
The landlords who have no clue on how to manage their buildings and have no "system" in place are the ones who don't you the 40x rule.
And those are the same landlords who have a lot of tenant headaches and a lot of non-paying tenants. Chance are those buildings are mismanaged with a lot of maintenance issues.
This is so true.If I were a renter I wouldn't want to knowingly live in a building where the landlord had no financial criteria for tenancy because they are usually slumlords too.
Think again.I see it advertised more and more in rental ads for buildings in my neighborhood and I live in The Bronx !
If anything,it might be more widely used than in some years past.I think a lot of landlords got burned by deadbeat renters just as a lot of banks got burned by deadbeat owners.The entire real estate industry,including rentals,has gotten more conservative than ever in the last couple of years.
The 40x rule is not draconian or overly restrictive.It just makes common sense.People should not be spending 30, 40 or 50 % of their incomes on rent.20 or 25% is quite enough.
They've gotten more conservative lately because demand for rentals has increased. Therefore,landlords can pick and choose more qualified applicants.
Being burned as a landlord is the cost of doing business. Especially with the laws being as pro tenant as they are.
I agree that people shouldn't be spending an inordinately high percentage on rent but the market dictates how liberal or conservative a landlord is with enforcing the 40x rule.
Do landlord associations hire shills by the hour to "protect their interests" on boards like these. I'm sure the landlords themselves are far too busy counting their money to acutally post themselves. There seem to be far to many landlords shouting WE WANT MORE MONEY than one wouldd think statistically likely.
Sort of lobbyists at minimum wage?
So come on, fess up, which of you landlord promoters are on the payroll?
I have no problem with high rents if someone wants to pay them...it is only the endless whining for MORE MONEY that greedy bloodsucking landlords whine about ad infinitum that I find nauseating. No laws can possibly ever fulfill their expectations of MORE MORE MORE.
They must even talk in their sleep about needing higher rents.
And yet here they stay, year after year, decade after decade, generation after generation...WHINING about how put upon they are! Drones who do nothing for society except deposit rent checks...and COMPLAIN about the laws.
Do landlord associations hire shills by the hour to "protect their interests" on boards like these. I'm sure the landlords themselves are far too busy counting their money to acutally post themselves. There seem to be far to many landlords shouting WE WANT MORE MONEY than one wouldd think statistically likely.
Sort of lobbyists at minimum wage?
So come on, fess up, which of you landlord promoters are on the payroll?
I have no problem with high rents if someone wants to pay them...it is only the endless whining for MORE MONEY that greedy bloodsucking landlords whine about ad infinitum that I find nauseating. No laws can possibly ever fulfill their expectations of MORE MORE MORE.
They must even talk in their sleep about needing higher rents.
And yet here they stay, year after year, decade after decade, generation after generation...WHINING about how put upon they are! Drones who do nothing for society except deposit rent checks...and COMPLAIN about the laws.
Spoken like the true loser you are. Funny thing is that the same way you describe landlords is the same way I describe labor unions. Always want more but do less. That's why as a business owner I would NEVER hire union workers. I'll stick to hiring mexicans who keep their mouths shut, don't complain, and do a better quality job than any over paid union worker can do.
King its obvious you are someone else's biatch. You're a slave to your employer and live paycheck to paycheck. That's where all your hatred towards business people comes from. Particularly landlords.
I suggest you take your head out your a$$ and read some books on how to exscape the rat race you're in. Try reading "Rich Dad, Poor Dad". That should shed some light on the matter. It changed my way of thinking and there still may be hope for you.
Having just finished looking for a place, I can tell you that it really depends on the individual landlord. I had some places that were absolutely not willing to budge, while others were willing to take into account my perfect credit score and educational background. We even found a few landlords who didn't seem to care about any particular income rules, and we were actually turned off to their apartments because of this.
Having just finished looking for a place, I can tell you that it really depends on the individual landlord. I had some places that were absolutely not willing to budge, while others were willing to take into account my perfect credit score and educational background. We even found a few landlords who didn't seem to care about any particular income rules, and we were actually turned off to their apartments because of this.
Exactly right and I bet the buildings these landlords have who don't check credit, criminal, etc are run down looking and infested with ghetto people. Who would want to live in such an enviornment other than other ghetto people who have lower standards and just want a roof over their heads. So they'll take the first place that says yes.
Its those types of Landlords that are the culprits for accepting ghetto trash like that and initiating the potential down grade of the neighborhood.
Exactly right and I bet the buildings these landlords have who don't check credit, criminal, etc are run down looking and infested with ghetto people. Who would want to live in such an enviornment other than other ghetto people who have lower standards and just want a roof over their heads. So they'll take the first place that says yes.
Its those types of Landlords that are the culprits for accepting ghetto trash like that and initiating the potential down grade of the neighborhood.
That, and some landlords are simply inexperienced or are too trusting. It also depends on the neighborhood. In some parts of the "old school" Bronx or Brooklyn, I've met with landlords who don't really care what your application says. They sit down and spend 20 minutes with you and go with their gut. Of course they want you to be employed, but beyond that, it's all instincts. My mother-in-law can spot a bad tenant a mile away. In the face of increased enforcement of housing discrimination laws, though, it's potentially hazardous for landlords to do it the old school way. Now I tell my mother in law to make every tenant fill out an app, run credit, etc. just so she has a paper trail in the face of any discrimination complaints (happened to a family friend of ours).
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