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Old 02-03-2010, 05:37 PM
 
34,149 posts, read 47,390,083 times
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Quote:
Originally Posted by bluedog2 View Post
I was born in Boston and grew up there.When rent controls went out the rents skyrocketed and never came back down.Boston now has the 2nd or 3rd highest rents of any city in the country.The end of rent controls did nothing to lower rents at all....it had the opposite effect.
In some ways the rents in Boston seem even worse than NY now because there are no really affordable neighborhoods left.At least here in NY if you are willing to spend the time searching and investigating you can find relatively affordable buildings and neighborhoods in Brooklyn,Queens and The Bronx.The rents average higher in NY only because the Manhattan rents tend to skew the numbers higher.The lack of affordable housing is actually much worse in Boston.
So in Boston the people in the highest priced rentals pay less than they would for something comparable in NY but the people in the middle and lower range tend to pay more than they would in NY.There is no way that I could buy or rent an apartment as big and nice as mine in as nice a building as mine in Boston.In Boston,I would be in a total crap hole in the absolute worst neighborhood in the city where I would be quite a distance from a subway.
4 grand a month for a 2 bedroom on the fenway....and i would compare that neighborhood to forest hills
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Old 02-03-2010, 05:39 PM
 
34,149 posts, read 47,390,083 times
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Quote:
Originally Posted by mathjak107 View Post
Unless im selling the apartments off its not worth it to buy out a tenant just for the increase.

we will never be able to answer thew question about would rents come down if it wasnt for stabilization but one thing is for sure. the selection of apartments would be much nicer for the rest of us. .

nyc hasnt had a rental built since the 70's that wasnt luxury or low income..
you know why? because the middle class is shrinking. there's only rich and poor no in between so why build something for a dwindling population?
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Old 02-03-2010, 07:18 PM
 
Location: Austin
15,653 posts, read 10,425,074 times
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You paid rent significantly below market rates, 60% below market rates by your own admission, to the apartment's owner for 20 years and you want to be compensated additionally by the owner of this apartment because you are moving? This kind of thinking boggles my mind and, frankly, makes me angry.
 
Old 02-04-2010, 02:01 AM
 
106,906 posts, read 109,176,429 times
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Quote:
Originally Posted by SeventhFloor View Post
you know why? because the middle class is shrinking. there's only rich and poor no in between so why build something for a dwindling population?
believe it or not new york is still mostly middle class.. but the reason no rentals were built in decades is because no developer wants to get tangled up in the political web of nyc and their rental laws.

in the beginning landlords were tricked into going along with the rent stabilization idea.

they were told it was only to prevent rent overcharging and wouldnt effect them at all. if you didnt sign up you were told you would loose certain tax breaks.. you almost had to agree to go along

well landlords were lied to and artificially holding down rents became a political tool to win votes.

by the late 70;s we knew we were tricked and by the 80's co-op conversion was the savior . it was away to get back out from growing poorer as a landlord .

we took our buildings co-op and finally after over 30 years we are down to just 2 apartments left with origional tenants. yes folks it took more then 30 years to free up those apartments and be able to sell them at market value. even at todays prices the return has sucked as an investment after receiving decades of under market rent. we are talking apartments on central park south over looking central park and next to lincoln center.

all have been sold and taken off the rental market thru the years.

i would never be a landlord again ever.

Last edited by mathjak107; 02-04-2010 at 02:47 AM..
 
Old 02-04-2010, 05:57 AM
 
34,149 posts, read 47,390,083 times
Reputation: 14295
Quote:
Originally Posted by mathjak107 View Post
believe it or not new york is still mostly middle class.. but the reason no rentals were built in decades is because no developer wants to get tangled up in the political web of nyc and their rental laws.

in the beginning landlords were tricked into going along with the rent stabilization idea.

they were told it was only to prevent rent overcharging and wouldnt effect them at all. if you didnt sign up you were told you would loose certain tax breaks.. you almost had to agree to go along

well landlords were lied to and artificially holding down rents became a political tool to win votes.

by the late 70;s we knew we were tricked and by the 80's co-op conversion was the savior . it was away to get back out from growing poorer as a landlord .

we took our buildings co-op and finally after over 30 years we are down to just 2 apartments left with origional tenants. yes folks it took more then 30 years to free up those apartments and be able to sell them at market value. even at todays prices the return has sucked as an investment after receiving decades of under market rent. we are talking apartments on central park south over looking central park and next to lincoln center.

all have been sold and taken off the rental market thru the years.

i would never be a landlord again ever.
if rent stabilization was abolished i honestly dont know another way to prevent rent overcharging. in the 70s, the financial crisis of the city could have had a big influence on the way the landlords perceived the market. i've always heard that rent stabilization was put into place because of rising rents.
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Old 02-04-2010, 06:23 AM
 
106,906 posts, read 109,176,429 times
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Well the flip side is supply and demand helps ...the more quality rentals avail the more competitive rates should be . but like anything else people do or buy, fear greed perception and emotion all play a part too in market pricing.

the one thing history does teach us is that artficially manipulating prices other then allowing markets to seek their own level never turns out good for anyone.

the fact is like water all prices eventually level out to what the market will allow... its just more quality supply could influence that tilt..

since many many apartments are hoarded and no new rentals built there is not as much supply around as we should have.

Most new yorkers pay market rate anyway... even those holding stabilized apartments are paying pretty much market rate unless they have been there many many years....

There are so many variables its impossible to do what if scenerios.. its possible if rent stabilization in boston wasnt terminated then the non stabilized apartments or recently vacated apartments may have been even more then they are now

the markets win anyway and set there own levels,except for the lucky few holding older apartments rent stabilization benefits no one else...... it may even have them paying more because of supply issues

Last edited by mathjak107; 02-04-2010 at 06:59 AM..
 
Old 02-04-2010, 08:54 AM
 
34,149 posts, read 47,390,083 times
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Mathak, in your opinion, how much do you think a 2 bedroom apartment in far rockaway should rent for market rate? Before I purchased my co-op I rented an apartment that wasn't rent stabilized...13 units in the building. If you give me your opinion then I will tell you what I was paying...
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Old 02-04-2010, 09:31 AM
 
21 posts, read 36,408 times
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in far rockaway? can't be too expensive... 1,500 a month?
 
Old 02-04-2010, 09:51 AM
 
106,906 posts, read 109,176,429 times
Reputation: 80339
Quote:
Originally Posted by SeventhFloor View Post
Mathak, in your opinion, how much do you think a 2 bedroom apartment in far rockaway should rent for market rate? Before I purchased my co-op I rented an apartment that wasn't rent stabilized...13 units in the building. If you give me your opinion then I will tell you what I was paying...
I Cant guess, i dont know the area at all
 
Old 02-04-2010, 10:00 AM
 
Location: Central NJ
633 posts, read 1,952,378 times
Reputation: 648
Quote:
Originally Posted by Viralmd View Post
So, essentially, the question is how to be dishonest? I think this is the wrong place for that.

Thank you Viralmd
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