NYTimes trying to get people with rent stab to buy
Started by notadmin
over 15 years ago
Posts: 3835
Member since: Jul 2008
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http://www.nytimes.com/2010/09/19/realestate/19hunt.html?hpw HOW could he possibly relinquish the lease on a $714 rent-stabilized one-bedroom? Everyone told Gary Parker he was crazy. But he was the one living the reality behind the cheap rent. His railroad apartment in South Park Slope, Brooklyn, was noisy, dark and badly maintained. He longed for a better quality of life. And he knew things... [more]
http://www.nytimes.com/2010/09/19/realestate/19hunt.html?hpw
HOW could he possibly relinquish the lease on a $714 rent-stabilized one-bedroom? Everyone told Gary Parker he was crazy.
But he was the one living the reality behind the cheap rent. His railroad apartment in South Park Slope, Brooklyn, was noisy, dark and badly maintained. He longed for a better quality of life.
And he knew things wouldn’t change. “No landlord wants to do improvements on an apartment where the tenant is paying so little,” said Mr. Parker, who was formerly district manager of Community Board 5 in Midtown and is now director of government and community affairs at New York University.
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so now, he's living the reality of overpriced RE. Much better! for whom? i'm in a rent stab myself, on a new building though. we will see how it goes 20 years from now... maybe i'll show up in the NYTimes after the next big bubble crashes and there are no more buyers left?
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Response by jordyn
over 15 years ago
Posts: 820
Member since: Dec 2007
Presumably if you're rent stabilized in a new building, the stabilization only lasts during the lifetime of the tax benefits, so 20 years from now you'll be a market-rate renter.
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Response by notadmin
over 15 years ago
Posts: 3835
Member since: Jul 2008
indeed, mine is 20 years... so we can stay till 2026 in this 2 bedroom, 2 bath, 2 walking closet well maintained with good light and no noise. could be bigger and better, sure, but still it sure beats buying.
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Response by broadwayron
over 15 years ago
Posts: 271
Member since: Sep 2006
How do you get RS in a new building? Are there income requirements?
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Response by notadmin
over 15 years ago
Posts: 3835
Member since: Jul 2008
yes, there are income restrictions, for ex, cannot make more than $175k/year twice in a row. ours is a mixed income building, meaning that the same type of units rent for around 30% of the lower limit of the income bracket it's dedicated to. the same type of 2 bedroom is rented for close to 2k or just 800 depending which income bracket you represent. some are renting at market rate, around 3k.
we got it by chance really, by walking around.
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Response by Nosy
over 15 years ago
Posts: 29
Member since: Aug 2008
You can't compare a new RS building to one that is 90+ years old that has been abused over the years. I also have been been in RS for 20+ years and can't wait to move into a new bldg. Sure the rent is cheap but so are the living conditions. You can put your own money into renovations but that wont fix the plumbing, the unclean corridors, the elevator that breaks down several times a month......etc.
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Response by notadmin
over 15 years ago
Posts: 3835
Member since: Jul 2008
> You can't compare a new RS building to one that is 90+ years old that has been abused over the years. I also have been been in RS for 20+ years and can't wait to move into a new bldg. Sure the rent is cheap but so are the living conditions. You can put your own money into renovations but that wont fix the plumbing, the unclean corridors, the elevator that breaks down several times a month......etc.
100% agree! had a horrible experience in an old building in the upper west side. it wasn't about rent stab, just the old building per se. that taught us that there's no freaking way we put up with that again. there's nothing like living in a new building, we are the only ones that had lived in our current place. it beats being an owner in an old place like the old building we used to live before imho.
Presumably if you're rent stabilized in a new building, the stabilization only lasts during the lifetime of the tax benefits, so 20 years from now you'll be a market-rate renter.
indeed, mine is 20 years... so we can stay till 2026 in this 2 bedroom, 2 bath, 2 walking closet well maintained with good light and no noise. could be bigger and better, sure, but still it sure beats buying.
How do you get RS in a new building? Are there income requirements?
yes, there are income restrictions, for ex, cannot make more than $175k/year twice in a row. ours is a mixed income building, meaning that the same type of units rent for around 30% of the lower limit of the income bracket it's dedicated to. the same type of 2 bedroom is rented for close to 2k or just 800 depending which income bracket you represent. some are renting at market rate, around 3k.
we got it by chance really, by walking around.
You can't compare a new RS building to one that is 90+ years old that has been abused over the years. I also have been been in RS for 20+ years and can't wait to move into a new bldg. Sure the rent is cheap but so are the living conditions. You can put your own money into renovations but that wont fix the plumbing, the unclean corridors, the elevator that breaks down several times a month......etc.
> You can't compare a new RS building to one that is 90+ years old that has been abused over the years. I also have been been in RS for 20+ years and can't wait to move into a new bldg. Sure the rent is cheap but so are the living conditions. You can put your own money into renovations but that wont fix the plumbing, the unclean corridors, the elevator that breaks down several times a month......etc.
100% agree! had a horrible experience in an old building in the upper west side. it wasn't about rent stab, just the old building per se. that taught us that there's no freaking way we put up with that again. there's nothing like living in a new building, we are the only ones that had lived in our current place. it beats being an owner in an old place like the old building we used to live before imho.
http://www.nytimes.com/2010/09/19/realestate/19wczo.html?ref=realestate
well.. buying new right now can also suck... hence, rent rent rent