80/20 question for Steve

I'm not Steve...but can add a comment that many of the 80/20 buildings are subject to the Rent Stabilization laws or guidelines, which can be a benefit to many income levels.

The apartments are rent stabilized. But you have to look at the actual rent relative to the regulated rent. If you are getting a preferential rent lower than the regulated rent, on the next renewal it can still go up to the amount of the regulated rent.

For example, regulated rent is $4000. You are renting for $3500. Next year, regulated rent goes up 4% (or whatever) to $4160. The landlord could increase you rent from $3500 all the way up to $4160 (and of course anywhere in the middle).

Many thanks!

I'm not Steve either. At least, I don't think I am. Yes, you are rent stabilized but you come in at market rate rents. Not sure how the preferential rent thing applies here, but for sure you are only rent stabilized until the tax break expires (10 years or so usually). In other words, one day you will get a letter stating the building is not rent stabilized any longer and a renewal lease will not be given. However, you may be offered a brand new, deregultaed lease at a rent that is negotiated with the landlord.