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Rental restrictions

Started by Dickens
about 6 years ago
Posts: 104
Member since: Mar 2014
Discussion about 150 Myrtle Avenue #311
“Rental restrictions apply.” What are they?
Response by front_porch
about 6 years ago
Posts: 5317
Member since: Mar 2008

I'm not the listing broker (and so I'd advise that you check with him/her) but often with these subsidized units, you're not allowed to turn around and sublet them because they're intended as a primary residence.

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Response by Aaron2
about 6 years ago
Posts: 1700
Member since: Mar 2012

Huh?
Listing says "This apartment is a moderate-income unit, the buyer's household income cannot exceed $208,065 annually", which sounds rather high, considering that the minimum income to put somebody into the top 1% in NYC is around $550k, and nationally, the top 5% threshold is around $299k. Nice to know that *really* rich people can't buy them, I guess.

(at least in 2018: https://www.cnbc.com/2018/07/27/how-much-you-have-to-earn-to-be-in-the-top-1percent-in-every-us-state.html) , and
https://www.investopedia.com/personal-finance/how-much-income-puts-you-top-1-5-10/)

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