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This is what so many stabilized renters don't understand.
The Benefits of Living in the Same Place for a Long Time
Thirty years ago, a woman got a $250-a-month, rent-stabilized apartment in Inwood. She says the neighborhood has defined not only her life but her life’s work.
The last time Arlene Schulman went looking for an apartment, the internet was only in its infancy. “I did what everyone did 30 years ago,” Ms. Schulman said. “I asked everyone I knew if they knew about an available apartment.”
Like most other apartment hunters in the 1990s, she also rushed to grab a copy of The Village Voice on Thursday nights to thumb through the classified ads. https://www.nytimes.com/2024/04/01/r...-benefits.html
my wife is in our apartment 40 years and i am here 20 .
we love the building , we like the area , its everything we need or want .
but the fact we are in this apartment has had absolutely no effect on how we live our lives or financial success or not
i have always been into investing as a kid and wanted to do better and better .
sold my house 20 years ago and used the money to buy a successful real estate business instead of another house .
we have owned a second home in the poconos and sold it as we no longer wanted any real estate in retirement as well as sold all the apartments our LLC. held over the years generating multiple 7 figures for us dabbling in stabilized co-ops in a prestigious manhattan building
so there is more going on with someone other then living in a place a long time if they are financial failures .
we are going to be snow birds next year and use this as our home base.
but the fact we have no desire anymore to tie up money in a place has no bearing on anything else.
Yeah especially when your rent is subsidized by the owner.
well i wish my rent was subsidized…. but the only one subsidizing it is me.. in fact as tenants under the old laws we have been paying mci increase long after the capital improvements were paid for so landlords made out big time on them .
unfortunately when we owned the stabilized coops we were not able to get mci increases like pure rental buildings can.
i can’t even say we subsidized our tenants who were way below market because we were compensated by a way way way below market price to offset the rents when we bought the package.
the investor group we sold to got a similar deal
unless it really is subsidized housing like a nyc housing project landlords are compensated in other ways , whether tax incentives that let them keep more of what they earn over all or financing perks that save them loads of money.
no landlords are subsidizing tenants today unless they are rent controlled apartments and very few are left of those.
developers and landlords for the most part want to be stabilized just because it can be so profitable.
no one building since the 1970’s has to be stabilized unless they choose to be
Last edited by mathjak107; 05-14-2024 at 04:33 AM..
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