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A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

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Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#191

Post by bombcar »

zamfi wrote: post #141
rcpt wrote: post #138

Earlier quoted context omitted.

California has the California Tax Postponement Program which predates Prop 13 and specifically protects poor old grandma. Prop 13 wasn't passed as a law to help the unfortunate. It was anti tax hatred of the government. Jarvis wanted a "tax revolt" which is why all property in the state, even oil fields and golf courses, gets the tax break.

> Prop 13 wasn't passed as a law to help the unfortunate No, but it was sold to the public that way of course.

Exactly. And now it will be nearly impossible to remove.

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#192

Post by no_wizard »

conductr wrote: post #132
no_wizard wrote: post #112

Earlier quoted context omitted.

> I personally think it's awful to see elderly people getting priced out of a house they've owned for decades Housing being seen as this generational I own it forever thing that Americans have doesn’t also square with the American narrative of housing as an investment. It’s one or the other. If you want housing to be seen as something that more or less “always goes up” but you can’t be taxed in the increased value th…

> Another way to think about it: they’re selling at a premium well over they bought it for. It's not a premium. It's what housing costs. If they take their "premium" and buy the next house, their tax bill is unchanged (more or less). They have to actually go find a house that is much cheaper so they can afford the tax bill. More often than not, it causes them to move out of an area that has seen growth to an area tha…

This ignores the prevalence of senior zoned housing and varying legal carve outs for senior housing that the state has.

In practice it’s not that cut and dry

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#193

Post by rcpt »

zamfi wrote: post #141
rcpt wrote: post #138

Earlier quoted context omitted.

California has the California Tax Postponement Program which predates Prop 13 and specifically protects poor old grandma. Prop 13 wasn't passed as a law to help the unfortunate. It was anti tax hatred of the government. Jarvis wanted a "tax revolt" which is why all property in the state, even oil fields and golf courses, gets the tax break.

> Prop 13 wasn't passed as a law to help the unfortunate No, but it was sold to the public that way of course.

Jarvis was pretty upfront that he was "mad as hell" and wanted a "tax revolt".

Today yeah the marketing is 100% that it's a welfare program for seniors.

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#194

Post by bombcar »

jorvi wrote: post #165
Tijdreiziger wrote: post #122

Earlier quoted context omitted.

The solution is strengthening the social housing sector. If anybody would be able to rent housing from the state, nobody would be dependent on private landlords (though private landlords could still fill niches like short-time rentals). As it is though, the social housing sector is woefully underfunded, leading to sometimes decades-long waiting lists (at least where I live, in the Netherlands).

We also have the clown situation where you are deemed fit to rent for €1200 a month, but the banks won’t give you a €900 a month mortgage for the same sort of housing.

The USA often has the opposite problem; people who would be refused rentals at $900 are given loans at $1200, no problem.

The key is which ones insulate the giver (landlord/lender) from non-payment (e.g., which are guaranteed by the government).

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#195

Post by Tijdreiziger »

username332211 wrote: post #168
Tijdreiziger wrote: post #122

Earlier quoted context omitted.

The solution is strengthening the social housing sector. If anybody would be able to rent housing from the state, nobody would be dependent on private landlords (though private landlords could still fill niches like short-time rentals). As it is though, the social housing sector is woefully underfunded, leading to sometimes decades-long waiting lists (at least where I live, in the Netherlands).

If we're talking about this sort of solutions, we must nevertheless implement a means to manage demand. After all, it's impossible to house the entire Netherlands in Amsterdam. In countries where housing was socialized they had a system of residency. You couldn't move to another city, without a permit. If you live in Tholen, you shouldn't be able to move to Amsterdam, unless you mary someone from there or if society…

You need to manage the supply, not the demand. As long as enough properties are built in the areas where people want to live, there’s no problem.

Sure, maybe not everyone will be able to live smack in the center of Amsterdam, but there’s enough space in other parts of the city, not to mention nearby places like Amstelveen, Hoofddorp or Almere (which, you will know, house mostly ‘overflow’ from the Amsterdam market).

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#196

Post by jrockway »

formerly_proven wrote: post #3

Rent control fundamentally cannot work, which is why it never works. Malicious noncompliance is a red herring.

> Rent control fundamentally cannot work

Rent control definitely works, because owners lock in the original price of the building with a fixed-rate mortgage. If you buy a building in 1960 to rent out, you can rent it out at 1960s prices pretty much forever, with only a tiny fraction added to cover increasing property taxes (subsidized for owners of rent-stabilized apartments) and the increasing costs of routine maintenance.

If I were to become Dictator of New York City tomorrow, I think I'd freeze rents as a factor on the acquisition cost of the property + prevailing interest rates on 30 year fixed mortgages. If you want to make today's market rates on your property, you have to build a brand new building. This incentivizes the creation of new housing, and provides stability to existing tenants through rent stabilization even for newcomers to the city.

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#197

Post by odessacubbage »

TheBlight wrote: post #187
PH95VuimJjqBqy wrote: post #175

When I see people complaining about never being able to purchase a house my response is always the same. move. $1,100 is considered "well below market rates" for a 1 bedroom apartment in NYC? That's _nuts_ to me. I'm paying $1,600 for a 3 bed, 2 bath 1800 sq ft house with a 2 car garage. Vaulted ceilings, my neighbor is a police officer and I'm on a corner lot across from a park. fire department is literally 3 blocks…

[flagged]

i just want to be able to live in the town i was born in.

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#198

Post by jowea »

Dries007 wrote: post #100
miki123211 wrote: post #83

Earlier quoted context omitted.

Poland has a system where it's basically impossible to evict anybody if you rent under the standard rules. However, there exists a special type of contract which allows for quick and painless eviction, but where the tenant must provide proof that they have a place to stay at, either a deed to a property they own or a declaration from somebody who is willing to take them in. A lot of landlords insist on this type of c…

> but as far as I'm aware, somebody with no credit history is basically indistinguishable from somebody with "good" history. As it should be. Why would you want to allow someone to be judged for _not_ having been in debt in the past? You can always ask for references if they rented before, that might help somewhat.

No comment on the fairness, but isn't the system beneficial for good borrowers?

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#199

Post by screenoridesaga »

conductr wrote: post #97
ethanbond wrote: post #59

Earlier quoted context omitted.

Land Value Tax: Make it financially unfeasible to speculate, to withhold units from the market, and to withhold unused land from the market. Let prices freely fluctuate with the market. Increases in rent derived from externalities (i.e. Amazon HQ2 setting up shop nearby or a new subway station) go back into public coffers, while increases in rent derived from landlord actions (i.e. renovations, building bigger, bette…

I'm in Texas, a state with pretty high property tax. We've also seen a ton of appreciation in recent years. Booming economy, transplants from other states, then the COVID factor. We also have a near free market on rent; I've been a landlord and not aware of any limitations. There are a couple limits on property taxes (namely a cap of 10% increase per year on "homesteads", and an Agriculture exemption for rural proper…

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Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#200

Post by cooper_ganglia »

PH95VuimJjqBqy wrote: post #175

When I see people complaining about never being able to purchase a house my response is always the same. move. $1,100 is considered "well below market rates" for a 1 bedroom apartment in NYC? That's _nuts_ to me. I'm paying $1,600 for a 3 bed, 2 bath 1800 sq ft house with a 2 car garage. Vaulted ceilings, my neighbor is a police officer and I'm on a corner lot across from a park. fire department is literally 3 blocks…

I pay $500/month for a very similar setup, but mine is a 2 bed, 1 bath with a 1 car garage, lol. The corner lot, cop neighbor, and close fire department are all familiar though!

Moving to a LCOL is always my recommendation as well.

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