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

gothamist.com

431–440 of 450 posts

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

#431
post #430
post #426

Earlier quoted context omitted.

The issue is the real problem folks are often 'judgement proof'. No assets, no (official) income, or plenty of legal excuses to delay and defer actually doing what they were supposed to do. Also, often in pretty bad shape, so easy to take pity on. Until they screw you personally, anyway.

> No assets, no (official) income, or plenty of legal excuses to delay and defer actually doing what they were supposed to do And that would be easy to see when you ask them for proof of revenue before renting to them...

Only revenue? Ah, sweet summer child. Unless they used ChatGPT or photoshop to fake it all up. Which happens.

Oh and don’t have a friend pretending to be their boss on the other side. Easier to do now than ever, especially with all the free phone and text services.

Used to be you had to have a friend halfway decent with forgery at least (or with a similar enough name and a real job they’d buy it).

Or steal someone’s mail.

Or any number of scams.

And don’t worry, very few judges will throw them in jail if there are a bunch of kids in tow - even if they aren’t actually theirs, unless you can prove it.

Some people never stopped modifying those ‘F’’s into A’s on their report cards, and just got better at it not getting caught.

Good due diligence should catch it of course, but it’s always a game of cat and mouse.

How thorough would you need to be to feel comfortable? How thorough do you think you would you need to be to actually not get scammed with 99% certainty?

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

#432

Earlier quoted context omitted.

I grew up in a Midwest farm town with a population below 10,000 people. I’m well aware of what they have to offer and it’s not what I want in life. I think you should stop taking offense to my comments and realize they are just stating the broad reality.

I live in a city of roughly 500k, maybe you should stop thinking that the only LCOL areas are those with under 10k people.

Not sure why you are getting some defensive. If your city is so great name it so others can learn about it. Either way, big cities and small cities aren’t the same and don’t offer the same thing. Nothing to dispute here.

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

#433

Earlier quoted context omitted.

> End of the day, landlords don’t deserve more money and I don’t know why anyone here argues for it. It’s like you want bezos to have even more money - it’s super weird. See, to me, this vitriol is what seems super weird. It seems like you must be talking about some sort of property shark that owns 8+ figures in property and extracts the maximum possible from the poor peons that dare to want a roof over their heads.…

End of the day, landlords aren't doing any labor for the rent they are collecting. If you do something that drives up the value of the property - you'll get some amount of that when you go to sell the property. If your father buys properties, rehabs them, and then rents them out... Guess what? He's double-dipping. He's going to charge more for rent and he's going to be able to sell the property for more later. In one…

Improvements to property often bring little to no return at time of sale —- especially if those improvements have worn in a few years. More than a few years? Forget it. Improvements are generally made to improve immediate rental value (similarly maintenance repairs are made to retain existing value). Gains realized on sale are mostly from natural appreciation of real estate over time (on which capital gains will be paid). This is why house flipping is not a more popular enterprise.

> going to charge more for rent

You mean, be able to charge anything at all.. it’s not like we’re taking about buying turn-key properties and updating the cabinetry or something.

> not really doing any labor

Properties require upkeep. (N) properties require N times the upkeep. In addition to normal expenses, there are also risks; for example a tenant may damage your property, and then you need to fix it. You may think your security deposit covers that; in reality that amount of money can usually only cover minor repairs / cleaning. Landlords need to recoup that sort of thing over time, so it ends up getting rolled into your rent.

I really don’t think you understand how expenses for these things work. The way you’ve been talking, it sounds like you think your rent check goes directly into the landlord’s bank account as profit. Maybe you should try home ownership, and see what the actual ledger (expenses + time) looks like over time. Compare that plus your mortgage to rent. You may need to do this for the long haul to see the real picture though, not just a couple of years.

Better yet, acquire some properties and try your hand at rental yourself —- either you’ll end up filthy rich for nothing like you seem to think it works, or you’ll learn a valuable lesson about the true cost of services…

Because, while you assert that landlords offer no value, the fact remains that there are people in this world who want to rent, not own. Without landlords, how is that supposed to happen?

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

#434

Earlier quoted context omitted.

10% is brutal. It should take a lot of effort to increase taxes by more than inflation. 10% year over year means something is broken. I’m glad we cap ours at 3%. And our community hasn’t collapsed for lack of property tax revenue yet. And we are a progressive state, while Texas is conservative. Would have thought it would work out the other way around but I guess not.

Compare income tax rates! The coffers must be filled somehow!

That's valid, but 10% compounded yearly is going to quickly dominate any other taxes.

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

#435

Earlier quoted context omitted.

Compare income tax rates! The coffers must be filled somehow!

That's valid, but 10% compounded yearly is going to quickly dominate any other taxes.

Their tax bill is rising 10% a year, depending on their property tax (if it is budget based or not), this could just be that their property is appreciating 10% faster than everyone else’s property. That means their equity is shooting through the roof. If it isn’t on a budget system, that could mean that their property (and possibly everyone else’s) property is appreciating 10% a year, or maybe they are adding levies or increasing the rate to fund new spending.

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

#436
post #296

Earlier quoted context omitted.

Do want California's housing situation? Because that's how you get California's housing situation.

California's housing situation is because they are a highly desirable location and didn't build enough housing to meet demand not because they have an income tax.

Selling your house and losing your lower assessment is a huge reason not to sell your house. This make California’s real estate market less liquid then other real estate markets, since selling can have a huge extra cost vs not selling.

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

#437

Earlier quoted context omitted.

Which regulations would you cut? Safety? Basic serivces like kitchen and bathroom? Light?

Zoning laws that discourage mixed use developments. One of the only cities in the US that works well with the more European style model of mixed use developments with apartments and businesses all next to or on top of each other is NYC.

I can understand residents not wanting businesses right next door, but how many cities ban apartments on top of businesses? That seems pretty common IME, but maybe I've misunderstood what I was seeing.

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

#438

Earlier quoted context omitted.

What about it angers you? Do you have a personal experience with it? From what I can see, we're talking about real estate, not usually an inflammatory subject. Nobody else seems angry, but you seem to have something to be angry about. I can tell you from my experience, whatever it is, you seem to apply it to me. You're attributing things to me that I haven't said nor have they crossed my mind, and attacking me about…

when in doubt,claim the other person is angry. Apparently I'm angry that other people spend a lot more than me to live in a nice neighborhood in a nice house? rawr, why is my life so much better than the people in NYC!?!?!? When it's all done I'm still going to believe food is more important than a brand new car. I'm comfortable knowing things are true. Personally, if you're not a coward you'll proclaim here and now…

Your comments look pretty angry to me, with lots of extra punctuation, ridicule, and insults. It's too bad we can't connect right now. I think you have some good points, but not to the exclusion of others. Have a good one!

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

#439

Earlier quoted context omitted.

Zoning laws that discourage mixed use developments. One of the only cities in the US that works well with the more European style model of mixed use developments with apartments and businesses all next to or on top of each other is NYC.

I can understand residents not wanting businesses right next door, but how many cities ban apartments on top of businesses? That seems pretty common IME, but maybe I've misunderstood what I was seeing.

Multitudinous numbers do, via zoning laws. Many expect apartments or houses to be separate from businesses.

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

#440

Earlier quoted context omitted.

What about it angers you? Do you have a personal experience with it? From what I can see, we're talking about real estate, not usually an inflammatory subject. Nobody else seems angry, but you seem to have something to be angry about. I can tell you from my experience, whatever it is, you seem to apply it to me. You're attributing things to me that I haven't said nor have they crossed my mind, and attacking me about…

The problem is that you are playing a word game that ignores anything that actually matters. Thereby destroying any interesting conversations that could be had about a topic. And you are doing it in the worst way possible where you get to be technically correct, but correct in a way that is completely irrelevant to what anyone else is saying and is also worthless. Here is how this conversation basically went. Other p…

It's hard to penetrate to the heart of the matter, because I'm not sure what you are saying.

> Other person: "I like these very common qualities about housing that many other people also like. This is proved by the fact that houses with all these qualities have much higher demand and price".

That's backwards. The other commenter was saying their home was less expensive and larger than what was in NYC, and therefore superior.

> we can just generalize things based on obvious and common preferences

We can't truly say something is better or worse without some scale on which to measure it. Is a Macbook or cloud Linux instance better? It depends on what we want to do with it - graphic design? Macbook. Host some files publicly? The Linux instance. In other cases it depends on the user - a veteran Linux sysop may use their favorite OS for more things, an Apple guru will prefer theirs.

For some things almost everyone shares the same scale and generalizations are accurate. We could generalize that people prefer running water, heat (as needed), roofs that don't leak, larger spaces (to some limit), lower costs, etc.

But for other things people have different scales and then generalization is false. In this case, preferences for location vary widely; some want NYC because on their scales, it scores really high; some want quiet suburbs, based on their scales; some want rural or small town, warm climate or four seasons, etc. The other commenter seemed to assert that their scales/preferences were universal, and I disagree.

IMHO the best part of human interaction is learning about people and points of view I don't already know - I learn infinitely more than hearing myself talk or by framing their points of view in my perspective; that limits what they say to what I already know, like a someone insisting mathematics be described only in English words they already know - they need to learn new words and use some actual math, or they are limiting themselves. The other commenter seemed maybe to think it was a fight (I don't want to speak for them), so we didn't get far.

> you are playing a word game that ignores anything that actually matters

It seems like you're saying that the other person's ideas are games, and yours are the only ones that actually matter. If you notice I'm not addressing your ideas, you might be right, but not because I'm playing games - I actually have different ideas. My ideas aren't measured by how much they agree with yours - I use a different scale in that case.

Those are the very best chances to learn in life, IME - an opportunity to open territory I didn't even know existed 5 minutes before. If I am curious and interested (and I genuinely am), I find that almost everyone has very interesting, valuable things to say. You too.

I think I'm signing off, as this thread isn't yielding much of that sort.

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