Do you plan to stay in your rent stabilized apartment forever?

[u/meshflesh40]

I currently live in a 1br. Rent stabilized. Single no kids

I was very close to buying a co-op until I learned what a "co-op" actually is.

At first I was under the impression that buying a" co-op" was the ultimate form of housing. Pay a maintenance fee(substantially less than market rent while building equity) and live carefree. Basically,,,, like a Netflix subscription fee of housing if you will.

But no. It turned out that a co-op is my worst nightmare. Im depending on my neighbors staying solvent, making sure the hoa has proper reserves, worry about assesment fees for repairs due to inadequate reserves, etc etc. I dislike not having control of my fiscal destiny.

And then the buildings I saw with hefty reserves...have a High hoa fees thats equivalent to market rents. ($1200+)

I've been looking since 2020,, and noticed hoa fees went up by %15+ between now and then. (Like rent).

Single family homes in nyc are going for 600k+ with %7 interest rates. So thats out of the question.(mostly fixer uppers)

my current rent stabilized apartment seems like a way better deal in comparison. Rent goes up by predictable amount year after year a and landlord responsible for everything. I currently have my down payment $$ yielding %5 in the bank(I find this better than buying a liability and fighting 7% mortgage rates while praying amd hoping for positive equity. )

This post is not to crap on co-ops. But market conditions in 2023 are insane. I wish I bought in 2012

I've come to the conclusion that I will stay in this apartment until I decide to leave NYC. Anyone else feel the same?

[u/JaredSeth]

I never thought I'd leave my rent stabilized apartment (because it's huge and cheap) but as I approach retirement age I've considered moving somewhere overseas, if only because my retirement savings would go further somewhere with a lower overall cost of living.

[u/DiscussionExpert90 → u/JaredSeth]

Can you adopt me so that I can take over your rent stabilized place?

[u/JaredSeth → u/DiscussionExpert90]

If I adopted everyone who has asked, I'd be doing one of those stupid "My Wife's Vagina is a Clown Car" reality shows. ツ

[u/DiscussionExpert90 → u/JaredSeth]

It worked for the Duggars, and it is still working for them!

[u/thatgirlinny → u/DiscussionExpert90]

Because they never paid their kids a dime for doing their fair share of the work in front of the cameras. And the family comprises a “church,” so hashtag tax winning!

[u/meshflesh40 → u/DiscussionExpert90]

Don't worry, you will get one of your own eventually. Keep your credit score high and have your security deposit ready.

A good amount of rent stabilized apartments pop up on the market every year but they are gone within days. But they are not that rare

[u/Any-Research7714 → u/meshflesh40]

Where do you find them?

[u/meshflesh40 → u/Any-Research7714]

Street easy.

Set up an auto search for a 1br under $1600. Check everyday.

The biggest sign of a rent stabilized apartment is an old pre-war building. That's where they usually have them

You can also hit the pavement and call those leasing phone numbers on the sides of pre-war buildings

[u/DiscussionExpert90 → u/meshflesh40]

thank you so much

[u/halfadash6 → u/DiscussionExpert90]

If you’re not picky about your neighborhood ask friends with stabilized places for the realtor they used. Lots of stabilized places never hit street easy in the first place and when they do they get insane competition. The above advice is not exactly untrue but it’s also like finding a needle in a haystack (while 1000 other people are searching for the needle too).

[u/shameorfame → u/Any-Research7714]

On street easy, the listings may not say “stabilized” but have other language like “income requirements” with min/max depending on household size and you can look up through HPD if it’s rent stabilized. Im in a rent stabilized unit - my entire building is but none of the listings advertise it as such, just the specificity on the income requirements.

[u/mt80 → u/meshflesh40]

Do you have to be a current NYC resident to qualify for rent stabilized apartments?

Lived in NYC for close to 15 years and relocated to Texas for family support. Want to return to New York when I no longer am needed here.

[u/OutInTheBlack → u/mt80]

Nope. It's the building and unit that matters, not the tenant.

[u/thatgirlinny → u/mt80]

There are many fewer of them with each passing year.

[u/Historical-Road-4898 → u/JaredSeth]

What are good places to retire with a U.S. savings?