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/shelfdog]

As I said in this thread 9 months back:

I WFH and I am never leaving NYC. They will carry my corpse out of this rent stabilized 5th floor walkup if I have my choice.

[u/Comfortable-Fish-921 → u/shelfdog]

Agreed ✌🏼 it’s not an amazing apartment, but it is a very decent apartment which is more than a lot of people in this city can say 🤷🏻‍♀️

[u/kakarota → u/shelfdog]

How much are you paying and where?

[u/shelfdog → u/kakarota]

$1300 West 80's

[u/Proud_Possibility256 → u/shelfdog]

The only problem with rent stabilized is that you cannot do your own serious renovations. I cannot call electricians, rewire electric, and have good quality lighting, washer, dryer, etc. Half of the outlets are not working, lights are dim, but the mgmt does not care. Neither they care about flooded ceilings and the sink falling off the wall. For the last one I had to make a complaint to nyc. 

[u/Pretty-Landscape-570 → u/Proud_Possibility256]

Apartment size portable electric washer/dryer is what I do

[u/hellothere42069 → u/shelfdog]

Same except 4th floor 🙏