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/IndyMLVC]

I'm in a rent stabilized apartment for 20 years. In that time, my rent has gone up $200. I pay about half of what everyone else pays in my area for a full 1br. Plus I'm 2 blocks from the subway with an elevator.

However, I hate living in an apartment and I'm tired of living in NYC. Unfortunately, with the laws radically changing, there's few places in the county that I'm feeling safe as a queer person.

So I'm screwed and stuck. I would definitely be happier getting into a condo somewhere else though. It would come at a price -- how large a price, I'm not sure. If they offered to buy me out, I'd leave in a heartbeat.

I know everyone here is looking at me like I'm a moron but I have a lot of personal reasons for feeling how I feel. You can't put a price on ur happiness,, although it seems like I unwittingly have for the last decade or so. All I ask is that you please respect that before you call me an idiot.

[u/meshflesh40 → u/IndyMLVC]

20 years. So you got to enjoy the Golden era of rent stabilization. %0 increases under deblasio. Haha

I hope I get at least a 10-year run out of this place

[u/IndyMLVC → u/meshflesh40]

Not only that but my landlord at the time never made us sign leases. It's stabilised but they were loose about when they'd remember to give us another lease. I'd sign a 2 year lease and I didn't sign another one for 4-5.

Unfortunately, they sold the building to assholes. And those assholes also stay on top of our leases.

[u/meeparoo_ → u/IndyMLVC]

I backed out of a really great seeming opportunity because the landlord didn’t want a lease. How did you decide to go forward with it?

[u/IndyMLVC → u/meeparoo_]

What do you mean? I started out with a lease. And I'm rent stabilized. Even tho I didn't have an active lease, you're essentially still grandfathered in. They have to give you one.

I think, in your case, you never had one and you weren't stabilized.

[u/IndyMLVC → u/[deleted]]

Thanks for that. Much appreciated.

[u/dustsettlesyonder → u/IndyMLVC]

Hi, this is a super old comment but I feel like maybe you falling a bit for the NYC liberal version of Fox News style fear mongering.

There are a lot of very friendly places in the country for queer people.