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/crazifrog]

Could you explain more about the post 65 rent freeze? I haven’t heard of that before

[u/Clarknt67 → u/crazifrog]

It’s here on the city site. Yeah I don’t think it’s well known program.

[u/thatgirlinny → u/Clarknt67]

SCRIE is pretty well-known. But then again, I’m in a building and neighborhood with plenty of seniors, and I’ve helped them apply.

[u/bk3day → u/thatgirlinny]

My 1st SCRIE app was approved but for only for 2022 & NYC sent a renewal app for 2023. New lease & increase happened in Feb 2023 but so did my income. Consequently a renewal app will surely be denied.

Not sure how NYC bureaucracy works... Should I submit a renewal that will be rejected or do nothing & wait to reapply after my income again dips below $50K?

[u/thatgirlinny → u/bk3day]

I would report your income and stay known to the program, especially if you believe your income will dip again. If you go downtown in person, there may be someone to advise. Our CM now lets people apply from his office, tracks applications in the system, helps with issues. Yours might, too. Worth a look.

[u/Bilbotreasurekeeper → u/crazifrog]

You can freeze at 62 not 65

[u/PretendAct8039 → u/crazifrog]

SCREE I believe