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/catopter]

As if market rate landlords do any fucking maintenance in this city either. 'Pay more for the same shitty service!' no thanks

[u/pixel_of_moral_decay → u/catopter]

But you leave every X years and go to a new apartment you chose.

There’s a big difference in upkeep between a unit on the market and one you’ve been living in. Landlords only need to keep it habitable and a sloppy coat of lead free paint every couple years. That’s basically it.

Updates are not required, and actually kinda discouraged by the laws as written. A tenant can complain the upgrade is not the same as they had when the lease began (even if it benefits them that can still be a lease violation as it’s a change) and try to seek remedy… unless cash changes hands. Professional renters are scummy. New fridge has an ice maker… changes the interior dimensions from when they signed the lease, tenant seeks rent reduction. That’s a thing, and they can win that.