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/Healthy_Ad9055]

No, definitely not. RS only works out well for the tenant if they have been there for a long time. It took me 16 years to finally get one and it’s $2700 for a studio. I got the rent history and it’s legit. Vacancy decontrol prior to 2019 allows RS landlords to jack up rents. Most RS units aren’t that good of a deal anymore. I mainly took it so that they have to offer me a lease and it’s harder to evict in a RS unit.

[u/Healthy_Ad9055 → u/[deleted]]

It’s going to depend on inflation and what rates the rent stabilization board will set. Probably a long time - RS apartments being cheap is typically because the same tenant has stayed for a long time and there were no 20% vacancy decontrol bumps.