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| NYC Apartments https://mail.chicagofanatics.com/viewtopic.php?f=47&t=103956 |
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| Author: | pittmike [ Wed Dec 14, 2016 9:09 am ] |
| Post subject: | NYC Apartments |
I was reading an article on how costs for an apartment in NYC have topped $2M. I always assumed it is due to some housing control from the 1970's but why to people have to buy and apartment to rent? I had never heard of this in any other city. |
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| Author: | Brick [ Wed Dec 14, 2016 9:21 am ] |
| Post subject: | Re: NYC Apartments |
There just isn't inventory. Rich foreign investors own a huge portion of the city where they use the housing 0-2 weeks a year. A lot of big money treats it as a backup plan in case things go bad in their country and they at least have an asset that can't be touched. Some buildings there are filled with million dollar condos that don't even have furniture. Also, lots of rich people live there who don't care about paying big money to do it especially since it is a solid investment even though there currently is probably a bubble of prices there. A lot of people want to put a big tax on people who own there but spend less than one month living there. However, that causes a lot of other problems. |
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| Author: | pittmike [ Wed Dec 14, 2016 9:24 am ] |
| Post subject: | Re: NYC Apartments |
Ok Thanks. I still do not get how individual apartments are owned (by different people in the same building) and then rented out (leased) to others. Aren't they condos then? Or has it always been common for people to just buy an apartment in buildings without all the covenant and legalese? If it is that then someone has to own the entire building and how do they make money? Seems a bit odd to me but I knew you were the best source. |
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| Author: | denisdman [ Wed Dec 14, 2016 9:28 am ] |
| Post subject: | Re: NYC Apartments |
Mike, you may be referring to rent control rights. People keep rent control apartments in the family and some even sublease them. That might be what you're getting at. In an ironic twist, banks love lending against rent controlled apartment buildings. Apparently, the tenants always pay on time because they fear losing their rights to the low priced rental unit. |
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| Author: | Kirkwood [ Wed Dec 14, 2016 9:28 am ] |
| Post subject: | Re: NYC Apartments |
pittmike wrote: Ok Thanks. I still do not get how individual apartments are owned (by different people in the same building) and then rented out (leased) to others. Aren't they condos then? Yes. You're confusing yourself over words. |
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| Author: | Brick [ Wed Dec 14, 2016 9:30 am ] |
| Post subject: | Re: NYC Apartments |
There is a wide range of housing options there with all sorts of different rules. Some buildings don't let owners rent it out and some buildings require owners to physically live in state. There are many others that you can rent out just like you can rent out your house to someone else. I'm sure they exist but I don't really remember many wholly owned apartment complexes that weren't public housing but I never lived in NYC so they may exist. What is really screwing things up is things like Airbnb. You can make multiple times more money with that then you can renting it out for the year so a lot of owners have started to use that instead where they are basically running hotels. However, that almost always violates the rules of the building but what exactly can they do? If they fine them they just pay it. |
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| Author: | pittmike [ Wed Dec 14, 2016 9:35 am ] |
| Post subject: | Re: NYC Apartments |
That might be but it stuck out to me for some reason. Dennis makes a good point but he is probably not discussing $2M units. |
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| Author: | JORR [ Wed Dec 14, 2016 9:40 am ] |
| Post subject: | Re: NYC Apartments |
pittmike wrote: That might be but it stuck out to me for some reason. Dennis makes a good point but he is probably not discussing $2M units. Many probably would be if they weren't rent-controlled. Some guys knock their buildings down to get rid of rent controlled tenants. |
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| Author: | Frank Coztansa [ Wed Dec 14, 2016 9:42 am ] |
| Post subject: | Re: NYC Apartments |
FAKE THREAD |
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| Author: | Brick [ Wed Dec 14, 2016 9:43 am ] |
| Post subject: | Re: NYC Apartments |
Joe Orr Road Rod wrote: pittmike wrote: That might be but it stuck out to me for some reason. Dennis makes a good point but he is probably not discussing $2M units. Many probably would be if they weren't rent-controlled. Some guys knock their buildings down to get rid of rent controlled tenants. |
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| Author: | good dolphin [ Wed Dec 14, 2016 10:45 am ] |
| Post subject: | Re: NYC Apartments |
They are condos. New Yorkers have a need to be different, including in their nomenclature, irrespective of its inexact description...like standing on line rather than in line. |
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