Posted on 05/03/2023 6:00:01 PM PDT by lowbridge
Sonia Hendrix, the 37-year-old founder of Gallery PR, almost fell off her couch after opening an email from her property manager, indicating that her rent was being raised to $5,500 per month for her one-bedroom apartment in Tribeca. When she moved into the unit in June 2021, her rent was $4,100. Hendrix called it a “sweetheart COVID deal.” But now, after living in New York for close to 10 years, she’s rethinking her situation—and that could mean leaving the city.
Her apartment is directly in front of the Greenwich Hotel, Hendrix says, calling it a “prime location.” However, besides the location and a doorman, there’s nothing special about it. In fact, she says, the lobby and hallways are worn down, and she lived without a functioning bathtub for a year. Hendrix attempted to work something out with her property manager, asking them to reconsider the increase because she’s been a good tenant, but she was instead told, “You’re lucky we didn’t raise it to this last year.” After choosing not to renew her lease, and having to move out by the end of May, Hendrix started looking around at apartments and condos on the market to see if she could afford to take the next step and buy. She was looking at homes particularly in Chelsea because, after living all over Manhattan, Hendrix says she knows what she wants.
“It’s really underscored for me like, ‘Wow, I am so far away from being able to purchase an apartment, a condo, a home,’” Hendrix tells Fortune. But the homes she looked at range from $1.3 million to $1.5 million because, Hendrix says, she refuses to go “backwards” in terms of her living situation, as her level of happiness affects her productivity. Still, Hendrix makes a little over $200,000 annually after taxes,
(Excerpt) Read more at fortune.com ...
Interesting that she’s 37 and her 5-10 year goal is to find a man, buy a home, and start a family.
For her to pay for a $1.5 million home it would take every penny of her take home pay for almost 8 years. I'd hardly call that cheap, I'd think paying $1.5 million for a home at her take home pay would be downright stupid. I know prices are out of control for houses nowadays and it seems like everybody is paying over a million for a house, but if you're paying $1.5 million for a house then you'd better be making at least a half million a year to do it comfortably.
She is competing against Uncle Sam and his housing voucher hordes.
She and her employer are being ripped off.
Poughkeepsie had affordable housing for her income as of last year.
Jersey has affordable housing for her income I believe.
I’m seeing housing in all top areas of large metros become excessively expensive.
People are fleeing metro NY, LA and SF and paying top dollar elsewhere.
https://www.linkedin.com/company/gallery-pr
I think she and her company need the contacts of NYC.
Enjoy the $140,000/year after taxes and rent.
Manhattan has nice areas.
It’s only 80% hellhole.
The program called Rent Control is an old one. The one started in 1965 is Rent Stabilization, and about one million apartments are under the program. Counting 2 people for each rent-stabilized apartment, about a quarter of the population of the city is rent-stabilized.
There are no rules that I know of that a landlord has to follow if the apartment is not rent-controlled or rent-stabilized—other than the rule of supply and demand. With the controlled apartments, the landlord can sometimes make major improvements that take the apartment out of the restrictions
We have a severe homeless problem, partly created by the law that NYC must shelter people overnight, and made worse right now by the almost 60,000 recent arrivals. Ending rent controls now would make the situation even more disastrous, as 2 million people are uprooted from their homes to join the newcomers.
No. The article says she earns 200,000 - read the head.
Excellent point!
A doorman
That’s worth at least two grand per month.
Especially a talkative one
FTA: makes a little over $200,000 annually after taxes.
She could pay off a home in less then 10 years.
Her property tax would be above her rent she is paying now....
Landlords took tens of thousands of apartments off the market after the city illegally implemented the eviction moratorium for COVID-1984. More will come off the market until landlords have ironclad protection from such Communist diktats in the future.
Landlords still owed taxes to the city for properties they couldn't collect rent for. Some owners were forced into bankruptcy while their tenants continued to live in apartments without paying rent.
Instantly had the same thought. Second thought: Cosmetic surgeries, frozen eggs, and a notch-count through the roof.
Regards,
What about the Bronx and Staten Island, too?
Regards,
And she’s wearing a Michelle Obama boob belt in one of the pictures.
” But the homes she looked at range from $1.3 million to $1.5 million because, Hendrix says, she refuses to go “backwards” in terms of her living situation, as her level of happiness affects her productivity. Still, Hendrix makes a little over $200,000 annually after taxes”
Read the article.
Lol
Yes, there is no limit to a rent increase if the apartment is not stabilized or controlled. Most of the apartments I’ve lived in were stabilized so the rent could only be raised a certain percentage. Thankfully, I escaped NYC six months prior to COVID so I have not had to deal with these ridiculous increases.
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