The rent is too damn high guy!
That is also called a bribe in the rent controlled NYC environment.
Well, what is the actual market rental value of an old rentcontrolled apartment? Some legal or illegal juice to get such a thing is exactly what Nobel Prize winning economist Coase said would happen. You keep the rent controlled apartment for a few years and you are still way ahed of the game.
There are two prices, at least, for everything.
I lived in NYC for nearly two decades, during which you had to wait in line to see any advertised apartment and if your “paperwork” was missing or out of order, you wasted your afternoon. Yes, those things make headlines.
And yet, always had a decent place to live, always at a rate I could afford, always had nice neighbors, despite having moved countless times during the first decade.
But 80%+ the New York city dwellers will continue to keep voting for the very same Party that diverts tens of millions of tax dollars to illegal immigrants and prioritizes the illegals before the taxpayers. I find it very difficult to be sympathetic to problems YOU vote for.
“Consumers,” I call them.
Supply and demand. Otherwise the broker fees would not be paid. Damn that Adam Smith and his invisible hand.
A $1,100 “rent-controlled” apartment! A $1,100 apartment is rare in most parts of the country these days. It’s WAY below market rate in NYC, even in the worst parts of town. And once you get in, they can’t toss you out and your rent almost never goes up.
An up-front fee of $15,000 to get into such a deal seems fair to me. Prospective tenants should do a quick break-even analysis on a market-rate apartment vs a “rent-controlled” apartment with a big up-front fee.
Allow me. If he’s saving $1,000 per month (easily), then he breaks even at 15 months and, after that, he’s in the money. It ain’t rocket surgery.
Ha! NYC can eat itself.
If you are an illegal, the government pays all of these, correct?
It’s NYC and given the market rental rates, a $15k expense would pay for itself in about a year with a controlled $1100/mo rent. A longer tenancy would pay off even better. Welcome to the real world.
Rent control: You pay a 15K bribe to the broker so you can steal 2k every month from the landlord.
Sometimes you can cut an under the table deal directly with the super. Either way you get to steal thousands from the owner.
BTW these deals are not for poor people or Republicans, they are only for friends and supporters of the politicians.
Makes complete sense....people moves from Manhattan to Brooklyn because Manhattan was too expensive...they are now gravitating towards Queens, and those prices are starting to skyrocket