BTW finding a rental in NY is no problem at all. Finding a 3 bedroom apartment in a pre-war building for $350 a month is 'almost' impossible unless you're connected and you convince the inhabitant to either die or move out. And speaking of dying or moving out - are you trying to argue that 10% of apartment dwellers have lived there continuously for over 60 years? The 'same' apartment renter who was 35 in 1942 is still alive and living in the same apartment? hahahaha
You're a Freeper and you support rent control?????? I thought only communists supported rent control.
I don't support rent control, I strongly oppose it.
There are very few rent-controlled apartments left in NY. You might be thinking of rent stabilized which is totally different.
There aren't many rentals available because of the desirability of owning and because of vancy rates at around 1%.
The only people left in rent control are those who were there before the decontrol laws became effective. When they die or move their apartments go on the market at free market rates.
A co-op is NOT a rental. One buys a co-op and owns shares in the building which is a corporation with owners only the Board of Directors. They decide who is qualified and permitted to buy.
There are substantial finance benefits to the co-op structure, over condo, and co-op is the more prevalent form in NY. Typical monthly maintenance charges in a 3 BR 3 bath co-op which run about $2,000-$5,000 per month are 35-60% tax deductable, depending on the building's services, full time doorman, etc and on the building's real estate taxes
and mortgages, all of which have interest which is tax deductable .These tax deductions are divided among the shareholders by the number of shares held.