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hmmmmm, don't be so sure

Posted by W Cramer on January 31, 1999 at 11:05:25:

In Reply to: Re: Wellcome Newcomer posted by John E. Marre on January 29, 1999 at 23:26:17:

I'm moving from my studio coop in Queens to a one bedroom stabilized apartment in Queens (see my above post).
I'm also on the coop board(almost 10 years now)...all of us with exception of the original landlord who is still on the board lives in the building. 45 studio units used
in the 60's for nurses, and airline personel. Anyway, we do our best to make sure an applicant either renter or purchaser (those are non-existant these days) are capable of paying of course. But we also look for demeaner and questions about where they lived before, why they are moving, what kind of job they have...but I must say is close to impossible to detect if someone is going to be a nuisance. For the record my building is in great finacial
condition, and the last increase of 2% was four years ago..with the previous increase 5 years before that...we really try to keep the building together in terms of upkeep, people and finances. Please don't blame the board if someone puts on a good interview show.

What do I suggest? A nuisance clause in the proprietary lease. And to people out their avoid coops altogether..the banking industry has turned them into virtual albatroses.

W Cramer

: Yes. And then you invest all of that money you've worked so hard to accumulate, buy your little piece of The City and what do suppose moves in next door... pure trash! You learn that someone bought the unit next to you, or even worse, above you, for rental porperty. They don't care what they put in, the "lovely" tenant had the "cash" for the rent and that's all that's important. You're stuck my firend. VERY stuck indeed. Try selling your place with bass pounding through the ceiling at 1am on a week night. Or with the garbage from the residents downstairs cluttering up the hallway. Or, better yet, the lovely little suburbanites with their charming children running around and screaming their heads off at all hours of the day and night. Been there. Done that.
: With rental, you get up, get out and go away from it and hope for better someplace else.
: With purchase, you pray like hell that you can dump the place on somebody else and at least break even.
: And please don't give me the bunk about "boards". Co-op or condo, they're all not worth the crap they flush to the Hudson.

: : : Nick!
: : : You hit the nail right on the head.

: : But here's were I disagree:

: : In order to correct the inequities in the system, the only FAIR way is to make rent sablization income dependant, For example why should people who make $150,000 a year still get rent stabilization??? I mean even if you make $75,000 that should be enough income for any Bank to give you a mortgage and BUY an apartment!!!
: :
: : What this system does is pit people against each other, instead of doing what most Americans want.... to OWN not RENT a piece of America!!! So $75,000 is a fair cutoff point $50,000 would be better,
: : that would end your stabilization...and you will either pay higher rent, move or BUY!!!

: : I made a whopping $26K last year as a paralegal, I deserve a decent rent, so I can save for a down payment in 5 years...
: : I dont want to rent the rest of my life and be at the mercy of a shitty landlord, or if an appliance breaks,
: : he refuses to fix it and he refuses to let me buy my own.......But a decent rent would allow us to save the $10,or 20,000 needed down payment
: : to buy anything...
: :

: :

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