Not to mention, dh, why is it that people keep buying RC buildings. A wholesale repeal of RC would create quite a windfall for LLs since the sale prices of those buildings presumably reflected the limited income. If we are going to talk about the responsibility of RC tenants, let’s talk about the responsibility of RC LLs. They shou7ldn’t bite off more than they can chew, either.
Benson, I have seen it too. We have had out ups and downs in the real estate market to be sure, but many of us built our stake of equity by buying places when we were young(ish) and having some appreciation. We also have some self-determination there. IF you are AT MARKET, i.e. you are able to pay a market rent, or are living in your own property, you then have CHOICES. You can move, you can sell, you can rent out your own place (coops not so much). You are pretty free. But for people who are renting below market, it is a crappy proposition particularly when you get older. You are trapped.
This nice scenario I describe above blew up in some peoples’ faces, though, with the real estate bust, not so much here but in the sand states. My young neice, an academic and academic husband who have two kids did the “right thing” by pursuing the American dream of a buying their own house. They are now very underwater on a property in Florida (no fault of their own) and lost all their equity. They have the choice of continuing to pay their mortgage and staying trapped there, or declaring bankrupcy, wrecking their credit and starting over.
So owning your own place isn’t a guaranteed win, but RC or RS is definately a ticket to nowhere.
Seriously speaking: the situation you describe in that thread is exactly what happened to my my wife’s aunt and uncle. Both were NYC public-school teachers, no kids. He made principal. They could be living large. Instead, they live in a decrepit one-bedroom rathole in Queens. But hey – they’ve got a great deal thanks to rent control.
My wife used to get upset when I used them as examples to my daughter of how not to grow up, but she has come around to seeing it my way.
I <3 DH 🙂
Not to mention, dh, why is it that people keep buying RC buildings. A wholesale repeal of RC would create quite a windfall for LLs since the sale prices of those buildings presumably reflected the limited income. If we are going to talk about the responsibility of RC tenants, let’s talk about the responsibility of RC LLs. They shou7ldn’t bite off more than they can chew, either.
By daveinbedstuy on May 10, 2011 12:29 PM
I thought it was Saddam Hussein who had the man cave????
No that was a man hole!
Benson, nice to see that in your book, I am even. 🙂
What do I get for singing God Bless America, Kate Smith style in my parlor over the weekend???????
i agree that rent regulation is an outdated, flawed system.
but if we’re gonna get rid of every “entitlement” for the poor, why not the rich?
lets start with those silly 421-a tax abatements for crummy “luxury” new construction bldgs popping up all over the city.
or the mortgage interest tax deduction. that seems pretty silly too.
Benson, I have seen it too. We have had out ups and downs in the real estate market to be sure, but many of us built our stake of equity by buying places when we were young(ish) and having some appreciation. We also have some self-determination there. IF you are AT MARKET, i.e. you are able to pay a market rent, or are living in your own property, you then have CHOICES. You can move, you can sell, you can rent out your own place (coops not so much). You are pretty free. But for people who are renting below market, it is a crappy proposition particularly when you get older. You are trapped.
This nice scenario I describe above blew up in some peoples’ faces, though, with the real estate bust, not so much here but in the sand states. My young neice, an academic and academic husband who have two kids did the “right thing” by pursuing the American dream of a buying their own house. They are now very underwater on a property in Florida (no fault of their own) and lost all their equity. They have the choice of continuing to pay their mortgage and staying trapped there, or declaring bankrupcy, wrecking their credit and starting over.
So owning your own place isn’t a guaranteed win, but RC or RS is definately a ticket to nowhere.
“I agree, benson. He’s one of the few voices of reason in that whole thread.”
Spoken like 2 Republicans having a lovefest!
Donatella;
Seriously speaking: the situation you describe in that thread is exactly what happened to my my wife’s aunt and uncle. Both were NYC public-school teachers, no kids. He made principal. They could be living large. Instead, they live in a decrepit one-bedroom rathole in Queens. But hey – they’ve got a great deal thanks to rent control.
My wife used to get upset when I used them as examples to my daughter of how not to grow up, but she has come around to seeing it my way.
I agree, benson. He’s one of the few voices of reason in that whole thread.