Comment on [deleted]
aceshigh@lemmy.world 9 months agoOne of my neighbors lived in a large 1 bedroom apartment. It was in the family since the 60s. It’s rent stabilized and in a popular area. A decade ago she was paying $850, market value at the time was $2k+. She renovated her kitchen when I lived there…. The downside was that her new upstairs neighbor was a musician and had a full sized piano that he’d practice on daily for hours at a time…
WhipTheLlama@lemmy.world 9 months ago
If you know you can’t be evicted unless you stop paying rent and the rent is cheap enough, it’s not a bad idea to renovate it a bit. I told my friend he should quietly renovate his rental apartment because he hated the kitchen and all the flooring. He was paying $2k under market price, had rent control, and because it’s a corporate landlord, they can’t evict him unless he misses rent a lot or harasses other tenants.
My friend opted to buy a condo instead, so while his mortgage is more than his rent was, at least he’s earning equity and a rising housing market.
dingus@lemmy.world 9 months ago
How does one end up in an apartment with rent stabilization? I’ve wondered this.
shasta@lemm.ee 9 months ago
Get a time machine
rmuk@feddit.uk 9 months ago
Great, what’s step three?
dan@upvote.au 9 months ago
It’s very uncommon to find available rent controlled apartments. Some of the leases allow you to pass the apartment and its current pricing to a child, so there’s a lot of them where the same family has lived there for 20+ years and just passed the lease down the family.
aceshigh@lemmy.world 9 months ago
yeah, you have to do the math to calculate the total expenses since maintenance fees can be very expensive in condos, much higher than paying for a rent control or stabilized apt.