4 ms·

Sorta true, sorta false. There are not vast quantities of inventory, but there certainly isn't a shortage. There are loads of "luxury rentals" in battery park c

Sorta true, sorta false. There are not vast quantities of inventory, but there certainly isn't a shortage. There are loads of "luxury rentals" in battery park city, downtown brooklyn and williamsburg that the developers are having a hard time getting people into, even with all sorts of incentives. The prices are pulled out of thin air. The new developments have to charge usurious rents to recoup their costs, but a lot of individual owners bought their building outright in the 80s for peanuts and just charge whatever they think they can get. Any old building in the LES or east village is basically a mint for the owner. There may be a shortage of affordable, nice apartments in places where people want to live. Good luck finding a nice place for < $2000 in the LES. However, there is no shortage of expensive, crappy apartments in "uncool" parts of the city. In a weird twist of reality it's now easier to find a good deal in the UES than it is in the LES...

yummyfajitas 16y ago
Good luck finding a nice place for < $2000 in the LES. Fun fact: if an apartment is rented for less than $2000, it becomes subject to rent stabilization. Many landlords would rather have an apartment go vacant than become subject to rent stabilization. Better to lose a year's worth of rent now than 20 years worth of rent in the future, not to mention loss of flexibility (i.e., you can't sell the apt without permission of the tenant).
- wan23 16y ago
  This isn't actually true. If an apartment rents for more than $2000 it is no longer subject to rent stabilization, and there are various tricks that landlords use to make sure it doesn't fall back under such as issuing rebates or free months and then quoting an effective monthly rate.
- infinite8s 16y ago
  Do you have any citations for this? Does it only apply to buildings with more than 6 apartments?

yummyfajitas 16y ago

Good luck finding a nice place for < $2000 in the LES. Fun fact: if an apartment is rented for less than $2000, it becomes subject to rent stabilization. Many landlords would rather have an apartment go vacant than become subject to rent stabilization. Better to lose a year's worth of rent now than 20 years worth of rent in the future, not to mention loss of flexibility (i.e., you can't sell the apt without permission of the tenant).

wan23 16y ago
This isn't actually true. If an apartment rents for more than $2000 it is no longer subject to rent stabilization, and there are various tricks that landlords use to make sure it doesn't fall back under such as issuing rebates or free months and then quoting an effective monthly rate.
infinite8s 16y ago
Do you have any citations for this? Does it only apply to buildings with more than 6 apartments?