5 ms·
I can answer this based on my parents example. They've lived in the same building since I was born and the same now rent-stabilized (previously rent-controlled)
by asnyder 8y ago
I can answer this based on my parents example. They've lived in the same building since I was born and the same now rent-stabilized (previously rent-controlled) apartment in Brooklyn for the last 26 or so years. They live in a 3 large bedroom, one gigantic living room, kitchen, dining area and front lobby. Over the years the rent has increased to the now $1050.00, if however they were to move out (not passing the apartment to any children) it's likely that apartment would rent for around $3000+ considering the neighborhood and area.
- alistairSH 8y agoWow. That's less than half the rate for a 500sqft one-bed in a nice part of DC. I hadn't realize the stabilized rent units were so out of whack with the market.
- busterarm 8y agoWhat mechanism brought your rent-controlled apartment to rent-stabilized? We've been a rent-controlled 1br apartment since 1969 (lucky...) and the rent is around $1500. Also that rent-stabilized apartment doesn't go to market rate just because they move out. Depending on how much of the building is rent stabilized, it would likely stay rent-stabilized until the rent threshold crossed ~$2700. A rent-controlled apartment would become rent-stabilized.