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>This is why if you're 19 you can't afford to live in Manhattan: you're either old (and lucky) or rich. Or a real estate broker who knows building owners willi
by mancerayder 6y ago
>This is why if you're 19 you can't afford to live in Manhattan: you're either old (and lucky) or rich.
Or a real estate broker who knows building owners willing to rent out the stabilized units (50 pct are stabilized, 50 free market more or less). Or you paid a broker fee to this broker. Or you sublet from a rent stabilized tenant who charges market rent..
No one talks about how easy corruption happens in these situations. The bifurcated market in NYC sucks - it should be all stabilized or all free market.
- Kalium 6y agoSF famously has a black market in rent controlled sublets. In theory the amount a master tenant can charge for a room is a question of proportionate space and overall rent. In practice, they charge a lot more, and it's exceptionally rarely challenged.