Whyrent.com ny

By Kathryn Brenzel. Tags Rent stabilization Rental Market. Related Articles. Fudging the numbers? Landlords say NY gamed survey to save rent stabilization. Investors consistently scoring with single-family rentals.

Rent control rocks Midwest landlords. Is New York state next? Court backs tenants in J class action against landlord. Multifamily lender says loans in good shape, not endangered by rent law.

Newburgh jumps on good cause eviction train. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Close Privacy Overview This website uses cookies to improve your experience while you navigate through the website.

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Many New York construction sites don't have spacious lots where you can store materials. But regulation is also a likely culprit. For example, New York has an unusually stringent law requiring frequent and costly inspections of building facades, which is why you see so much more scaffolding in Manhattan than other cities.

And there are no non-union crane operators in New York City, meaning any construction project tall enough to require a crane must be built with union labor. Affordable-housing set asides.

Much new multifamily construction in New York City is built under programs where developers get a tax abatement in exchange for setting aside a fraction of the building for affordable housing.

That's great for people who win affordable housing lotteries and get below-market rate rents. But the set-asides also reduce the returns to developers, which reduces the amount of housing stock that gets built, which drives up market rents for everybody else. Minimum parking requirements. In general, buildings below 96th Street in Manhattan don't have to have parking. But in upper Manhattan and the outer boroughs, developers are forced to build parking often, more than is demanded by tenants if they want to build apartments.

That drives up costs and discourages construction. My neighborhood of Sunnyside, Queens is a testament to this. I live in a six-story elevator building four minutes' walk to the subway.

My building was built in and has no parking. If you wanted to build it today, you would have to put a parking garage under it. As a result, even though the neighborhood is desirable, new construction is limited.

The building in the picture is next door to mine. It was built after New York City's zoning reform and so it has above-ground parking. It's one of the few post apartment buildings in my neighborhood. It's also hideously ugly.

Tenant-friendly laws. It's really hard to evict a tenant in New York. That's great if you're a deadbeat. It's also the reason that landlords almost uniformly require a full month's rent in deposit—New York's legal maximum for most apartments. I didn't even know this was abnormal until I moved away from New York for a time and discovered that tenants with good credit could sometimes post little or no deposit in other markets.

The hassle of being a landlord in a tenant-friendly jurisdiction also discourages rental construction at the margin again driving up rents and encourages landlords to be extra picky about tenants' credit. It's just another reason it's so difficult and expensive to rent here.

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Even with lease-purchase contracts, this is not always the case. Rent-to-own agreements should include agreements on when and how the purchase price of the home is established. A contract is sometimes signed at a higher price than the current market value.

When the contract is finished, the result will depend on whether you entered into a written agreement or a verbal agreement. Mortgage or other finance may be necessary to pay the seller if you have a lease-option deal. Also, you move out of the home if you fail to purchase the property or cannot arrange finance after the lease period. However, you are not obligated to keep renting or to buy the home. You can be legally required to buy the property when your lease expires if you have a lease-purchase arrangement.

This can be challenging, and if you cannot obtain a mortgage, it will be even more difficult. If you are unable or unable to purchase the home. If you wish to comprehend your legal rights and responsibilities, you should work with a real estate attorney specializing in contracts.

Before signing, you may choose to discuss some aspects or decide not to agree if it is not advantageous enough to you. Secure an inspection, verify property taxes are current, and eliminate any liens.

If the seller has had the property for a long time and has acquired equity. Then you can feel more confident in the property. Should you lose your right to acquire the property under any of these circumstances?

For sure, terms and conditions under the rent-to-own agreement must be met. Even if a real estate agent helps with the process, it is critical to meet with a real estate attorney before signing any contract to determine whether you understand the terms of the contract and your rights. Extraordinary time demands extraordinary measures, so you are not likely to find them in every season.

If you aim to buy a home, take full advantage of the rent-to-own offer. November 5, November 2, November 10, Apartment Rent Control vs. November 7, Studio Vs Efficiency Apartments November 4,