Posted by richard on January 20, 2000 at 10:55:41:
In Reply to: buy-out figuring posted by Raymond Howard on January 19, 2000 at 19:56:21:
More thoughts on Buyouts of rent controlled tenants;
Since you want money that is VERY selfish and grates on our nerves..but here is a plan of action
Why not offer to the landlord you will move out of your rent controlled apartment for NOTHING...( or just moving expenses)...under one condition......that the LL will sign a stipulation in court for you to give up your rights to the apartment, in exchange that the NEXT tenant will have a stabilized apartment at an inital rent of ..say $750 a month....Then the next tenant would have a chance at saving enough money for retirement or for a down payment, that would cost the landlord MUCH more then paying a selfish you! if he violates the stipulation (and you will keep in touch with the next tenant) then he will pay you $25,000....option # 2 he does pay you $25,000 to move out, or option #3 you will stay untill you die.......
You had your chance for the last 30 years to retire with lots of money....now pass it on to the next generation.......and MOVING without recieving any $$$$ and keeping the apartment rent cheap and in the stabilization system... is the socially responsible thing to do...AND I WOULD BE PROUD OF YOU!
Its the Landlords House he paid for it....He makes the decision........ NOT YOU!
: My thanks to Mark and Mike for their sincere concern and interest about reaching a feasible buy-out figure to present to my building owner... I am confused by the phrase " get the pesent value of that cash flow stream at,say 7% over 40 months... the actual figures involved are my rent of $131.39 ( increases were lost over thirty years of refusal to correct violations by present and past building owners )... and the possible income from my floor through railroad coming in at an annual $24,000 to $27,000, depending on much the place is chopped up... so that's it... my annual $1560 vs. the possible future rents... so what's a reasonable buy-out figure???...As to Richard"s suggestion that the owner will wait til I can't get up the stairs??? I've been doing it for the last thirty years and am good for at least another twenty. As they sang in West Side Story, " Smoke on your pipe and put that in. "...Again I thank Mark and Mike. Sincerely,R.
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