Posted by Jon on May 04, 1997 at 11:14:28:
In Reply to: Re: One common misconception about Rent Control posted by Sir Loving on May 03, 1997 at 09:11:21:
Debt service refers to mortgage - not depreciation. And though I appreciate you willingness to share, I take it you are not licensed in any way. There are ethical obligations which you have violated here. Though I am sympathetic to the issue, if I were your employer, I would fire you tomorrow had I discovered your open willingness to supply my company's name, address and bank statements. Best detail only descriptions in the future.
And to continue the subject matter, please give detail of number of units, number of bedrooms and general condition of the building. That would be helpful in this discussion.
: Your point would be well taken if we were discussing brand new living accomodations. However, as you may already know, Rent Control only applies to buildings that have been fully depreciated. Fuel cost adjustments are passed along to the tenants by the MBR system. Capital Improvements are permanantly added to the rent even though the costs have been recovered only after 40 months. Personally, I pick my own colors and apply them to the walls out of my own pocket. I have allways installed my own carpet thoughout the apartment. I have upgraded the bathroom, the kitchen and replaced falling ceilings and walls in the bedrooms. I have replaced and repaired my own lighting fixtures and installed my own ceiling fans. I pay my fair share of taxes from my paycheck. I am not allowed to write-off any of the expenses incurred in maintaining the apartment. I only have $3,000.00 in my checking account. By comparison, my boss (who owns 150 apartments in Manhattan has 2.5 million dollars scrolled away in his retirement fund. I hope this gives you a better picture of the reality.
: I can back up theses figures with bank statements if you care to discuss it further.
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