Posted by Sir Loving on May 05, 1997 at 01:46:18:
In Reply to: Re: One common misconception about Rent Control posted by Jon on May 04, 1997 at 11:14:28:
The normal 30 year mortgage on buildings built prior to 1947 was paid in full at least 20 years ago. That means that it is not even a consideration today. In spite of this, tenants are still required to pay their rent anyway. If the rents go through the roof then you can have my job cause the salary I get won't be enough to pay any new & unwarranted rent hikes. The coop has 33 units and the financials show an ever increasing bottom line...even with 9 Rent Controlled uints in the building. The building I live in has 10 apts & 4 stores and 2 apts are still Rent Controlled. In my building the apts have three bedrooms. I have a son & a daughter. I guess the State has a place for them to go when I can no longer afford to raise my family. I think it will cost the State more that they expect though cause they won't have my paycheck feeding their their offices anymore.
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