Posted by MikeW on January 22, 1999 at 11:19:31:
In Reply to: Renting in a coop building posted by Danielle on January 20, 1999 at 17:13:23:
If you can at all find a stabilized rental, that would be much preferrable. You are correct that in a coop rerental, they can jack up the rent however much they want on a renewal. Generally, in this situation, you only have the rights given in the lease.
As far as finding a stabilized rental, that will also be very hard. Since your talking coop, I'm assuming were talking about Manhattan, or one of the more desirable areas of the boros. In any of these place, LLs will do whatever necessary to get the rent over the $2000 mark to get it off stabilzation. I recently gave up a $900/month studio. This metamorphisized into a $2800 three bedroom.
In this market, probably the best thing to do is to buy something. Much higher up front costs and hassle, but significantly lower monthly costs (both before and, especially, after taxes).
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