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Buy out

NYC Rent Regulation: Rent Control/Rent Stabilized, DHCR Practice/Procedures

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Buy out

Postby madigan » Sat Jun 22, 2002 2:11 pm

I have a rent-stabilized studio in midtown. Lately I've been thinking about relocating to LA. I was planning on subletting, legally, for the two years that are allowed, and then after the two years are up I'd make a decision about returning to NYC or staying in LA. But now I'm wondering if the landlord wouldn't be willing to pay me to give up the apartment. I know he has offered other tenants money to leave. My rent is about 40% of what vacated studios are now being rented for, so he's losing a lot of money by having me in the building. I calculated that over the course of a two year sublet, he'd be losing over $17,000 in rent that he could make if I vacated my apartment. And then of course if I return, he'd be losing about $9,000 per year. So my quesion is a general question about buyouts. Has anybody out there had any experience with a buyout? Since I haven't been approached, should I approach the landlord? Is there any risk for me if I bring up the subject with the landlord? Just curious.
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Re: Buy out

Postby TenantNet » Sat Jun 22, 2002 4:58 pm

Scuse us, but this site and forum are for tenants' rights - not musing over the size of your windfall. While buyouts have their place - when tenants are being pressured to leave, in calculating what is fair compensation for their moving expenses and increased rent elsewhere - landlords are not 'losing' money. Rent regulation is the only business we know that guarantees landlords a profit. Lets keep the bandwidth for tenants with real problems, and lets not provide incentives for taking even more units out of the affordable ranks.
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