Hacker News Reader

Comment by PLenz | Hacker News Reader

My family has had the same apartment in Queens since 1916. It'll go to my brother at some point in the future. An outlier for sure but plenty of the people I grew up with were in multi generational apartments and expected to be the next generation to take it over.

View on HN

How much is the rent/size vs a market rate?

I can answer this based on my parents example. They've lived in the same building since I was born and the same now rent-stabilized (previously rent-controlled) apartment in Brooklyn for the last 26 or so years. They live in a 3 large bedroom, one gigantic living room, kitchen, dining area and front lobby. Over the years the rent has increased to the now $1050.00, if however they were to move out (not passing the apartment to any children) it's likely that apartment would rent for around $3000+ considering the neighborhood and area.

Wow. That's less than half the rate for a 500sqft one-bed in a nice part of DC. I hadn't realize the stabilized rent units were so out of whack with the market.

What mechanism brought your rent-controlled apartment to rent-stabilized?

We've been a rent-controlled 1br apartment since 1969 (lucky...) and the rent is around $1500.

Also that rent-stabilized apartment doesn't go to market rate just because they move out. Depending on how much of the building is rent stabilized, it would likely stay rent-stabilized until the rent threshold crossed ~$2700. A rent-controlled apartment would become rent-stabilized.

Reply on news.ycombinator.com