All of which means that there is fierce competition for the apartments specifically designated for people who would otherwise be priced out of the market. Last year, the Times reported on how difficult it is to find homepage one : I have people all the time who come to me and ask me to find them a rent-stabilized apartment, said Alexis Fleming, a broker at Citi Habitats. I tell them good luck. It is a needle in a haystack. In seven years, she said, she has rented just seven stabilized apartments. More than 10 years ago, New York magazine chronicled some of the more egregious injustices the rent-stabilization scheme promotes : A not uncommon story is that of the couple who live in a brownstone on East 87th Street owned by a client of real-estate lawyer Howard Stern. The couple maintain a rent-stabilized one-bedroom for $821 a month which has allowed them to purchase a spacious retreat in Columbia County.
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Should You Rent or Buy?
buy calculator that lets prospective homeowners answer the question by entering where they want to buy and fiddling around with more than a dozen variables from mortgage and tax rates to home prices and how long they plan to stay. If youre feeling nerdy you can play with economic assumptions like inflation and rent appreciation. An accompanying press release notes that many of the hottest markets like San Jose and San Francisco are inching up on the tipping point toward renting.
For the original version including any supplementary images or video, visit http://blogs.wsj.com/developments/2013/09/20/should-you-rent-or-buy/