Live in a rent-stabilized apt but want to buy my own apt.

[ctowntenant]

Hi,

I currently live in a rent stabilized apartment with my parents. The apartment's lease has my parents names on it. But if something happens to one of my parents, I would add my name to the lease because I would like to inherit the right to continue living in the rent stabilized apartment. Would it be possible for me to own my own apartment and still have the ability to continue living in the rent-stabilized apartment? Or is it possible for the landlord to try to evict me on the grounds that since I am able to afford my own apartment that I shouldn't have the right to continue living in a rent-stabilized apartment? Even if I own my own apartment, I would still continue to use my rent-stabilized apartment as my primary residence address. I might even plan on renting out the new apartment that I'm planning on buying. I just want to know if it's possible for me to continue living in my rent-stabilized apartment at the rent-stabilized rate even though I plan on buying an apartment as an investment and rent it out. Please let me know...

Thanks ,
-ctown_tenant

 

[Michael Wechsler]

The landlord will try to evict you at any opportunity!!!

The issue of buying an apartment and getting a mortgage is that you may declare the new apartment as your primary residence in order to obtain a preferential mortgage rate. Investment property costs more due to the inherently higher risk. Whether the landlord finds out about this is another story but those are the risks that you take! I don't think that there is an issue of income related to rent stabilization (or at least I haven't heard of it during the cases I've handled) and it was primarily a residential right. The rent stabilization laws have changed and chances are that if you are in a larger apartment it could likley be destabilized sooner than you may think. If memory serves correct, current rent rate is $2,000 per month when an apartment becomes destabilized and with the size of your current apartment it is something to investigate. Good luck!

Hi,

I currently live in a rent stabilized apartment with my parents. The apartment's lease has my parents names on it. But if something happens to one of my parents, I would add my name to the lease because I would like to inherit the right to continue living in the rent stabilized apartment. Would it be possible for me to own my own apartment and still have the ability to continue living in the rent-stabilized apartment? Or is it possible for the landlord to try to evict me on the grounds that since I am able to afford my own apartment that I shouldn't have the right to continue living in a rent-stabilized apartment? Even if I own my own apartment, I would still continue to use my rent-stabilized apartment as my primary residence address. I might even plan on renting out the new apartment that I'm planning on buying. I just want to know if it's possible for me to continue living in my rent-stabilized apartment at the rent-stabilized rate even though I plan on buying an apartment as an investment and rent it out. Please let me know...

Thanks ,
-ctown_tenant