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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting. [/quote]

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.[/quote]

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent. [/quote]

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion. [/quote]

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.[/quote]

And you think rentals aren’t passing along the repair cost to you?

Most families I know who rent face huge massive rent increases annually. [/quote]

Rent is based on market factors and what someone willing to pay. Many are moving to the outer borough. The old buildings will be competing with new buildings that have tax abatement and can offer one free month of rent.

There has also been a decline in students enrolled in public school, so it been trending for families to leave the city. [/quote]

lots of BS in this post.

first of all, a free month and tax abatement are different things - one is rental one is ownership.

Rents have gone up the last few years pretty aggressively.  that being said, our rent has been pretty reasonable - we started at 7,500 about 13 years ago and is now 9,500.  it barely moved from 2013 to 2022.  from 2023-2026 it has gone up 20%.

the 300k down payment we saved has moved up to over 1.0MM (post tax) due to equity and bond market returns.   The maintenance costs have increased in the buildings we looked at buying as well.   We are much better off having rented.

now, we did put $200k down on a house in the hamptons - that down payment has ballooned in value to over $1MM (and that's incorporating capital gains in the event we sold).  we have had Interest only loans for the majority of the 18 years we have owned it.

[/quote]

I meant to say the developer recieves the tax abatement and can undercut rent price by offering a free month.

We own 2 townhouses. We have no housing cost as our properties turn a profit. We have fixed rate loans at 3% from COVID refinance. We didn't consider to be as levered as you. [/quote]

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