Sunday, June 15, 2008

Money to Move?

Stellar Management has offered some rent stabilized tenants money to move out of the building.

What Stellar would gain:
  • At $3,300 per month rent, Stellar would get $36,900 in one year. In 3 years, that would come to $ 112,700. In 10 years, that would be $369,000.
What tenants would lose:
  • The amount any tenant would get is subject to about 20% tax. So if you're offered $100,000, you would actually end up with $80,000.
  • Where could you live in NYC for $80,000, and for how long ?
  • Our building loses more of its diversity and those who have made this a community.
  • Once the apartment is vacant and Stellar "improves" it out of rent regulation, the city and state permanently lose another affordable unit.
If Stellar offers you money to move, please contact a LAWYER to help you. You can also contact Sue , Na'ava Ades, Joan Browne, Steve Koulish or Prudence Opperman.

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