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.
- 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.