Posted by Frank Chin on January 31, 2002 at 19:33:50:
Technically, I agree with you.
Rent control is a generic term for government regulation of rents. In NYC, they try to distiguish between the draconian older form, Rent Control, and its newer cousin, Rent Stabilization.
When I mention Rent Stabilization to someone outside of NYC, I get a blank stare. You’ll have to explain its the New York version of a updated variety of rent control. So I don’t bother anymore.
There are numerous “rent stabilized” apartments out there, especially buildings converted to coops where tenants elected to stay, and not buy. I looked into deals where investors try to sell blocks of them, all with negative cash flows, and the only upside being the tenant moving or dying.
But I encountered one commercial property with two apartments upstairs. An elderly lady still paying a rent controlled $132.00/monh rent as of a few months ago.