Yep, I know at least one family that’s pretty well off that held onto their rent controlled place for years after no longer living in it, and then essentially passed it down to their kids. They basically own that apartment for less than it’d cost to maintain if they actually owned it, in terms of HOA/property tax, since the rent is stuck where it was like 30 years ago.
And when I was looking for a place, I came across a couple people playing landlord and trying to sublet out their rent controlled place for more than they were paying the landlord.
And when I was looking for a place, I came across a couple people playing landlord and trying to sublet out their rent controlled place for more than they were paying the landlord.
It’s pretty broken, at least in NYC.