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Legislators also are wrestling with another problem of their own creation. Landlords who can’t find tenants willing to pay the legally permitted rent on stabilized apartments are free to offer.
A proposal before City Council would have the city take over the lease on the 6,000-square-foot studio and allow Thomas to use it for free. Under the lease. would not be responsible for paying its.
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This helped formalize the rent-to-own model, whereby tenants can have a portion of their monthly rent payments accrue toward a down payment to eventually buy the home they’re renting. With the rent-to-own option now available to more tenants to buy a house or condo, many consumers ask: how does rent-to-own work?
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“Our members cannot afford to make 30 year, interest free loans on their property. Residents of mobile homes would also receive new protections under the deal. This includes a 3% limit on rent.
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