Re:What Airbnb Did to New York City
by true_religion on Thursday March 08, 2018 @10:57AM
(#16545091)
Contract law usually doesn't allow for lifetime contracts because people can't consider such a long timespan logically. Rent control is the same thing. It forces a contract with on going payments and services with no end date. Is there any escape clause?
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As far as I'm aware, people occupying rent controlled apartments (in NYC) can opt to be bought out by their landlord. I've heard a number of stories of people using that windfall (generally buyouts are on the order of $10^4-10^5) to improve their general living situation, and I've also heard stories (including someone I knew personally) of people squandering that windfall and ending up living out of their car.
IANAL...
I believe the landlord is bound by the language of the law, not the contract. If the law enabling grandma's rent control were fully repealed, there'd be no rent control-related reason the landlord couldn't raise Grandma's rent to market rent. Basically, Grandma AND the landlord both needed to know what they were getting in to.
Grandma: "I want this apartment."
Landlord: "OK, it's $250/month with rent control. But just so you know, if they ever repeal that law, and market rate is more than the $250/month you're paying, I'm raising you rent."
Grandma: "Understood. If I were the landlord, I'd raise the rent on the grandma renting my apartment, too."
Isn't a sale a lifetime contract?
Apartment rental is explicitly not a sale. We should probably keep talking about the same thing and not keep moving the goalposts to suit our argument.
Isn't an NDA a lifetime contract?