A two-bedroom, prime West Village apartment with stabilized rent at approximately $1,400 remains vacant due to a required $100,000 renovation. The real-world value of such a lease is seen as in the millions. While landlords cannot legally require tenants to pay for renovations, informal arrangements can occur in trusted relationships. Some landlords renovate for tenants with connections. Low-rent apartments often sit vacant until a suitable tenant is found, and trust plays a crucial role in managing potential issues with building conditions.
"I'd pay $100,000 to get that lease. Think of the real-world value of a permanently renewable, low-rent lease for a renovated, 1,200-square-foot, prime Village unit that you can eventually bequeath to a roommate, such as your kid. It's in the millions."
"Technically, a landlord cannot require a prospective tenant to pay for renovations in exchange for a lease. And technically, the owner must provide a code-compliant dwelling at lease-signing."
"Clearly, the two have reached some kind of understanding. I do the same when I can in my buildings."
"Trust is necessary because the tenant could, in theory, report the squalid conditions to the government and compel the landlord to renovate."
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