Quote:
Originally posted by UKDaisy
Okay I have to tell this story...b/c I didn't even realize this still occurred from the Depression. But one of my friends friend's grandmother (does that make since?) lives in New York, NY like right over some department store...apparently a nice location, I need to find out more. Well, anyway...the grandmother was a teenager during the Depression and her mom had bought the apt for 15.00 a month for life. So today the grandmother pays 15.00 to live in this apartment!! It was some rule during the 30's.....it was New Year's Eve, so I only remember half of what she was saying. But isn't that cool, she's going up there to visit for Spring Break.
Okay, I'm done bragging on this grandmother now.....back to crazy prices!!!!
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I have heard stories like this. In the 50s and 60s mansions and townhouses on Fifth Avenue could be purchased for about $50,000. There are people in Manhattan who have lived in their apartments since WWII and pay $200/month. I have never met any of these people though. Sadly, none of them were my grandparents. Rent control was pretty prevalent. I don't know about your grandparent's friend's story. The rent is probably in perpetuity. There was a story a few years ago about a man who signed a rental lease for $100 rent per month in perpetuity. When someone new bought the building, they tried to raise his rent, but they couldn't because of this lease.
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