A. While the prospect of Amazon coming to Long Island City would have had a very positive impact on the market in Queens and surrounding boroughs, there is no reason to be alarmed now that they have reversed their decision.
First of all, even if they did come, it would not have been for at least one to two years. Plus, the original announcement was made the second week of November 2018, so it’s only affected the market for several months.
The short answer to your question is still the same as it would always be. Are you ready to sell now? How is the local market doing according to your real estate professional?
If you are ready to make a move, and the market is good, then make your plans and move ahead. External factors can always influence the market from moment to moment.
Q. What qualifications are needed to rent an apartment? The agent says my income is too low.
A. Ideally, landlords would like the income to be around 48 times the monthly rent. For example, a $2,000/month apartment would require an income of $96,000. Some landlords will be more lenient and take 40 to 45 times the monthly rent, but it varies depending on the landlord.
Also, they will want to see a credit score of at least 700. In some cases, a landlord will accept additional security to cover a lower credit score or lower income, so ask your agent to see if that would work.
Unfortunately, at this time, the City Council is currently considering a bill (1423, sponsored by Councilman Keith Powers) that would not allow landlords to accept this additional security deposit.
If this happens, applicants who are borderline may no longer have the option to use the additional security.
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