Major NYC landlord keeping rent regulated apartments vacant
Looks like the newly rent regulation law in NYC is so heinous that at least one major NYC landlord decided that it’s better off just keeping some of those apartments vacant.
Way to create more affordable housing, fellas! Just keep passing more and more punitive laws that box business in so tightly that they have no option but to say “screw this” and hence create the opposite outcome from what the laws were intended for. Quote:
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Asshole pols making life harder for people. The best way to keep things affordable is to make it easier and more predictable to build through more as-of-right zoning. Real estate profits are sky high because it's such a risky venture.
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What a curious way to go about rent control.
One could argue for or against rent control in general. But the NYS/NYC model is really peculiar. I'm used to the system in Toronto which protects an existing tenant against increases greater than inflation, except by permission of a quasi-judicial tribunal due to major capital expenses (still capped at roughly inflation, plus up to 3% extra per year, for 3 years, until the improvement is paid off). The notion of controlling rent on a vacant unit is itself a bit more problematic; but I could see the virtue in it in certain respects. But if one is to do that, you'd think a simple requirement that the unit be subject to the same rent increase as any other unit would be the way to go. The convoluted rules in New York are rather cumbersome. I tend to think if you've got units that are not merely below current market, but well below, in a rent-control scenario, you'd think it might serve the interest of the state to simply purchase the buildings off the landlords and absorb them into the government-owned housing portfolio. Taking a low-yield property that requires capital investment off their hands should work for many landlords too. (purchased) Then, the State could vacancy de-control its own units, and use the profit to cover subsidies for those who need them.......... |
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In such low-cap-rates markets (Vancouver, Paris) it's perfectly normal and logical that you'll often see investors not even bothering to deal with tenants given that rents are peanuts in comparison to prices - the goal is to own what are essentially brick-and-mortar bitcoins and hope they'll continue to appreciate every year at a nice rate. |
I'm not too familiar with tenancy laws in NYC, but from what I've read and heard once you get a tenant in a rent control/stabilized unit its very difficult if not impossible to vacate the unit down the road.
If I was in the landlords position I'd be doing the same thing as well. |
Stories like this are disheartening and reaffirms to me just how mean spirited NYC's rent stabilization law (and the people who back it) is:
https://www.google.com/amp/s/www.nyd...tputType%3Damp |
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Bernie calling for nationwide rent control
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Who could have seen this coming!?!?!?!? :haha::haha::haha: |
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Not gonna happen. |
^^^^
Honestly, if you want to "visually" capture the moment, just get an empty trash can, throw like 50% of your money in there, place some lighter fluid, and watch the fire. Will save you some number crunching, and frustration. Or you can just turn the trash can into a little BBQ, with the smell of money adding flavor to the meat. I think Sanders means well, but there's a fine line between what works, and what doesn't. In fantasy land, it would be fantastic, but unfortunately there are a lot of elements to tackle, and to make things work, sometimes one has to slowly break down the fabric that is the political and economical puzzle along with every other variable... diagnose it, and make it work. In other words, the ideas sound great in theory, but to work and not place us in the financial gutter, they need some reworking. But as ideas... they are great for the people, its just implementing it in a manner that works thats the hard part. The really hard part! |
Whatever they do for rent control, transportation and zoning in Tokyo, just do that.
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#latestagecapitalism
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