Quote:
Originally Posted by floor23
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.
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Not only that, but those tenants children/spouses can inherit the lease rights, so once the tenant is in, they could potentially be there literally indefinitely or until the landlord buys them out of their lease, which could cost hundreds of thousands of dollars for the landlord.
Quote:
Originally Posted by Northern Light
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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What you describe is called racketeering.