Quote:
Originally Posted by Crawford
If this goes through, and the inevitable lawsuits are unsuccessful, you'll see an enormous conversion push, because there's no way to make money on rental housing. Basically every landlord will plot how to do a coop or condo conversion.
And this is Example 807,211 that populism, whether on the Right or Left, is dangerous and stupid. When a politician claims to be "for the people", be very afraid.
|
These things are not cheap or quick. These laws will basically squeeze out any small landlords, because they wouldn't be able to afford buyouts or keep running on low margins for years, plus legal fees and court battles. As a developer, you'd also be an idiot to construct rental and not condos now. Why the hell would you create an asset with such a limited upside. Your income is literally capped by the government. People were already complaining that NYC developers were constructing too many luxury condos, wait till people realize wtf just happened. I think also how these laws were written, they made the low income portion of all 80/20 buildings effectively into RS...I think they'd have to tweak the wording on the bill.
Threaded Mode