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Your talking about your rent regulated units in coops? I don't think much changed for you. You just have to wait until your holdout tenants die off. Then you could sell at market.
But by requiring 51% tenant approval, they've kill the concept of any future conversions.
That obviously was the intention, and people are *HOT*.
Let's be honest, the main purpose of this of these changes was to throw a huge f_u_c_k you to the real estate industry. There will be retribution.
True, true.
In keeping with the socialist, liberal bent of both city and now state government idea is to take even more from those who earn, and give it to those that didn't. Or at least the latter has just enough power to wreck things they don't like.
Again, NYC is on it's way back to the busted 1970's...
Generally a bank won't issue a loan on a coop unless the board agrees up front to allow the bank to take possession of the apartment in case of a foreclosure. As board president, I've signed a few of those.
One of the reasons condos are now more popular is that they can be bought by non-resident investors and rented out at will. A lot of coops don't allow that. We don't. We allow rentals buy on a tightly controlled basis, and with significant fees.
when my daughter bought her co-op the building had a flip tax .every bank wanted a waiver that if they foreclosed they would not get hit with the flip tax .
the building wouldn't do it so she had to actually put down more money and cover the flip tax up front
Anyone care to guess what will go down? Will the newly elected (and at least they believe empowered) liberal, progressive left democrats succeed? Or will it be what it always is; last minute deal with three men in a room and Cuomo largely controlling things?
Fact that it has taken this long tells me at least democrats are not finding things easy as they thought. This even with controlling all branches of state government. In particular attempting to shove rent control laws down rest of state. Upstate never has had much use for RC, and don't see that changing.
When you say "rent control" do you mean the regulations that allow an 80-year-old person to live in a 5-room apartment for $500 a month?
When you say "rent control" do you mean the regulations that allow an 80-year-old person to live in a 5-room apartment for $500 a month?
IIRC answered that query (or similar) upthread or maybe in another on same subject.
Used "rent control" as generic to cover all rent regulation laws in NYC, RS and RC. Indeed the laws passed cover everything from market rate down to rent controlled apartments.
For instance method used to calculate increases for rent controlled apartments will now be same as RS.
Let's be honest, the main purpose of this of these changes was to throw a huge f_u_c_k you to the real estate industry. There will be retribution.
Well, they were happy to go the extra mile to twist the knife now that they have the votes to stab, but the main purpose of this is to pander to the complaining masses that the rent is too damn high without any consideration of the facts of the situation. For decades now, there just hasn't been any inventory. Crazy demand + Microscopic Supply = Insane Prices.
These laws just serve as a subsidy to people who already have an apartment which actually keeps people here at artificial prices which reduces supply even more and increases prices for people looking to move in. The subsidy, at the property owner's expense (convenient), is blind to the renter since millionaires just like section 8 recipients can benefit from the lower rent and protection.
Small time property owners that recently bought are really going to get screwed - they will lose money and if this snowballs into a property recession they they will lose a lot of money
No doubt for those who bought pure rental buildings these changes are a big monkey wrench dropped in the works .... for those of us who own co-ops with stabilized tenants it effects us much less . I can’t say it effects us at all.
The rent increases will still be small and we are still stuck with tenants we don’t want ..basically nothing changed
People should sit down and read the entire new rent regulation laws, they will have their eyes opened.
It basically is the starting off of regulating not just RS/RC apartments, but market rate (including) small properties as well.
For instance market rate tenants now cannot be evicted for up to one year for a host of reasons including if there is a child in the household who attends local school.
This extends the hot mess that prevails in L&T matters down to really anyone renting out apartments in NY.
For instance market rate tenants now cannot be evicted for up to one year for a host of reasons including if there is a child in the household who attends local school.
This extends the hot mess that prevails in L&T matters down to really anyone renting out apartments in NY.
That one's going to hurt. Unscrupulous renters looking to move out of NYC will just stop paying rent knowing they can't be evicted for a year, then walk away with a huge savings. Then if they ever decide to come back to NYC, the next landlord will not be allowed to look them in up housing court.
Pretty much an all out war on property ownership
I don't see how this doesn't end up in Supreme Court
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Zed
