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One grows weary oflandlord arguments that always portray even the richest plutocrats as "small businessmen." It is a gimmick to win over those who don't look beyond the first approximation.
The landlords of the bulk of New York apartments include the Zeckendorfs, the Trumps, the LeFraks, the Vornado Trust, The Catholic Church, NYU and Columbia, the immense Related Companies, Tishman-Speyer, Helmsley Spears, immense insurance companies, the Catholic Church, the Mafia, and the ubiquitous REIT's, perhaps the largest owners of all, and all but invisible.
Portraying landlords as some poor idealistic entrepreneurs striving against overwhelming adversity who scrimped and saved to buy a run down 5 story row home that his wife must scrub clean on her hands and knees so they can make enough to feed their kids is like the GOP inventing that Joe the Plumber fake who imaginarily hoped to start his own business but the prospect of high taxes on millionaires made that impossible.
If someone wants to talk about NYC landlords, talk about the REAL owners of the hundreds of thousands of apartments, not imaginary ones.
Last edited by Kefir King; 11-24-2011 at 06:10 PM..
the two of you guys have nothing else to do but bash landlords and portray them all as greedy evil people and its become quite tiresome .
just like tenants you got bad ones and good ones and im not sure what your comments are supposed to prove.
heres a tip. if you hate landlords so much than put the them same effort you put into complaining about them and dreaming up facts with no basis and put the time into learning to improve your own financial lives,learning to invest for yourself and then you wont be dependent on those evil people.
just like tenants you got bad ones and good ones and im not sure what your comments are supposed to prove.
I don't doubt that for a moment although I don't know if I could quite use the term "good landlord" very often, but "adequate" I can buy. What gets to me is the sanctification of landlords and their struggles against adversity which is just so much bullschytte.
It is an enviable situation for most of them and in NYC they make a terrific return on their moneynunless they were stupid enough to pay twice what a building was worth in 2006, and when they say otherwise, any person withh common sense will object.
One can take it a giant step further and talk about how very hard Donald Trump and Jaime LeFrak have it becasue their tenants are so inconsiderate. (Trump's daughter has actually been caught on film saying her father is actually more poor than the inconsiderate homeless man sitting in front of Trump Tower becasue he owes a lot to the banks.
Some vulgar stupid things like that things stick in one's craw.
but its as blanket a statement saying landlords are greedy and rich is like saying tenants are for the most part un-successful financially and out to milk out of any system as much as they can.
it may apply to some but many small landlords like myself have always treated tenants fairly and if i have to count on surviving in retirement from the ultimate rental returns our properties generate from rents i would never retire.
what made them eventually workout in our case was the fact we have sat with them and low cash flow for decades and are now selling them off after paying
tenants out almost 700k dollars in buyouts for apartment leases on apartments they dont even own. the early sales actually only went to fund the money to give the tenants to buy them out. think about that.
the reality is that we may not be able to even sell off the remaining apartments because our adopted families courtesy of nyc are still in them and expenses have climbed so high in relation to rents that its no longer what i would consider even worth it as an investment as their is little profit ... we would have to sell them at such a low price if we wanted out because there is no big rental profits that its not a thought.we will sit and wait ,like waiting to collect on a life insurance policy. you hope you outlive them.
the highest rent any of our tenants pay is 2800 a month on an apartment worth 1.4 million right on the corner of central park south and 7th ave. . they have been there since the building went co-op decades ago. maintaince and management fees eat much of that rent up today.
many landlords dont own their buildings long enough able to sell them at a capital gain and many havent even made a dent in the principal until many many years later.
for them its only the rent roll less expenses thats their return.
the bottom line is like any investment you plunk your money in and you win some and loose some but to think because your a landlord your not struggling to make ends meet is crazy. its no different than anyone else buying a business and to say if you own your own business your greedy and rich is just ignorance.
if you ever visited the city data investment forum or personal finance forum you got all these complainers,chicken littles and un-informed who are always claiming the rich are scamming them and the worlds out to get them.
these folks commit financial suicide just believeing their un-true own bull-shi*.
they got all these comments and little knowledge about how to invest or getting their financial lives in order and know more about sports and cars then what really goes on in the financial world and their own financial lives. they are busy counting everyone elses money who was successful than looking at their own .
but they blame everyone and everything for their own mis-fortune.
if they devoted time to bettering themselves and learning how to invest and grow their own bottom line instead of ripping apart others they would be much further ahead in life.
Last edited by mathjak107; 11-25-2011 at 07:13 AM..
Okay mathjac, you got personal with your situation presumably buying a rental building then taking co-op this building on Central Park South at Seventh Avenue.
Take it a step farther,
What has been your average annual return on your invested equity since you (and yours, presumably) bought the place?
It is sad for you that some of your tenants are so inconsiderate as to keep living but that was a known factor when you bought the rental building, right? Some people live longer than others...in any group of several dozens you will usually even get a centenarian.
Anyone who does a conversion willl sit and wait for the last to get sold at an IMMENSE profit. But what about the profits on the FIRST one's sold?
Okay mathjac, you got personal with your situation presumably buying a rental building then taking co-op this building on Central Park South at Seventh Avenue.
Take it a step farther,
What has been your average annual return on your invested equity since you (and yours, presumably) bought the place?
It is sad for you that some of your tenants are so inconsiderate as to keep living but that was a known factor when you bought the rental building, right? Some people live longer than others...in any group of several dozens you will usually even get a centenarian.
Anyone who does a conversion willl sit and wait for the last to get sold at an IMMENSE profit. But what about the profits on the FIRST one's sold?
What's wrong with making a profit? Landlords have families and mouths to feed as well. You make it seem like making a profit is a bad thing and paying cheap rent is OK. If you had your own business instead of working for minimum wage, you too would seek to make a profit. But since your a nobody "slaving" for the "man" you choose to bash capitalism because you don't benefit from it.
Okay mathjac, you got personal with your situation presumably buying a rental building then taking co-op this building on Central Park South at Seventh Avenue.
Take it a step farther,
What has been your average annual return on your invested equity since you (and yours, presumably) bought the place?
It is sad for you that some of your tenants are so inconsiderate as to keep living but that was a known factor when you bought the rental building, right? Some people live longer than others...in any group of several dozens you will usually even get a centenarian.
Anyone who does a conversion willl sit and wait for the last to get sold at an IMMENSE profit. But what about the profits on the FIRST one's sold?
cant really say what the average return is since its far to much work to go back decades to find out and i have little reason to even care . we look on a yearly basis and thats all that counts .. each year gets looked at on its own merit. its like asking what my average return is on my portfolio i started 25 years ago. dont know, dont care. i look at my return each year and todays value and thats all that matters. i couldnt even tell you today what i started with.
and noooooooooo we didnt buy the rental building with stabilized tenants. we werent stabilized when our family put the building up .we were forced into it after the fact and threatened with being re-classified and re-valued at rediculious tax rates if we didnt go along . but dont worry they told us, its only to prevent rent goughing. rent increases will always be fair.
they lied through their teeth........ we got blessed with below market rents and tenants that are now members of our family.....
Last edited by mathjak107; 11-27-2011 at 02:38 PM..
One grows weary oflandlord arguments that always portray even the richest plutocrats as "small businesmen"
Oh, pleeeez!
FACT: The great majority of landlords in New York ARE small business people, meaning they own one small buildiing, some maybe two.
For you it's always the "rich", "greedy", "slimy", "evil" landlord oppressing the innocent, poor, powerless tenant. This could not be further from the truth, especially in New York where the powerful rent-regulated tenant lobby reigns politically supreme. If they demanded legislation declaring the world flat, NYC politicians would fall over themselves supporting it.
Is it illegal for a small business person to earn a profit? Is this part of your war on capitalism?
A reasonable discussion on improving the housing situation in New York, a situation which allows a destructive rent control system to continue strangling the tax payers and market-rent tenants, is impossible when posters like this repeatedly inject propandistic and stereotypical falsehoods.
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