Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
What "problem"? Or are you going to stretch it and say the poster who made the comment is posting something racist
I believe the poster's point was just because something was legal at one point doesn't mean it was right.
No, I was thinking more along the lines of stupidity in connection with no sense or understanding of history at all. Hyperbole that does not quite work for precisely that reason. I am offended on intellectual grounds, not moral ones.
We are scarcely ignorant, pre-Enlightenment subjects of absolutism, after all. At least ... not all of us.
Of course, when someone starts screaming about socialist liberals, it's impossible to take the opinion seriously. But do you truly want to live in a city that's nothing but trust-fund babies, financiers, and far too many people crammed desperately into tiny apartments? Hasn't NYC already been wrecked enough?
If a senior citizen qualifies for SCRIE, their rents get frozen and any future rent increases the city pays the landlord the difference by deducting the difference from his property tax bill.
The problem is this is not a tax break because all these senior citizens have been living in the same apartment for decades and are already paying way below market rents to begin with.
So if a senior citizen's rent before SCRIE was $400 (market rent $1000) and the senior citizen applied and was approved for SCRIE, the senior citizen rent would be frozen at $400 for her to pay out of pocket and any future rent increase the city would pay the LL via subtracting the amount from his property tax bill.
Assuming every year the RGB voted for a 5% rent increase, 5% of $400 is $20. Therefore year 1 of this so called tax break, the landlord gets a whole $240 taken off his property tax bill...WOW! Lucky bastard...a whole $240 taken out of his $90K property tax bill. Thats some serious tax break!
Beyond this whopping tax break, you fail to realize the tenant is STILL paying below market rent even with the city paying the difference. So the LL is actually losing $6,960 (difference between market rent of $1000 and actual rent paid of $420). Hmmmmm.....Not much of a tax break is it?
The DRIE program works the same way with the same stupid results.
On to the next...J-51 "tax abatement":
How does a LL qualify for a J-51 "tax abatement"? Does anyone know?
Answer: The LL must dish money out of his pockets to do a capital improvement to his building such as replacing the roof, new boiler, etc. which cost $150K+.
So let me see if I get this right... A LL has to take out money from his own pockets to qualify for such "tax break". Doesn't sound much of a tax break if you are required to dish out your own money. It defeats the purpose, wouldn't you say? On top of that, the tax abatement are not lump sum amounts but spread out for 12 years. Anyone heard of the term "time value" of money. So the LL has to wait for 12 years to recoup SOME of the cost in JUNK worthless money thats worth less than it was 12 years ago.
So if a LL was approved for a $40K tax abatement, divided by 12 year equals $3,333 a year in tax abatement taken out of the LL's $90K property tax bill. Not much of a take break is it. BUT property taxes GO UP every year which OFFSETS any so called tax abatement, defeating the purpose once again.
That's why I will never ever take any tax abatements from the city. Doing business with the city is like doing business with the devil. It's not worth it and it amounts to nothing. Its a fake tax abatement. No taxes are being saved here.
Of course, when someone starts screaming about socialist liberals, it's impossible to take the opinion seriously. But do you truly want to live in a city that's nothing but trust-fund babies, financiers, and far too many people crammed desperately into tiny apartments? Hasn't NYC already been wrecked enough?
Exactly. Some of the posters on this board are Johnny One Note, constantly whining about their pet issue. I just skip over their posts. 2008 proved the fallacy of the allmighty free-market and what a messed up system that is. No one forced anyone to buy a rent-stabilized building and common sense should tell anyone that the housing market is a different market than any other. NYC needs all kind of housing options, including rent control, rent stabilized (and various affordable housing programs) and free market.
Excuse me but no one "forced" anyone to allow rent stabilization or rent control in their buildings. The LLs were given offers of tax breaks, etc if they had a certain percentage of rent stabilized/controlled tenants. Of course, the LLs wanted the tax breaks but are now crying the blues because people are paying lower-than-market rents. Listen, he inherited a building worth millions of dollars. If he doesn't like the rent stabilization laws that his forebears agreed to, he can sell the building, take the money and leave.
ha ha ha we got a tax reduction in the 1960's for 10 years. ha ha ha ha.. know what taxes were back then? thats was it no other deals.. we were threatened if we didnt go along the valuation on the building would be changed and its tax structure would sky rocket so with our arm twisted we had to go along..
but we were told dont worry,its only to prevent gouging.
what a lie,,, it became a political ploy to win votes by keeping rents artificially low for decades.
to address the rent roll when you buy a building... yes the rent roll is an issue but when expenses grow way faster than rents from that point thats when those who bought begin to hate stabilization.
for whatever you do for a living if you took a job for less money because of economic times should you never be allowed to collect a market wage for decades or ever? i think you would find that a horrible thing to be done to you. especially if the job promised you would always earn a market wage but lied..
of couse you could always find a new job but what if you had to start a new job for less money than the old job? that is what happen if landlords try to get out by selling because expenses have risen so much in relation to rents over the years the bottom line is squeezed.
no one deals with this crap because they want to be nice. its all about earning a living the same as anyone of us does at their job.
sure i can sell my 2 remaining co-ops with stabilized tenants in nyc. but if im lucky i may get 1/3 the value since the expenses and income at this stage are very close to being a wash.
no buyers want to wait decades until tenants die or move. they want profits from the beginning ,it is all about cash flow not capital gains to most buyers.
ill bet those that complain the most about their own incomes and want to earn more than they do are those that want others to have theirs restricted.
Last edited by mathjak107; 12-15-2011 at 04:09 AM..
The bottom line is this: LLs got tax breaks for making a certain portion of their apartments rent stabilized/controlled. They still get breaks for renting to senior citizens/disabled people. That's the deal the LLs made ---- whether you bought the building yourself or inherited it, it was a deal made. No one was forced.
If you can't handle being a LL, sell your building. Stop the "I'm LOSING money every month" war cry. It's old and tired.
THis forum has 3 or 4 landlords who restart the same tired old thread that basically says WE WANT MORE MONEY.
When the thread goes to a dozen pages they start a new one.
Tedious beyond belief.
Has there ever been a group of people with such a strong single motivation in life: GREED?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
hahaha
