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few small landlords who had rental buildings have not taken them co-op back in the 1980's. most did and it is only a war of attrition until the origonal tenants are out and the apartment destabilized.
the only small landlords that kept their builduings rentalss are those taking part in the various programs and wanted it that way.
as we saw in the building we have the escalation of losing the stabilized apartments will increase each year as older folks move or die and all the co-ops you see fall out of the club..
No politicians support rent regulations. Not even de Blasio. But they can't go out and say that publically.
So they allow these rent regulated apartments to die a slow death over time. Or in the case of rent control apartments, a pretty rapid death.
Rent stabilized apartments declined from 61% of units in 1981 to 47% of units in 2011. There have been further declines since.
I could be wrong but I think they'll renew the rent regulation of apartments (the City Council already has, now the state legislature has too). Unless the State Senate blocks the renewal (Cuomo would lose Democratic support in the future if he does not back renewal). But even with the renewal rent regulated apartments will continue to rapidly shrink.
I agree that some politicians secretly do not support RS and if politicians, such as De Blasio supposedly want RS to die slowly because it doesn't work, why impose, support, and advocate for unreasonable annual rent increases like last year's 1% rent increase? I don't get it.
I agree that some politicians secretly do not support RS and if politicians, such as De Blasio supposedly want RS to die slowly because it doesn't work, why impose, support, and advocate for unreasonable annual rent increases like last year's 1% rent increase? I don't get it.
Look at the percentage of rent stabilized apartments. In 30 years, they declined from 61% to 47%. As boomers either die or retire what do you think happens to these apartments when they are no longer in them? De Blasio could have passed an 0% rent increase, that still would not stop the big drop in rent regulated units. He's appeasing his base, but not saving rent regulated apartments.
Don't think for a minute that people invest in real estate rental properties to get a return on their investments. Real life returns on real estate investment properties in New York can be much better nearly anywhere else.
BUT, this is about wealth building as the values of well located and maintained properties increase dramatically over time. Eventually the debt, if any, goes down to zero while the value has had a huge jump. Want to retire then; start selling off your huge pot of equity gold.
Want to earn a real return on your rental properties, go south young man; go south. But you won't enjoy near the appreciation in value. So feed those elephants folks, it's worth the sacrifice in the long run.
really ? i never knew that guess someone better tell our partners ,some of whom became the wealthiest real estate moguls in the country, on good ole nyc real estate.
I do understand your point about the unfairness of it.
Just link I think I understand why the politicians don't extend it to everyone. The idea is for rent stabilization to disappear, but to directly say that is politically suicide. So the city and state give incentives to developers to tear down or gut renovate rent stabilized apartments in desirable areas. As for rent controlled apartments, they will die out soon. Down to 27,000 is dead when there is no way to increase the supply (and each year thousands of apartments will be removed from rent controlled status).
Then let the politicians kill themselves.
A system that imposes on people's private property, unfairly awards people based on luck or length of stay, and creates stagnant housing issues needs to be dealt with swiftly.
A system that imposes on people's private property, unfairly awards people based on luck or length of stay, and creates stagnant housing issues needs to be dealt with swiftly.
Except you have no way of dealing with it swiftly and those elected to office have no intention of dealing with it swiftly.
No amount of internet ranting will change that. You'll just have to wait till below market RS/RC apartments are phased out due to retirement and death.
Except you have no way of dealing with it swiftly and those elected to office have no intention of dealing with it swiftly.
No amount of internet ranting will change that. You'll just have to wait till below market RS/RC apartments are phased out due to retirement and death.
... I own my home and do not live in, nor have any interest in living in a city imposing rent control.
When I take on tenants and buy a second place for myself- I will do what I see fit with my lease.
So believe me, I'm not looking out for myself here- rather interested at all times in the discussion.
I do believe, such internet ranting though, could one day make a difference.
A few pissed off people can be heard very loud and clear when it comes down to it.
[quote=Harlem resident;38808018]Speaking of which:
[url]http://www.crainsnewyork
The public should be allowed to dictate how the rent board's income is fixed.
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guess someone better tell our partners ,some of whom became the wealthiest real estate moguls in the country, on good ole nyc real estate.
