NYC ready to do another rent freeze on landlords again (New York: section 8, to rent)
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The city really doesn't want REITs and large developers to be the only cats in town...cut throat.
REITS and large developers are buying entire subdivisions pre-construction to rent. Single family homes. Buildings from mom and pop landlords. large complexes and everything in between.
REITS and large developers will find a way to nickel and dime their way into profitability. They also reduce the supply of housing for those who would normally be able to buy or could rent from a mom and pop who isn't too worried about making income for their investors.
Mom and pops landlord would be willing rent to a not so stable tenant, forgo rent increases etc. REITS WILL NOT DO THIS. Your rent WILL BE RAISED every year like clock work and they will hit you will al sorts of fees.
They would rather price gouge those that can pay and leave the other apartments empty shutting out those that can't afford it.
Manipulation of the market just simply force investors to find creative ways to re-coup their money.
Many would be landlords are now simply investing in REITS instead of buying actual properties.
The same politicians who are pandering to renters and turning them against small landlords are behind the scenes facilitating the creations of these monopolies.
If they think mom and pop landlords are bad and REITS will be better, start reading their reviews. One such REIT is American Homes 4 Rent.
Wow.......................three pages and one or two responses that actually understand anything about owning property.
Landlord for over 20 years......a fair landlord, not a deadbeat.
It's not all that it is cracked up to be.
Repairing ,responding to complaints, updating,upgrading,inspections,mortgage,insurance, maintaining, utilities and finally taxes.
Definitely a second job.
Worth it ?
While the income flowed the multi-dwelling was paying itself off.
Invested plenty sweat equity while family and friends ( tenants )
were out on the town living it up ..............God Bless them....
Selling the house for 3 times the purchase price ,giving
1/3 back to the Government in capital gains taxes amounted
to doubling my initial investment.........
Worth it ?
Sacrificing early part of my youth was painful.
Comfortably retired.
Better than Ponzi.
Better than playing the track.
Better than Gambling.
Better than Bit Coin.
Better than money in the bank.
If I had to do it right now?
Keep the apartments empty and take on two jobs.............................
"Mom and pops landlord would be willing rent to a not so stable tenant, forgo rent increases etc. REITS WILL NOT DO THIS. Your rent WILL BE RAISED every year like clock work and they will hit you will al sorts of fees."
Not sure where you found these "mom and pop landlords" who don't care about the rent and don't raise it as permitted by the RGB. Rent raises are capped and fees are regulated, too. When it comes to rent-stabilized units, REITs and "mom and pops" (who are these people? The Toledanos and Mahfars of the world?) are the same.
"Mom and pops landlord would be willing rent to a not so stable tenant, forgo rent increases etc. REITS WILL NOT DO THIS. Your rent WILL BE RAISED every year like clock work and they will hit you will al sorts of fees."
Not sure where you found these "mom and pop landlords" who don't care about the rent and don't raise it as permitted by the RGB. Rent raises are capped and fees are regulated, too. When it comes to rent-stabilized units, REITs and "mom and pops" (who are these people? The Toledanos and Mahfars of the world?) are the same.
I know a few landlords. Many who could charge tenants much more and haven't.
I know an elderly landlord who owns a 10 unit building. One of his tenant was paying $900 for a 2 bedroom. This was prior them enacting the new law that capped how much you could raise. And this tenant still didn't want to pay!
My friend's grandparents owns a few houses. One tenant hadn't paid his cheap rent in over 5 years! Then had the nerve to be upset when my friend took over the property management and evicted him.
Some one I know pays $500 for his one bedroom apartment. He doesn't even live in the USA! He is here maybe 4 months out of the year but doesn't want to give it up.
A family friend pays $1400 for a 2 bedroom.
These are all mom and pop landlords who just didn't raise rent when they could and SHOULD have.
I also know a few people who have empty houses and buildings who simply stopped renting because they could not be bothered to deal with tenant issues in the ever more hostile to landlord climate.
Another friend has a house that was being rented for $3500. Desirable neighborhood, great schools. Tenant was such a nuisance and constantly paid late. When my friend finally sent a letter that the lease would not be renewed they had an attitude until they realized market rate rent was closer to $6000. My friend kept the house empty after that.
Some small landlords are willing to collect less, especially if you are an unproblematic tenant and the property has been paid in full.
My favorite tenant will not hear about a rent raise for the next 2 years. He is unproblematic. Keeps the apartment in great condition. Pays his rent early/on time. Not a nuisance to his neighbors. He is the perfect, responsible tenant.
He can well afford it and his rent is about $100 less than it is supposed to be. Corporations don't care if you are a good or bad tenant as automatic increases are included in your lease and will be enforced. They need to make money for investors.
Bugsy, You may be letting your imagination run away with you.
Err, no, that might be you pal.
At least one poster on DL mentioned he/she did so, and know or know of people who left busted tenement apartments in Yorkville or other parts of city for nice new construction buildings. Rent was cheaper, same or a maybe a bit more, but point is they got a serious upgrade in terms of living conditions.
Not everyone wants to end their days in some busted ancient building just because the apartment is rent regulated.
Again yeah, an individual unit may be renovated but you've still got plenty of lifers living around you that moved in shortly after God made dirt and spit, and their units are still usually busted because LL cannot or will not renovate.
Then as stated the bones of building from outside to what's in the walls is same regardless. Boiler, HVAC, plumbing, etc..
Many if not most of those renovated RS apartments were going for big money. Others that once were RS but were taken out of that system by gut renovation were doing same, but again above applies. You're still living in an old walk-up tenement or whatever building. Paying two to nearly three thousand for that hot mess just isn't up everyone's street.
People who earn and can afford that kind of rent have plenty of options now.
Yep, the future is very uncertain. NYC's fate rests in who replaces the bumbling communist running city hall
To do what, restore tourism so people can gawk at bridges and statues, establish zero crime, and ensures every kid can either get 100% on every test they take or build a house/car from scratch by the time the graduate HS?
Meh
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