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So they're "barred" from running illegal short-term rentals ever again huh? lol I'll believe it when I see it. They'll likely set up another LLC and operate under that to continue with their scheme.
Agreed. 1 more thing I want to add. Some posters here may say, "oh, but other businesses and companies rent out multiple airbnb units." Undoubtedly yes. But they will tend to be small.
No big company or private investor group is going to take the legal risk of running an undercover airbnb operation which is expressly illegal under the law. We can talk about how this is unfair or a violation of property rights but the fact is that big investors are risk averse and won't take on an uncertain outcome to eke out extra cash. That attitude is the exact opposite however with small time individuals.
Agreed. 1 more thing I want to add. Some posters here may say, "oh, but other businesses and companies rent out multiple airbnb units." Undoubtedly yes. But they will tend to be small.
No big company or private investor group is going to take the legal risk of running an undercover airbnb operation which is expressly illegal under the law. We can talk about how this is unfair or a violation of property rights but the fact is that big investors are risk averse and won't take on an uncertain outcome to eke out extra cash. That attitude is the exact opposite however with small time individuals.
I wouldn't say that. There are plenty of slumlords in this City that operate under various shell operations to try to hide who they are. It's up to the City to continue to crackdown on such companies.
As it is right now, there are fewer and fewer small-time landlords, as you have more and more larger companies buying up properties to increase their portfolios.
The landlords did a stupid thing by agreeing to turn the property over to NYC. The Airbnb ban and eviction moratorium are both illegal and unconstitutional.
I wouldn't say that. There are plenty of slumlords in this City that operate under various shell operations to try to hide who they are. It's up to the City to continue to crackdown on such companies.
As it is right now, there are fewer and fewer small-time landlords, as you have more and more larger companies buying up properties to increase their portfolios.
Slumlords who are small operations hiding behind legal entities. No more than a handful of people - and usually family members of certain ethnic groups. I am not talking about them but big money like hedge funds or publicly traded real estate investment trusts w/hundreds if not thousands of employees and armies of accountants and lawyers.
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