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That is true with San Francisco, but then again that is to be expected problem in a city that is roughly 49sq mi big.
But there's plenty of developable space in the city proper (Mission Bay, Central Waterfront, lots of SoMa et al). It's that the restrictions placed on the land are so insane in relation to height, FAR, whatever measurement you want. The fact that SF Planning is the only department in the country that actively preserves SROs (to my knowledge) speaks volumes to how little they understand the need for investment within the city. The Mission District could be helped wonderfully through increased development but instead stagnates, while the Tenderloin could be a great extension of Downtown, but severe regulations keep it a concentration of poverty and crime.
I don't know much about the Bronx so I can only comment on what I know, which is Brooklyn. It is weird that you say I don't know anything about real estate when it is you that sounds like you made a bad investment. So you don't like rent stabilized apartments cause you want to raise your rents but you couldn't get anything more for them if you did....unless you are trying to tell me that if there wasn't rent stabilized apartments you could lower your rent. Then I would say I agree with you except that it would be a bad move on your part cause you would make much less money.
Maybe you should sell your building for a building in Crown Heights so you can say it is in Prospect Heights and charge $2400 for the unit instead of $1200.
Also, which area we area talking about isn't that important unless you want to talk specifically about a single neighborhood, then in that case you need to be less vague about that because i have no clue where your building g is because the Bronx is pretty big.
No I didn't make a bad investment, I was making money initially but the CITY has constantly been raising property taxes and water & sewage rates every year that shortens my profits. Combine that with tenants paying below market rents with small percentage increases while I have to pay market expenses, the business only makes a profit during the summer time. The oil prices are killing me. During the winter I either break even or take a loss.
No I didn't make a bad investment, I was making money initially but the CITY has constantly been raising property taxes and water & sewage rates every year that shortens my profits. Combine that with tenants paying below market rents with small percentage increases while I have to pay market expenses, the business only makes a profit during the summer time. The oil prices are killing me. During the winter I either break even or take a loss.
Well that sounds like you either made a bad investment or a good investment that is becoming a bad one...you can always sell and get out of the Bronx...
Also this comes back to you not liking rent controls because you obviously want to raise the rents much higher than the natural growth of the rents. Which sounds like something that you should work with other building owners to lobby for.
Well that sounds like you either made a bad investment or a good investment that is becoming a bad one...you can always sell and get out of the Bronx...
Also this comes back to you not liking rent controls because you obviously want to raise the rents much higher than the natural growth of the rents. Which sounds like something that you should work with other building owners to lobby for.
Instead of me selling my property because some tenants don't pay the appropriate amount of rent that's in line with today's market expenses, I feel I have a right to demand change, abolishment, or reform of the RS system. It's socialism at its best. I am the OWNER of the property. I should have the final say and how much I want to charge for rent, not the city and it's left-winged politicians. Some tenants paying $500-$600 for a 3 bedroom apartment that in the Bronx goes for $1,650 is INSANE. How do you justify such a law that allows tenants to pay less than HALF of what the apartment is worth?
Instead of me selling my property because some tenants don't pay the appropriate amount of rent that's in line with today's market expenses, I feel I have a right to demand change, abolishment, or reform of the RS system. It's socialism at its best. I am the OWNER of the property. I should have the final say and how much I want to charge for rent, not the city and it's left-winged politicians. Some tenants paying $500-$600 for a 3 bedroom apartment that in the Bronx goes for $1,650 is INSANE. How do you justify such a law that allows tenants to pay less than HALF of what the apartment is worth?
Well welcome to living in a city, you call it socialism, but not everyone gets paid the same so there are only limited options with dealing with those that make well below the cost of living is to either pay everyone enough so that everyone can afford a market rate apartment within the city or reduce the cost of housing throughout the city so that you don't force out the poorer people and force them to have to deal with a several hour commute just to get to one job.
So you being a building owner have option and you clearly don't want to sell, so guess you are just gonna have to deal with it or get a group together to lobby for what you want, beyond that you are just whining about wanting to raise your rents.
Instead of me selling my property because some tenants don't pay the appropriate amount of rent that's in line with today's market expenses, I feel I have a right to demand change, abolishment, or reform of the RS system. It's socialism at its best. I am the OWNER of the property. I should have the final say and how much I want to charge for rent, not the city and it's left-winged politicians. Some tenants paying $500-$600 for a 3 bedroom apartment that in the Bronx goes for $1,650 is INSANE. How do you justify such a law that allows tenants to pay less than HALF of what the apartment is worth?
Why did you buy the property then? Did you not know about rent stabilization when you bought it?
Well welcome to living in a city, you call it socialism, but not everyone gets paid the same so there are only limited options with dealing with those that make well below the cost of living is to either pay everyone enough so that everyone can afford a market rate apartment within the city or reduce the cost of housing throughout the city so that you don't force out the poorer people and force them to have to deal with a several hour commute just to get to one job.
So you being a building owner have option and you clearly don't want to sell, so guess you are just gonna have to deal with it or get a group together to lobby for what you want, beyond that you are just whining about wanting to raise your rents.
Can anyone reasonable explain to me why a building owner should bear the burden of society?
Oh, by the way, welcome to NYC. Didn't you just recently roll in from Portland or am I mixing you up with someone else?
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