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Professional economist. Is that like jumbo shrimp,pretty ugly and happily married? Lol.......
Couple those with the financial predictors we hear from regularly and you got the gang that couldnt shoot straight.
The truth is nobody can predict in advance the effects of anything. Markets in everything will always disappoint the masses as to the outcomes.
Nobody knows where rents would go if controls were taken off.
Its just an unfair system period for landlords and all of those tenant out there that have to pay market rates while their peers get a huge discount if they lived in a building a long time.
The selecton for all of you out there sucks in most areas because of lack of nice new rentals . .
Other than that i cant comment on where rents will ago.
I also find it very unfair that i have to adopt a tenant for life like they are family as a landlord. .
All of the above gripes i have have have nothing to do with the amount of rent .
In the short run I think it's safe assumption there would be a surge of fresh vacancy's, if say, Stabilization were abolished on January 1, 2012. Many people would be priced out of their current residences and be forced to relocate (Many, but hardly all.) This would increase supply which would curb demand and depress prices in the wider rental market.
I don't think they will ever do this though. What they need to do is close the loopholes which allow stabilized apartments to be passed down to subsequent generations. Do that and the worst abusers get weeded out of the system at least.
Last edited by UrbanAdventurer; 06-21-2011 at 05:13 PM..
well there may be vacancys in one area if they cant afford it but they have to live somewhere so other areas will have less vacancys. things will seek their own level like water. the fact is only very very few of those 1 million rent stabilized tenants are really paying below market by alot.
you have to have been in for almost 25-30 years to see any real difference.
we pay 1700 in our building . my wife is here 30 years. going rate is about 2100.00.... very very few tenants are in place long enough to have slipped behind in the rent amount when rents in the 80's and early 90's were kept artificially low. those days are gone and for the last 15 years or so increases are real world. and if you arent in the apartment a long time your probley very close to market anyway,
Last edited by mathjak107; 06-21-2011 at 05:20 PM..
an investor in real estate needs a strategy and a game plan. buying a property and thinking the money will roll in is key to nothing but failure.
our plan was long term.
take the building co-op.
tread water as long as we can, offer money to the tenants to leave ,sell the apartments.
our family started with 39 apartments over looking central park in a building our family built with over 300 apartments. elliot spitzers dad bernie was our family partner in the venture.
all apartments were rent stabilized. through the decades we collected below market rents and sold a few each year. we are now down to 2 left.
our strategy proved very profitable and quite a few tenants got windfalls from us.
You don't want us to believe what an unbias professional economist has to say (rent control is bad) but you want us to believe your uneducated "belief" and "gut feeling" that rent control/stabilization is good for people. Oh please.
You wouldn't know it even if it smacked you in the face. You're the type of person that would defend rent control/stabilization no matter what evidence is presented to you that tells you it's bad. I wouldn't be surprised if you were a member of ACORN or that stupid liberal group WORKING FAMILIES.
It's quite obvious what side of the fence you're on. The pro-entitlement side. Pro-welfare, pro-section 8, pro-food stamps. Anything to help your "people" stay put in NY because apparently.
Leech and leech some more off hard working business owner who took the inititive and GUTS to become successful in life while the lazy folks whine and complain how the "rich" got it good, counting the money in "rich" people's pockets yet leech off their tax dollars.
Where's my example? Haven't provided one yet? I figured as much. I don't care about numbers, or what some guy with a PhD has to say. Show me a living model of where rent stabilization was abolished, and it lead to overall better conditions for renters and landlords. That's all I ask. If you can't do that, then your argument is non-existent. I
'll even help you out...could you tell me how the phase out of rent stabilization helped Boston any? Because go take a look on Craiglist. The elite sections of the city have rent prices comparable to NYC, and the $800 a month one bedrooms are still in crappy parts of the city. So what's the difference. It doesn't take an economist to realize this.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
an investor in real estate needs a strategy and a game plan. buying a property and thinking the money will roll in is key to nothing but failure.
our plan was long term.
take the building co-op.
tread water as long as we can, offer money to the tenants to leave ,sell the apartments.
our family started with 39 apartments over looking central park in a building our family built with over 300 apartments. elliot spitzers dad bernie was our family partner in the venture.
all apartments were rent stabilized. through the decades we collected below market rents and sold a few each year. we are now down to 2 left.
our strategy proved very profitable and quite a few tenants got windfalls from us.
You recognized your issue and tried to come out in the black by selling. I respect you for it.
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Good question...what I really want to see is an example of a large urban metropolis similar to NYC's population that does not have rent control or rent stabilization so that we can compare and indeed prove that the system does not work. For example, everybody is saying that Boston doesn't have rent stabilization. So can someone show me Boston's vacancy rate and apartment affordability is more admirable than NYCs because they're not stabilized?
This article doesn't show the vacancy rate, but it gives you an idea of what Boston has been like since dismantaling rent regulation. To be fair though, the article does cite that prior to deregulation Boston only had about 40k+ in rent regulated apts, smaller both in raw #'s and per capita. But hopefully this gives you an idea.
Last edited by twist07; 06-21-2011 at 09:24 PM..
Reason: spelling
This article doesn't show the vacancy rate, but it gives you an idea of what Boston has been like since dismantaling rent regulation. To be fair though, the article does cite that prior to deregulation Boston only had about 40k+ in rent regulated apts, smaller both in raw #'s and per capita. But hopefully this gives you an idea.
By reading that article it seems as if there were changes for the better and worse, more for the worse.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
huh? from that article i drew no such conclusion that it was good or bad....
it merely looks like things were back into perspective ,namely people will live where they can afford.is that a new discovery????????
You don't think increased homelessness in Boston is an issue? Or that Boston ranked 11th in 1998 in housing wages, but shot up to 5th place? It became less affordable to live there, as the article cited.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
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