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If Congress butchers the money allocated to NYC welfare housing programs, wouldn't that cause a massive collapse in NY real estate. Significant parts of the city would have landlords with no cash coming in, and if they rented out the apartments to working people, well, people in retail generally don't make that much.
So are programs like Section 8 really welfare programs for landlords, to make landlords rich while not improving the lives of the poor. Ditto for the legion of non profits in this city that are supposed to help the poor.
It might have some affect but probably not anywhere what you might think.As far as I know there are only about 30,000 section 8 vouchers currently in use in NYC and a significant number of those are used in NYCHA apartments.
I believe there are over 2 million rental units in the city so that must mean that the number rented through section 8 vouchers is around 1.5 % of the total number.Not nearly enough to have a significant impact,IMO.
There are just as many rent controlled units still out there and almost a million rent stabilized units.That has a much,much bigger influence on the market that than section 8.
If Congress butchers the money allocated to NYC welfare housing programs, wouldn't that cause a massive collapse in NY real estate. Significant parts of the city would have landlords with no cash coming in, and if they rented out the apartments to working people, well, people in retail generally don't make that much.
So are programs like Section 8 really welfare programs for landlords, to make landlords rich while not improving the lives of the poor. Ditto for the legion of non profits in this city that are supposed to help the poor.
The answer to the question is depends. The Bronx has a high concentration of Section 8 tenants. Perfect example is one of the buildings on my block where 98% of the building is filled with Section 8 trash. If tomorrow NYCHA were to stop issuing money for rent, the building's landlord would get hit hard as it solely depends on Section 8 checks to arrive the first of the month.
I agree that Section 8 is welfare for landlords. Rather, the correct term is welfare for SLUMLORDS, who want to suck every dime out of the building, put nothing back in the building and strictly seek Section 8 tenants to fill their vacancies simply because they pay TOP dollar for an apartment. About $250 more in rent than a regular working person is willing to pay in rent.
This is the case in the Bronx which is a low market rent area but not the case in higher market rent areas like Manhattan and certain areas of Brooklyn and Queens where market rents in these areas are higher than what Section 8 will pay. Therefore landlords in those area don't have the desire or need to rent to Section 8 tenants and hence why they tend to be more desirable neighborhoods with better quality of life.
Also keep in mind that Section 8 tenants are NOT as picky about the aesthetics of the apartment and building like regular working people are. All Section 8 tenants want is a ROOF over their heads and are willing to tolerate such conditions. This plays perfectly to a slumlord who doesn't want to do anything to the building but just collect checks.
The answer to the question is depends. The Bronx has a high concentration of Section 8 tenants. Perfect example is one of the buildings on my block where 98% of the building is filled with Section 8 trash. If tomorrow NYCHA were to stop issuing money for rent, the building's landlord would get hit hard as it solely depends on Section 8 checks to arrive the first of the month.
I agree that Section 8 is welfare for landlords. Rather, the correct term is welfare for SLUMLORDS, who want to suck every dime out of the building, put nothing back in the building and strictly seek Section 8 tenants to fill their vacancies simply because they pay TOP dollar for an apartment. About $250 more in rent than a regular working person is willing to pay in rent.
This is the case in the Bronx which is a low market rent area but not the case in higher market rent areas like Manhattan and certain areas of Brooklyn and Queens where market rents in these areas are higher than what Section 8 will pay. Therefore landlords in those area don't have the desire or need to rent to Section 8 tenants and hence why they tend to be more desirable neighborhoods with better quality of life.
Also keep in mind that Section 8 tenants are NOT as picky about the aesthetics of the apartment and building like regular working people are. All Section 8 tenants want is a ROOF over their heads and are willing to tolerate such conditions. This plays perfectly to a slumlord who doesn't want to do anything to the building but just collect checks.
But the so-called "free" market, of which you are apparently a strong proponent, is the condition of possibility for such actions. Indeed, they are the perfect manifestation of such. These landlords, and there are a lot of them, do not care because they live nowhere near the property in questions. They will squeeze what profits they can until the area "gentrifies," when they shift strategies. Just like any other investment.
But the so-called "free" market, of which you are apparently a strong proponent, is the condition of possibility for such actions. Indeed, they are the perfect manifestation of such. These landlords, and there are a lot of them, do not care because they live nowhere near the property in questions. They will squeeze what profits they can until the area "gentrifies," when they shift strategies. Just like any other investment.
Sadly this is true as many landlords don't care about the neighborhood because they don't live there. I as a landlord myself can't stand such landlords because they make it 100x tougher on good landlords like myself in renting and attracting respectable and well educated tenants. It's very hard to convince decent people to rent from you when you see hood people roaming the streets.
It's the landlord's fault for introducing Section 8 trash to their building/neighborhood in the name of profit, and it's the Section 8 tenant's fault for acting hood and uncivilized which deter decent people from moving in and scare decent people to move out.
Sadly this is true as many landlords don't care about the neighborhood because they don't live there. I as a landlord myself can't stand such landlords because they make it 100x tougher on good landlords like myself in renting and attracting respectable and well educated tenants. It's very hard to convince decent people to rent from you when you see hood people roaming the streets.
It's the landlord's fault for introducing Section 8 trash to their building/neighborhood in the name of profit, and it's the Section 8 tenant's fault for acting hood and uncivilized which deter decent people from moving in and scare decent people to move out.
But that's the point !
These things are directly the result of unchecked and expanding capitalism, predatory investment practices, etc. You cannot be a little bit capitalist, as history should have taught us.
The blame should not go to capitalism. The REAL blame should go to HUD or whoever issues the voucher amounts. For the Bronx rental market, the voucher amounts are INFLATED rents. Why is Section 8 issuing inflated rents? They are in OVER PAYING for rent. Though I don't like it, landlords who don't care about the neighborhood and are strictly out for the bottomline, take advantage of this INFLATED RENT loophole.
Why can't Section 8 issue vouchers in line with market rents instead of issuing a blanket voucher amount for the whole city?
Because of Section 8 inflated rents, regular working folks get priced-out, not by Yuppies but by Section 8 people.
The blame should not go to capitalism. The REAL blame should go to HUD or whoever issues the voucher amounts. For the Bronx rental market, the voucher amounts are INFLATED rents. Why is Section 8 issuing inflated rents? They are in OVER PAYING for rent. Though I don't like it, landlords who don't care about the neighborhood and are strictly out for the bottomline, take advantage of this INFLATED RENT loophole.
Why can't Section 8 issue vouchers in line with market rents instead of issuing a blanket voucher amount for the whole city?
Because of Section 8 inflated rents, regular working folks get priced-out, not by Yuppies but by Section 8 people.
Each borough should be treated separately when determining section 8 voucher amounts because the real estate market in each borough is totally different.It's stupid and highly destructive to have the same voucher amounts for Manhattan and The Bronx.
I'm a hardcore capitalist and I REFUSE to rent to Section 8 people. Now what?
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