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I don't need an education on how the law works in New York regarding Rent Control and Rent Stabilization.
Lots of Landlords (especially in Brooklyn and The Bronx) buy rent stabilized buildings in hopes of throwing out tenants. There have been hundreds of examples of this within the past few years. The landlords on this board are constantly beefing about RS/RC, because they own RS/RC buildings. How many landlords on here, including Hilltopjay have owned RS/RC buildings before 1975?? I'm willing to bet very few, if not any. Choice is everything. If you inherited a building, and you don't like the system.... then SELL IT.
If you are aware of the laws that have been on the books for 40 years, and you decide to purchase real estate in New York City, you are CHOOSING to follow those regulations, and you CHOOSE to be a landlord when you accept tax breaks from the city to build these units. You can't complain after you've purchased RS/RC buildings, or participated in RS/RC tax incentives about the tenants, or the system, or the courts, or the process, or the administration, and have babies about how the RS/RC situation in NYC is destroying the market. You made the choice to become a Landlord.
Get Over It.
That's such a stupid argument. That's like you working in Walmart or McDonalds knowing it pays minimum wage. You take the job and then later you start protesting about a pay raise and a "living wage".
But oh wait. I assume its ok in that scenario but not ok for landlords to cry fowl when operating expenses rise 6% yet Mayor De Bozo and his progressive buddies demand a rent freeze. Yeah ok, I see how it goes.
That's such a stupid argument. That's like you working in Walmart or McDonalds knowing it pays minimum wage. You take the job and then later you start protesting about a pay raise and a "living wage".
Well that's exactly what you're doing. You bought a building with rent stabilized tenants in it and are now complaining that you're not making enough money. You only have 4 units in your building that you claim are paying below market rate. So if everybody else is paying market rate (whether they are rent stabilized or not), then whats your beef. Consider yourself lucky its only 4.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
I don't need an education on how the law works in New York regarding Rent Control and Rent Stabilization.
Lots of Landlords (especially in Brooklyn and The Bronx) buy rent stabilized buildings in hopes of throwing out tenants. There have been hundreds of examples of this within the past few years.
In 99% of the country, where there is a free market, landlords buy rental buildings in hopes of KEEPING the existing tenants. The last thing they want is a vacancy. So typically the way you do that is by maintaining the building, charging rents that are not higher than market rents, and treating the tenants decently.
In New York City, especially prior to 2000 when rents were kept ridiculously low, you would get a lot of bad hombres buying buildings who would make their tenants lives so miserable they would leave. And that really sucked for the tenants. And that's another reason why RC/RS sucked. You got a lot of real scummy new landlords (not as big as an issue today because outside of Manhattan and a few areas in Brooklyn, RS tenants are paying market rents).
Well that's exactly what you're doing. You bought a building with rent stabilized tenants in it and are now complaining that you're not making enough money. You only have 4 units in your building that you claim are paying below market rate. So if everybody else is paying market rate (whether they are rent stabilized or not), then whats your beef. Consider yourself lucky its only 4.
I'm lucky yes. Other landlords aren't. I complain because I'm not selfish. I see the bigger picture on the negative effects RS has on a community.
Besides, RS goes far beyond price control. It hinders my ability as a landlord to remove RS tenants not for monetary reasons but for behavioral issues. My property rights are violated via RS.
Via RS I am obligated to offer the undesirable tenant a lease renewal even though I don't want them in my building because they are unruly and ruining the quality of life in my building. See my point. Price control is just the tip of the iceberg when it comes to RS.
Multiple my scenario times all the "bad" areas with apartment buildings in the Bronx, then you'll see why bad areas stay bad...RS landlords are helpless is removing trouble making RS tenants. So the bad tenant(s) stay put.
Same scenario but this time the bad tenant is a free market tenant. All I have to do is put up with his bullsh** for 1 year and then CHOOSE not to renew his lease when it expires and he'll be out of my hair. No more unruly behavior in my building. Problem solved. Simple and straight forward solution. But I can't do that with RS tenants. See my beef?
I'm lucky yes. Other landlords aren't. I complain because I'm not selfish. I see the bigger picture on the negative effects RS has on a community.
Besides, RS goes far beyond price control. It hinders my ability as a landlord to remove RS tenants not for monetary reasons but for behavioral issues. My property rights are violated via RS.
Via RS I am obligated to offer the undesirable tenant a lease renewal even though I don't want them in my building because they are unruly and ruining the quality of life in my building. See my point. Price control is just the tip of the iceberg when it comes to RS.
Multiple my scenario times all the "bad" areas with apartment buildings in the Bronx, then you'll see why bad areas stay bad...RS landlords are helpless is removing trouble making RS tenants. So the bad tenant(s) stay put.
Same scenario but this time the bad tenant is a free market tenant. All I have to do is put up with his bullsh** for 1 year and then CHOOSE not to renew his lease when it expires and he'll be out of my hair. No more unruly behavior in my building. Problem solved. Simple and straight forward solution. But I can't do that with RS tenants. See my beef?
I don't get what's stopping you from starting an L&T case against your bad tenants. I used to work in an L&T office for 3.5 years and as much as people say how hard it is to evict a tenant, I personally delivered hundreds of warrants over those 3.5 years to just one of the marshals we dealt with. We damn near evicted a whole complex in Brooklyn (won't say the name).
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
New York City's Rent Guidelines Board has voted to raise rent on nearly a million regulated apartments, bypassing the mayor's push for a one-year rent freeze.
In a 5-4 vote, the board voted to raise rent by 1 percent the first year, then 2.75 percent the second year.
That's such a stupid argument. That's like you working in Walmart or McDonalds knowing it pays minimum wage. You take the job and then later you start protesting about a pay raise and a "living wage".
But oh wait. I assume its ok in that scenario but not ok for landlords to cry fowl when operating expenses rise 6% yet Mayor De Bozo and his progressive buddies demand a rent freeze. Yeah ok, I see how it goes.
Have you ever heard of the logical fallacy called the strawman argument? That's what you just did here.
We aren't talking about that, we are talking about your bad choice to purchase a property that is under RS/RC laws.
First what a landlord "hopes" to do versus what they can are two different things. RS tenants that pay their rent on time and otherwise are not in violation of their leases cannot be removed except under very few dire situations. Tenants whom are unaware of their rights and or do not choose to exercise them is another matter.
Next you are contradicting yourself. If someone isn't happy with the ROI of their RS property what makes you think any sane person who purchases it is some how going to be better? Nine times out ten tenants end up worse off when a RS or majority of tenants of a property fall under said laws. The only way and or reason someone would purchase a building where the rent roll does not cover expenses much less make a profit is in the hope of "turning it around". That means attracting more market rate tenants and or getting shot of those paying below.
Huh? I'm contradicting myself? How?
If someone isn't happy with the ROI on their RS property, the next person who purchases it is just as a fool as the first person who did hoping for a huge ROI, without doing the research on purchasing RS property.
In 99% of the country, where there is a free market, landlords buy rental buildings in hopes of KEEPING the existing tenants. The last thing they want is a vacancy. So typically the way you do that is by maintaining the building, charging rents that are not higher than market rents, and treating the tenants decently.
In New York City, especially prior to 2000 when rents were kept ridiculously low, you would get a lot of bad hombres buying buildings who would make their tenants lives so miserable they would leave. And that really sucked for the tenants. And that's another reason why RC/RS sucked. You got a lot of real scummy new landlords (not as big as an issue today because outside of Manhattan and a few areas in Brooklyn, RS tenants are paying market rents).
They are making a CHOICE to purchase those buildings correct? No one is holding a gun to their heads.
Hoping to keep existing tenants are RISKS that are assumed with purchasing an "asset" , (and that HOPE is not guaranteed) after the CHOICE is made to purchase.
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