Quote:
Originally Posted by DAS
A lot of RS landlords in the Bronx, are leasing out the apts to the City for use as a shelter apts for a family. They are getting thousands per month for this. Probably some that are crying starvation on this forum.
Most rent controlled people are dead or in nursing homes. I do know one person that rented a rent control apt in 1969 when he was 20 years old in the UES. "some guys have all the luck....". He is about 65 healthy and still works full time.
Rent control does not affect people that live in Market rate buildings, or the tax payers as one poster claims. It does affect the landlord obviously. But the name of the game is buy the building, try to break even, or even suffer a loss every year, either way it will help your taxes. You actually don't want to have to report extra income while you are fairly young. Then after about 30 years lie to someone, like you were lied to and make a big profit on the sale. Then retire and get out of NYC. It is an investment. But it is smart to cry starvation now, that way family and friends won't try to borrow money from you.
If rent control ended tomorrow, they would create some other tax law that would take more money from the landlord another way.
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Oh you don't have to wait 30 years to sell. In neighborhoods where real estate prices have exploded I am sure some people sold in 5 years.
I recall Bedstuy in the mid 2000s. A lot of landlords invested in run down buildings and used them for city shelters or HASA clients. Of course Bedstuy soon became really hot so they got RID of their welfare clients and sold the building for a lot of MONEY!
Think about it, in poor neighborhoods those landlords who bought just before gentrification just had to buy a property, and use government money via their poor tenants to pay the mortgage. Yes claim a loss. But as the neighborhood takes off sell to a corporation/big management company for a huge profit.
These Jewish people are not getting out of NYC when they get money they certainly know what to do with it and how to make money. This bailing out of NYC with a few cents is more a poor Black person thing.
The Jewish landlord types will just send their kids to good private schools and upon graduation encourage them to go to top universities.