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Okay, but the rules have changed in a few different ways. On the regulated rental front, it's not going to be essentially impossible to deregulate an existing regulated apartment. The games the LL were allowed to play since 1994, and even before, have been shut down.
On the free market front, the change is that the market is largely saturated. Developers have produced a lot of product, and have to lure in renters (or buyers in the condo market.) I would think this would slow down development, but it doesn't seem to be happening. Tying this back the rent regulated market, the one thing the state legislature didn't lock down is that the one way a RR building can get off regulation seems to be to tear it down and build something new. This will probably drive a fair amount of new development.
Quote:
Originally Posted by IForgotMyOldAccount
OK lets swing the pendulum now and I'll reiterate I mainly deal with industrial, office and retail properties so my knowledge of multi-family is hazy at best top of my head:
Actually, 1/3 are rent stabilized. Greedy landlords just charge because they can and the sympathy card wont work for millionaires or billionaires. Moving on, confused about what you said earlier about brokers. Real estate investment firms, developers, REITs that own 10,000s of units need a broker and will just push the cost into rent...BS excuse yet it works. Roughly half the APTs listed last year included brokers (45% to be exact). Other no fee apartments is a mixed bag because they typically include amenities and demand higher rents. If you do the math, sometimes the no fee apartments end up costing more.
I'm a simple guy, the solution simply put is to increase supply. The diatribe oh 1/3 (not 1/2) of NYC rent stabilized is snake oil. The city built more apartments/ rezoned/ converted and guess what the landlords did? They increased prices anyway. Since 2012 yeah not that long ago back when BK used to be "cheap", 400,000+ of units that use to rent <$1100/m are now renting for $1200-1700/m today. From 2018-2019 Bronx rent shot up 10-22% in a borough where 30% of residents live in poverty Even today, developers are currently exploiting loopholes to evict rent stabilized tenants and convert them to market rate so the actually number is probably <1 million now. That is partly the reason why DeBlasio put into effect a law to preserve affordable housing buildings implemented poorly though. Real Estate is shady, but in NYC its a different type of shady. If NYC is messing with the developers, there is a reason for it.
For any interested just type "developer + NYC + scam" in a google search enuff said.
At this point unless I was a developer who wanted to totally knock a building down I would have nothing to do with anything stabilized ...it is not worth the headaches ....to many other ways to make money without adopting a family of strangers forever
At this point unless I was a developer who wanted to totally knock a building down I would have nothing to do with anything stabilized ...it is not worth the headaches ....to many other ways to make money without adopting a family of strangers forever
Easier to knock down a standalone building than one thats attached
NYC has plenty of residential dwellings that are attached. Or semi-attached.
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
I don’t know of any other profession where you are stuck with a customer , patient or client for life simply because you did business with them ...and you are told that you have to do this at below market rates.
I would love to see landlords walk away when investments become unprofitable .....let the city and state deal with the mess they created in housing
Developers could add another 1m units bringing the total to 4m apartments, guarantee rent will still move up. The solution requires a combination of everything. in addition to increase supply, there needs to be regulation to keep people in check cuz the prices are not keeping up with wages. NYC needs to give more incentives to developers to build real affordable housing. Not Deblasios plan aka construct a 200 unit building, but minimum AMI is $62,000 in a neighborhood where the average household income in $51,000
Last edited by IForgotMyOldAccount; 02-09-2020 at 06:01 AM..
Well different sources are showing different numbers ...quite frankly it is irrelevant how many ...the fact is those stabilized apartments are capped and additional costs are hard to pass on ....in our building they simply raise parking fees and pool membership ...they get around the caps on rents that way .
Parking in our area , bay terrace is awful, so you have to take a spot which now runs 200 a month.
We finished selling off the last 2 from 9 stabilized co- op apartments we owned in the 200 Central Park south building In manhattan in sept . They had original tenants who did not buy when the building converted in the 1980’s .
So we are Done being landlords ...been doing it for more than 30 years in nyc.
10 out of the 11 apartments we had in queens and manhattan were stabilized at some point .
Last edited by mathjak107; 02-09-2020 at 06:12 AM..
Most LL still profit from RS unit the median profit is $400.
Now if you own a RS unit in the recently renovated luxury building yeah gonna make a loss obv. Anyway, most RS units are located in non luxury designated zones aka central BK, upper Manhattan Harlem, Bronx. You can walk down the streets of Fordham and find some RS building in complete disrepair that lol the LL are still making a profit.
The issue today is nothing more than greed.
Anyway numbers do matter since again another over simplification the heart of issue is supply and demand. The NYCHSV has the actual numbers up til 2017:
Total units of housing in NYC is 3,469,240.
Total Rental apartments 2,183,064.
960,548 rent stabilized
If it weren't for "greed" as you overstate it, you wouldn't have an apartment to live in. Unless you built your own home yourself, the only reason you have someplace to live is that someone built it as a profit making venture. If you don't want someone to make money providing you with a residence, get an apartment in the projects. Even if you can, see how much you enjoy living there.
I keep pointing this out. NYC has he most regulated housing market in the country. It also has the most dysfunctional housing market in the country. This is not a coincidence.
Quote:
Originally Posted by IForgotMyOldAccount
Most LL still profit from RS unit the median profit is $400.
Now if you own a RS unit in the recently renovated luxury building yeah gonna make a loss obv. Anyway, most RS units are located in non luxury designated zones aka central BK, upper Manhattan Harlem, Bronx. You can walk down the streets of Fordham and find some RS building in complete disrepair that lol the LL are still making a profit.
The issue today is nothing more than greed.
Anyway numbers do matter since again another over simplification the heart of issue is supply and demand. The NYCHSV has the actual numbers up til 2017:
Total units of housing in NYC is 3,469,240.
Total Rental apartments 2,183,064.
960,548 rent stabilized
Most LL still profit from RS unit the median profit is $400.
Now if you own a RS unit in the recently renovated luxury building yeah gonna make a loss obv. Anyway, most RS units are located in non luxury designated zones aka central BK, upper Manhattan Harlem, Bronx. You can walk down the streets of Fordham and find some RS building in complete disrepair that lol the LL are still making a profit.
The issue today is nothing more than greed.
Anyway numbers do matter since again another over simplification the heart of issue is supply and demand. The NYCHSV has the actual numbers up til 2017:
Total units of housing in NYC is 3,469,240.
Total Rental apartments 2,183,064.
960,548 rent stabilized
The numbers changed since 2017.
median means nothing .... what matters is your own deal and the return you get on your invested dollars ....
we were pretty much at break even rents on the last two apartments we sold .. we sold them to an investor group for cents on the dollar .
once they turned negative we were going to walk away and let the co-op foreclose on them . so we lucked out and the investor group basically paid little for one and got the other free . they got 2.2 million in market value for 360k ... with one tenant playing games with a relative on the lease and the other actually having a son living with them succession rights were in place . they may be feeding these apartments forever .
so we made our money on the other apartments and we were not going to support this adopted family that we inherited forever .... .
so we were prepared to just walk away
Last edited by mathjak107; 02-09-2020 at 12:29 PM..
Most LL still profit from RS unit the median profit is $400.
Now if you own a RS unit in the recently renovated luxury building yeah gonna make a loss obv. Anyway, most RS units are located in non luxury designated zones aka central BK, upper Manhattan Harlem, Bronx. You can walk down the streets of Fordham and find some RS building in complete disrepair that lol the LL are still making a profit.
The issue today is nothing more than greed.
Anyway numbers do matter since again another over simplification the heart of issue is supply and demand. The NYCHSV has the actual numbers up til 2017:
Total units of housing in NYC is 3,469,240.
Total Rental apartments 2,183,064.
960,548 rent stabilized
The numbers changed since 2017.
so like i said almost half the rentals in the city are stabilized
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Even today, developers are currently exploiting loopholes to evict rent stabilized tenants and convert them to market rate so the actually number is probably <1 million now. That is partly the reason why DeBlasio put into effect a law to preserve affordable housing buildings implemented poorly though. Real Estate is shady, but in NYC its a different type of shady. If NYC is messing with the developers, there is a reason for it. 
