Nobody is paying Rent meanwhile RE Agents LIE (Carroll: real estate market, sublet)

[Sebb]

Okay Real estate Agents who have no skills but need jobs. Please explain how NYC real estate which was inflated and a huge bubble is not crashing or going to crash? homeowners have no choice but to agree with RE agents. Everyone Who has money is leaving the city Because they are tired of the filth/crime and paying for everyone’s free education / Free Museums/ Free ice skating / free meals etc
City is done ! Only people disagreeing are Home owners and Real estate agents
New Detroit
BTW I live in Carroll Gardens Brooklyn and own a property so whatever !
“Last one out shut the lights “

https://www.bloomberg.com/news/artic...alflow-organic

[mathjak107]

terms like nobody are meaningless .. as well as this post

only about 1/3 of tenants are behind in rent and maybe even 25% in nyc . that is hardly "nobody "

[Tencent]

This is why i never did the roommate situation in NY with my name on the lease. I sublet a basement apartment once when I was younger with a friend of a friend. My name was on nothing. But none of this 6 to a 4 bedroom and one bathroom crap. Plus legal liability? Hellll no.

I already learned what a mess that could be in college out of state. NYC real estate market is dependent upon this tight rope economy which no longer exists. It won't recover for a very long time. If at all. These situations weren't tenable to begin with. A lot of bankruptcies and default judgements will be clogging up the courts for 10 years. They're going to have to cancel something. You can't just remove 10% of the population from the economy. That is going to suppress GDP if these people can't rent due to the judgement record , can't move and can't consume.

They need to enact amortization on 2020 property taxes, rent and mortgages in order for this city and country to see the light at the end of the tunnel.

[canovas]

Originally Posted by Tencent

This is why i never did the roommate situation in NY with my name on the lease.

I agree 100%. I never had my name on anything shared because if your roommate turns out to be a deadbeat (and I had a loser like that a year ago), YOU are on the hook for everything. No, thanks. NYC rental laws are the absolute worst. You can literally squat for 6 months or more, no consequences.

You are also correct about the unsustainable situation. This has been brewing for quite a long time, too long I would say. A lot of younger types and other sorts of newcomers contribute to the rising housing costs, but even many of those people work in temp/crappy jobs. They were able to pay the inflated rents, but now that the cycle is over of new people coming in and out, it will be tough. I would never in my life want to be a landlord in NYC unless I had a major corporation. On an individual level, it is definitely a painful experience once your tenants realize how the laws are made for them exclusively.

[Wells5]

It's not just ordinary folks not paying (or able to pay) their rent. The Mark Hotel, widely considered to be the poshest hotel in the city, has also stopped paying their loans and mortgages. A judge just delayed its foreclosure. Bad times are coming for the banks.


https://therealdeal.com/2020/07/07/j...-off-the-mark/