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Thank god I didn’t buy that rental unit. Thank god! I was days away from signing the paperwork literally a few months before this all started. Decided against it. Omg.
My guess is rent forgiveness and landlords told to pound sand. Financial compensation for some LLs not not all.
I believe Biden will finally approve the new Amtrak tunnel that Trump held up for no good reason. I also think the city and states will be given bailout money. Why not? The corporations get it all the time. Let’s also not forget that New York gives the federal government way more money in taxes than it takes out. Just to be handed out to the backwards southern states.
With landlords, they will likely have to go through the courts to try and get some money back from their tenants that held out. It’s part of the risk of investing in rentals. I almost fell into it, but something told me not to, so I took that $200,000 down payment and put it into a diversified stock portfolio instead. It was a few months before the market crash. I almost pooped my pants but held fast and it turned out for the best with the run up and no dead beat tenant. Luckiest choice of my life.
There is a mechanism in place to deal with deadbeat tenants. Cuomo suspended that mechanism, leaving landlords with no recourse. That risk didn't exist when landlords bought their properties. The gov created that loophole that will cause a lot of financial hardship for many.
I'm sure most landlords will remember that come next election.
There is a mechanism in place to deal with deadbeat tenants. Cuomo suspended that mechanism, leaving landlords with no recourse. That risk didn't exist when landlords bought their properties. The gov created that loophole that will cause a lot of financial hardship for many.
I'm sure most landlords will remember that come next election.
Oh I agree, but no rule is set in stone. Did restaurant owners see a shut down coming? No. Did million expect to lose their jobs overnight? No. Did our govt see covid getting this bad? No.
Life is a risk. Rules mean nothing. I could get laid off tomorrow for nothing at all. Life’s a risk. The landlords made close to zero risk hand over fist money for years. I hope they saved some for a rainy day. Those that just got in, like I almost did, or over leveraged themselves buying more units were unlucky. It happens.
We taking bets on when this will all come crashing down? My bet is Sept 2022.
The absolute number is big but this is NYC and apparently only 15% are behind on rent. The problem is mortgage default and yes, that eventually becomes a problem. It can be resolved with timely evictions but there is still a moratorium and with the red tape and backlog I think landlords may be looking at 2+ years FROM THE LIFTING of the moratorium before they can even get a judgement and REQUEST enforcement from the Sheriff who will also be backed up for months
Good thing comrade DeBlasio will be gone, because he's been publicly licking his chops at the prospect of confiscating private real estate to convert into mass housing projects for unemployable BLM-antifa activists
The absolute number is big but this is NYC and apparently only 15% are behind on rent. The problem is mortgage default and yes, that eventually becomes a problem. It can be resolved with timely evictions but there is still a moratorium and with the red tape and backlog I think landlords may be looking at 2+ years FROM THE LIFTING of the moratorium before they can even get a judgement and REQUEST enforcement from the Sheriff who will also be backed up for months
Good thing comrade DeBlasio will be gone, because he's been publicly licking his chops at the prospect of confiscating private real estate to convert into mass housing projects for unemployable BLM-antifa activists
Look you're not getting any sympathy from me. Majority of LLs in NYC suck anyway, and majority of the buildings suck too. IMO a lot of buildings are past their shelf-life, they weren't built to stand for 1,000 years like the Coliseum. The heating systems are archaic and barely work. foxyknoxy was just complaining she had no heat a few weeks ago.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Look you're not getting any sympathy from me. Majority of LLs in NYC suck anyway, and majority of the buildings suck too. IMO a lot of buildings are past their shelf-life, they weren't built to stand for 1,000 years like the Coliseum. The heating systems are archaic and barely work. foxyknoxy was just complaining she had no heat a few weeks ago.
well sure it's possible foxy could be getting screwed by a greedy rich landlord pinching pennies, but more likely the landlord is barely making the bank payments and has nothing left over for maintenance that he would otherwise do if he had been legally allowed to raise the rent to market levels on property he owns over the years
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