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Read the Cedar Point case decision that SCOTUS handed down yesterday. This nonsense might finally be on the way out. This greatly expanded definition of the Takings Clause all but assures that government intervention in the rights of private property owners is going down in flames under this AMERICAN court.
Government control over private property is the work of tyrants like Venezuelan, USSR and New York State strongmen rulers.
So many aspects of the current NYS 'tenant protection' laws will be thrown out by the federal courts, and maybe even all of the 'rent stabilization laws' too.
Legal theory aside, most people readily recognize that the government has taken away a major part of your property rights when they require you to allow strangers to repeatedly enter your land without your consent.
Like not allowing property owners to use more than one apartment in their own private property for their own use, which is exactly what NYS law does now.
So many aspects of the current NYS 'tenant protection' laws will be thrown out by the federal courts, and maybe even all of the 'rent stabilization laws' too.
Like not allowing property owners to use more than one apartment in their own private property for their own use, which is exactly what NYS law does now.
Are you referring to stabilized apartments? There is no such law on unstabilized apartments .
The law on stabilized apartments is tricky though .
A landlord can only take an apartment for their own use if the building is held in personal name only .
Considering that to be stabilized we are talking multi family dwellings you really should not hold them in personal name but via LLC or corporation….
Once it is held in a LLC OR CORPORATION you lose the right to an apartment
Are you referring to stabilized apartments? There is no such law on unstabilized apartments .
The law on stabilized apartments is tricky though .
A landlord can only take an apartment for their own use if the building is held in personal name only .
Considering that to be stabilized we are talking multi family dwellings you really should not hold them in personal name but via LLC or corporation….
Once it is held in a LLC OR CORPORATION you lose the right to an apartment
It's my understanding that under the recently passed NYS tenant protection law an owner of a regulated property is limited to take only one apartment for their own use in their own private property. How can that be even remotely constitutional, whether the owner is an individual or an LLC/Corporation? To me that part of the law is a clear violation of an owner's property rights under the US Constitution.
As a stabilized landlord you are given tax abatements , low cost financing ,etc …
If buying older buildings or apartments that are stabilized you pay cents on the dollar based on rent roll just because of how stabilization operates .
The contract Says you have to agree to the terms of the deal you are bound by and agreeing to .
One of which is you can’t get the tenants out without reason and you can’t claim to be taking the apartments for personal use except for one apartment .. corporations and Llcs are separate entities unto themselves and are no longer YOU in the eyes of the law , so there is no such thing as a corporation having personal use since it is not a person .
If you are stabilized via j51+ or 451a you can stop the perks and abatements and opt out when your agreement ends with proper notice .
You are getting to wrapped up in something you know nothing about.
I owned stabilized apartments for 15 years and I would do that same deal again in a heart beat
Last edited by mathjak107; 06-24-2021 at 01:51 PM..
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