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I just think people stopped paying rent because its too expensive in general
NYCers prolly pay half their income in rent, good luck saving up and trying to upgrade your situation on that formula, it's gonna be long nights of eating Ramen noodles and beans to get that downpayment up.
The LLs won't go after who charges them the exorbitant amounts it costs to own an investment property, just pass it to the plebs who live in at-will states who can get canned for any reason anyway, bye-bye steady rent check
Mind you, you guys are acting like people are going to work and willingly just not paying their rent, ppl got let go, hence the extra $300
Its not like people are still going to work and saying screw the rent, lol
Either way this is not the poor people's fight, like anybody can afford market rent in NYC on a $20 job, I don't care what neighborhood it is.
The Boomer solution - go get a $60 job somehow, or go work three $20 jobs and drop dead early
Maybe stop trying to take care of 80 year old buildings.
Buying a building in NYC is like buying a used car
And I'm talking about one of those used car dealer lots where they keep the dogs outside at night.
None of this is relevant. It's really simple: if you are living in a place you cannot afford, the government should not force the owner to support you. Period, end of story. None of what you ranted about above is the owner's problem.
None of this is relevant. It's really simple: if you are living in a place you cannot afford, the government should not force the owner to support you. Period, end of story. None of what you ranted about above is the owner's problem.
The LL who lives in one unit, rents out the other two, and cannot pay for all three units themselves if needed, is exactly who you described.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
If landlords had to wait until they could pay cash to buy most would never be landlords ….the same as if most homeowners had to wait until they could round up all the money to buy so they don’t need a mortgage few would own homes .
No one buys an investment with worst case outcomes in mind or we would never invest either ..
You look at the typical range of outcomes and you weigh the risks and you pull the trigger .
No one anticipated no rents for 18 months or longer just like I don’t anticipate another Great Depression when I invest or I never would.
You don’t know what is in people’s wallets so you can’t talk in general terms .
Most multi family dwellings are held in LLC OR CORPORATION STRUCTURE..the funds in the llc or corporation are what you use in good and bad times .
Our Llc held about 150k for the operation of 9 apartments, that plus rents is what we ran on ….18 months of no rent and we would have walked away.
Operating capital is a fraction of what lost rents would come to on 9 apartments for 18 months
Something will get hatched out of Albany, so it will be interesting to see if this new governor has balls.
My guess is Albany will attempt to craft something that preempts legal challenges, or at least they hope it will anyway. That is a total encompassing blanket ban isn't in the cards, but something more tight and limits things to those actually affected or whatever by covid.
NJ is going to extend their eviction ban to 1 January 2022 according to recent news reports, so there's a start across Hudson.
My problem is having conversation with people when they have such a linear train of thought
There's 2 sides to every coin. Should tenants pay their rent? Of course. Are some tenants taking advantage? Yes. Was housing court open before Covid? Yes. Ppl act like tenants always paid their rent and this not paying rent during the pandemic is some new phenomenon. Like I said, I used to work in L&T and that's prolly why I'm unsympathetic. I've see 2 year stips drawn up in court, longer than Covid's been out
Hell, I've seen tenants brough to court for way more things other than non-payment of rent, plenty of holdover cases I worked on.
tons of people are taking advantage bc the gov't has enabled and basically encouraged their nonsense.
it's a new phenomenon for the govt to say you can't kick people out and have politicians (who of course won't ever buy property of their own to house deadbeats) say "you can't kick them out they'll be homeless and think they can kick the hand down the road forever.
NYC is the most tenant friendly city in the country and the tenant laws here were already absurd- but what's going on in the country on a whole with the moratorium is disgusting.
if someone makes an investment that doesn't work out and you say "well too bad you took a chance and lost" that's fine-but there is no justification for forcing people to have to allow other people to stay on their property for free.
I'm not saying the government is right for what they're doing
I'm just saying the LLs should have been more financially prepared being as that LLs do not have unemployment insurance
I don't agree at all with the gov't forcing private property owners to allow renters to remain in their property and not pay. No way. If the gov't wanted to help, they should have written the rent checks to the landlords of these homes based on verified information that the tenant was out of work and unable to pay. Anyone else should have been put out immediately if they were still working and not paying.
That being said, I can't help but wonder why it is that when a working person earning just about enough to float every month, loses their job and is having trouble coming up with the following month's rent people crucify them, give them a verbal beatdown, say it's their own fault for not saving and being prepared in case of an emergency and too bad, get out and get lost deadbeat. But landlords who voluntarily put themselves in a marginal situation to begin with and find themselves pushed into a desperate situation when their tenants either refuse to pay or are not able to pay get a lot of sympathy when one or two missed rent payments have them on the brink of financial devastation. That situation does not need a pandemic to bring it out.
Would you live in the same mortgaged building as your tenants? Most LLs crying in NYC are doing precisely this. And these aren't rent stabilized units we're talking about, the building has to have at least six units to fall under rent stabilized guidelines.
I would never live in a building. If I where to own one and live in it. I would for sure have it in a S Corp or Llc and treat myself like a tenant and pay market rate rent.
Bottom line These small landlords are getting killed because the government has decided to allow people to live for free in property the Gov doesn’t own at the owners expense.
That being said, I can't help but wonder why it is that when a working person earning just about enough to float every month, loses their job and is having trouble coming up with the following month's rent people crucify them, give them a verbal beatdown, say it's their own fault for not saving and being prepared in case of an emergency and too bad, get out and get lost deadbeat. But landlords who voluntarily put themselves in a marginal situation to begin with and find themselves pushed into a desperate situation when their tenants either refuse to pay or are not able to pay get a lot of sympathy when one or two missed rent payments have them on the brink of financial devastation. That situation does not need a pandemic to bring it out.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Bottom line These small landlords are getting killed because the government has decided to allow people to live for free in property the Gov doesn’t own at the owners expense.
Or are they getting killed because they could never afford to be LLs in the first place?
This and more at 10
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Not to interrupt this thread but the NYS legislature has been called back into session via Governor Hochul with the express purpose of extending the eviction moratorium so this is going to happen regardless.
What I can't understand is what the holdup is in the application process for getting the money that the federal government allocated for the specific purpose of helping people with their rent.
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