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The problem is much of the working world has taken a financial hit through the pandemic that was no ones fault .
Lost jobs , pay cuts , less income ,etc we’re all the results .
If the real estate profession can think that they are immune and can remain unscathed financially when millions around them took financial hits they are smoking crack .
Landlords are just as prone to financial hits as everyone else , we are all in this mess together .
Landlords really need to know their tenants and who the bull crappers are who just don’t want to pay but can .
Landlords need to negotiate a settlement with those tenants who really can’t pay everything they owe .
Other wise the tenants will be forced to declare bankruptcy and the game is over for the landlord as far as collecting anyway
Quote:
Originally Posted by pierrepont7731
Come on now. You're smarter than that. It is much easier to have people stay where they are than put them through the shelter system and/or relocate them to other housing.
We have over 60,000 homeless people in this City. De Blasio said thousands of new units would be built to house New Yorkers. He has been in office almost eight years, and the homeless problem has only grown, so that shows how difficult it is, and that's with the City allocation more and more money in a feeble attempt to address the problem. No one wants low income housing in their neighborhood for fear that it will decrease property values. They don't want it anywhere on Staten Island, even on the North Shore and that holds true regardless of how conservative or progressive the area is.
It is a difficult problem but deblasio is also grossly incompetent
Bingo. Similar to rent control, the legislation has these types of unintended effects.
I, thankfully, do not own rental property in NYC, however, I will say that I ask my property managers to screen heavily, to provide me with their demographic details so I can do my own screening and there is always an interview involved. Marginal tenants NEVER make it through. I'd rather have my unit sit empty for months instead of "giving someone a shot" -- you can thank the legislation for that. I know I'm not the only landlord who feels this way.
Our family home in Queens has a relative who is living there. This relative can stay as long as necessary, however, upon move out, my parents are going to immediately sell. Whenever they used to entertain the thought of renting it out, I would caution them on the anti-landlord laws in NYC, NYS. Now that they are seeing in practice, they would rather sell for top dollar and get a nice million-plus balance in their bank account instead
I genuinely feel bad for the landlords in New York City..
You can’t even get more than 1 month security now. I learned real fast we had a small 2 store commercial building with 2 apartments up top in queens. After 2.5 years we sold it (best move ever) got a a larger 3 unit building with 5 apartments in Florida. Being a small time landlord in NY is just bad business. The % of returns I. Other states are way higher due to cheap prop taxes.
And then employers wonder why people aren't applying for jobs and they have difficulty hiring people! Well people are getting free rent! So why should people go out and work?!
You can’t even get more than 1 month security now. I learned real fast we had a small 2 store commercial building with 2 apartments up top in queens. After 2.5 years we sold it (best move ever) got a a larger 3 unit building with 5 apartments in Florida. Being a small time landlord in NY is just bad business. The % of returns I. Other states are way higher due to cheap prop taxes.
Doesn't Florida have one of the highest property tax rates in the nation? Or is that just for primary residence
The trifecta from hell is job loss - illness - divorce …..no matter how good you screen tenants if you are a landlord long enough you will get stung by these three unknowns
MOST tenants don't stop paying rent because they lost their job after falling ill and getting a divorce. This is rare. MOST tenants stop paying rent because they can get away with it.
I have lost my job (I am also married). It would never occur to me to sit in someone's property and not pay rent or attempt to find resources to pay rent. My lack of planning should not be a stranger's problem.
I was unemployed for a year during the recession and my landlord then did not miss a single rent payment.
I pay the paltry $60 a month for extra disability insurance which will pay me for up to a year if a I fall ill. If I am still ill after a year I can apply for permanent disability or move somewhere more affordable or find a friend or family who can temporarily accomodate me.
A divorce likewise should not leave anyone destitute. As one should always have emergency savings. I was always taught to have "f U money" when you are dating and married. That should be enough to keep me going for 6 months here in high cost of living area or longer in lower cost of living states.
This lack of pride and entitlement is unheard of in my country. It would be a total embarrassment to sit on one's ass and not try EVERYTHING to provide for one's self expecting a stranger to provide for your needs while you throw your hands in the air. And we have NONE of the social safety nets available in the USA.
The same people who are claiming poverty are the ones with a closet full of clothes, a house full of things. new cars. Mindless spending. Unnecessary consumer debt.
Anyone who thinks state is going to let yet another eviction ban (which seems all but certain to pass in Albany this week) to end in January 2022 wants their head examined. This s**t is never going to end absent ruling from highest state court or SCOTUS.
Yeah, big shot governor and democrats in Albany along with usual suspects like Cea Weaver are going to allow eviction ban to end just as winter sets in for NYC/NYS. We're going to hear... "it's cold outside, how can we allow families to be evicted....it's a health risk not to mention covid....".
FWIW here is outline of what is being hatched out in Albany....
Anyone can sue for anything at any time. Winning is a entirely different matter (especially in anything like a timely manner.)
Eviction is normally a pretty straight forward process. Yes, it can drag out longer than it should in certain instances, but end of day something will happen. This is why everyone has their panties in a bunch about various bans expiring.
Not being able to pay rent is *NOT* a viable defense in NYS. If you're busted or otherwise cannot hold up your end, LL will win eviction in non-payment cases unless there are other circumstances. That is why people always go down to housing court and bring up all sorts of sh** that has nothing to do with why they haven't paid rent, but saying place needs "repairs" or something bides them some time.
Only time not being able to pay usually comes into play is when rent is paid by a third party or something. That is Section 8 or others who are having rent paid in full or part by someone else. If that third party (such as city) hasn't paid up, then a judge will often give time for that hot mess to be sorted out.
Other situation is for busted tenants who are applying for aid such as One Shot Deal. If that is brought up a judge will usually extend things for a decision to come. That scheme was turned into a spigot of free money by BdeB so that people got one, two or more "loans" that they never paid back. But LL got his money and tenant wasn't evicted so BdeB was happy.
You can’t even get more than 1 month security now. I learned real fast we had a small 2 store commercial building with 2 apartments up top in queens. After 2.5 years we sold it (best move ever) got a a larger 3 unit building with 5 apartments in Florida. Being a small time landlord in NY is just bad business. The % of returns I. Other states are way higher due to cheap prop taxes.
Glad you got out of there. This pandemic is going to financially destroy many small-time landlords in NYC.
Do you have a property manager down in Florida? Or self-manage while living in NYC? I know that the laws there are a lot more even-handed than NY.
New England has been very good to me and have largely stayed in the region.
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