Landlords Jacking Up Rent 50-70%

[Esacni]

Originally Posted by dfc99

NYC needs to encourage the construction of condominiums and co-ops. Ownership is good for our neighborhoods and good for the city as a whole.

Way too expensive to build in NYC. Developers need to make money too and I don't think anyone would build a multi-million + development without at least netting 20%. That's why you have 500sq foot **** boxes (condos) in the middle of BK going for $500K.

[mathjak107]

Just the oposite .nyc is mostly renters not owners …most renters will never be able to buy a coop or condo which is why we have always had more renters then owners .

It took a lot of perks and convincing to get developers back to doing rentals again and so once we had the j51and 421a incentives there have been rental buildings put up .

They ain’t cheap but new never is

[Esacni]

Originally Posted by mathjak107

Just the oposite .nyc is mostly renters not owners …most renters will never be able to buy a coop or condo which is why we have always had more renters then owners .

It took a lot of perks and convincing to get developers back to doing rentals again and so once we had the j51and 421a incentives there have been rental buildings put up .

They ain’t cheap but new never is

I don't quite understand the argument. Everybody agrees there's a shortage of housing in NYC, correct? Why does that shortage exist?

I bought my house in the late 90s. Inflation adjusted, it should cost a little under $400K. Comps in the neighborhood are currently selling between $900k-$1mm. That's the entire story right there. In a relatively free market, supply ALWAYS find a way to meet demand over the medium and long term. Capitalist like to make money.

Something in NYC is very broken where you make money by NOT supplying demand. Whether that's zoning, corruption (existing landowners in bed with politicians), high costs, etc.

Housing is a commodity. You can always build more (vertically).

[mathjak107]

NYC’s rentals is already mostly in high rises / apartment buildings ……much of it unless it was renovated over the years still looks the same over decades …..so GOOD , NICE ,housing is hard to find.

New stuff under these programs is very expensive even though it is stabilized….rents can run 3-5k a month . The future increases are controlled by the stabilization board but they go to market at full market

[Mr.Retired]

Mathjak is spot on.

Most renters will never be able to buy.........................( fill in the blank).......................


I know a number of homeowners who are content in just getting by while leaving their apartments empty
as opposed to those who are of extreme wealth with little skin in the game who don't mind playing scratch off
with the tenants. These Landlords have a "You win some ...you lose some................" attitude.

Those who can't pay their rent will only recycle a few times until labeled too risky.......
leaving them very little choice but to leave the city.....................