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Do you realize that other than gov't owned rentals that a high percentage are owned by investors?
My figures are for home/condo/co-op ownership % by boro. Has nothing to do with who owns rental buildings but you are probably correct. Even if 'investors' own most rental properties in NYC why does it even matter??? It also depends how you define investor.
My figures are for home/condo/co-op ownership % by boro. Has nothing to do with who owns rental buildings but you are probably correct. Even if 'investors' own most rental properties in NYC why does it even matter??? It also depends how you define investor.
Well it matters if being a landlord is profitable. In SF I guarantee you that RE investing is very profitable despite the claim that it is "tenant friendly". i would think if it was not profitable in NYC that investors would leave and prices would decrease. Sure my knowledge of NYC real estate is pretty much limited to Million Dollar Listings NYC and anecdotal information.
Well it matters if being a landlord is profitable. In SF I guarantee you that RE investing is very profitable despite the claim that it is "tenant friendly". i would think if it was not profitable in NYC that investors would leave and prices would decrease. Sure my knowledge of NYC real estate is pretty much limited to Million Dollar Listings NYC and anecdotal information.
Is it operationally profitable or is it from asset appreciation?
I wouldn't risk doing anything questionably illegal since that could worsen the situation. (turn off electric, clog toilet pipes, change locks, etc)
Since the OP rented the apartment out illegally, judges/courts are not going to look at him favorably in the first place.
It is a tough situation, but the OP may just have to live with non-rent-paying freeloaders for several more months until there is a solution given by housing court.
NYC is famously pro-tenant, and landlords are mostly looked at as "the predators" by courts in the first place, against tenants, so it's already an uphill battle to get out a non-paying tenant.
And in the COVID era, landlords have it even worse.
Good luck in this situation-going to definitely lose a lot more money, unfortunately.
I wouldn't risk doing anything questionably illegal since that could worsen the situation. (turn off electric, clog toilet pipes, change locks, etc)
Since the OP rented the apartment out illegally, judges/courts are not going to look at him favorably in the first place.
I'm not saying you are wrong but those are the types that get used and abused the most by deadbeat tenants who sense weakness and will try to get away with exactly as much as they think they can get away with. The strongarm route has a good chance of solving the problem without courts. It had a better chance 18 months ago though, before he demonstrated that he was weak and powerless. I guarantee if you were living in that basement and you knew it was owned by a cartel or mafia member, they could stop by and tell you to be out by morning and you'd be gone by midnight.
Many people here suggested that I should have begun eviction procedures 18 months ago.
I was unable to do so because of the moratorium. All legal methods of eviction have been frozen since the very beginning of the pandemic.
Many people here suggested that I should have begun eviction procedures 18 months ago.
I was unable to do so because of the moratorium. All legal methods of eviction have been frozen since the very beginning of the pandemic.
You were a fool to start renting it out while a rent moratorium was in effect. I didn't say start eviction procedures, I said dealt with.
Do the tenant and the family ever go out together?
While they are out,change the lock,and bar the windows and door so they cant come back,throw their belonging outside .
Recently there was flooding in NYC,in Flushing,tenants who lived in the basement drowned,there is no way for them to get out !
You were a fool to start renting it out while a rent moratorium was in effect. I didn't say start eviction procedures, I said dealt with.
I was a fool.
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