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Every landlord and owner knows the deal going in .
Many want the perks of being stabilized
In fact from the late 1970s not one open rental building was built in all of nyc ,no developer had to be stabilized too …it wasn’t until the various stabilized programs were used that any buildings were put up and enticed developers to come back .
So no one is having their property taken…these are just business deals one agrees to in exchange for either the perks or buy prices like we had that are reflected in the prices you get when you buy.
The investor group we sold to was specifically looking to buy stabilized .
We got a great deal from the people we bought a stabilized package of apartments from and they got a great deal from us …we all know the deal going in
Last edited by mathjak107; 10-25-2022 at 02:14 PM..
"Every landlord and owner knows the deal going in ."
This is what I've been saying these landlords know what they are getting into its like if the developers who signed for the 421-a tax break all of a sudden said it was unconstitutional/illegal. Its literally what they signed up for.....
Someone tried to argue that its all of a sudden an issue because they lost money due to covid but the article I posted claims "The typical owner of rent-stabilized property would have made over $6 million of post-expense income in 2020 alone"
Landlords warehousing RS units isn't new as of covid, this has been a thing for years.
So what would be deemed unconstitutional? A landlord who made millions in 2020 who is trying to push out their tenant so they can warehouse it or a RS tenant fighting to keep their unit?
Last edited by Gilmoregal; 10-25-2022 at 01:48 PM..
"Every landlord and owner knows the deal going in ."
This is what I've been saying these landlords know what they are getting into its like if the developers who signed for the 421-a tax break all of a sudden said it was unconstitutional/illegal. Its literally what they signed up for.....
Someone tried to argue that its all of a sudden an issue because they lost money due to covid but the article I posted claims "The typical owner of rent-stabilized property would have made over $6 million of post-expense income in 2020 alone"
Landlords warehousing RS units isn't new as of covid, this has been a thing for years.
So what would be deemed unconstitutional? A landlord who made millions in 2020 who is trying to push out their tenant so they can warehouse it or a RS tenant fighting to keep their unit?
Going in we knew the deal and the plan going in was to offer 100k to break their contracts …as long as one person took it and we sold the apartment we could fund all the other buyouts with that first sale money .
It took 12 years or so to have 7 out of nine apartments take buy outs .
We offered the remaining two tenants half price to buy , no money down and we would finance the first 5 years .
They foolishly did not take the deal ..they were hoping we would drop the price to them .they could have had a gain of 600k by buying half price day one .
The apartments could be sold for 1.1 million back then .
So we said the heck with them and while we sold it for less to the investor group we wouldn’t give the tenants a shot at it at a lower price ….that ship sailed and they missed out on a chance to get life changing gains
"Every landlord and owner knows the deal going in ."
This is what I've been saying these landlords know what they are getting into its like if the developers who signed for the 421-a tax break all of a sudden said it was unconstitutional/illegal. Its literally what they signed up for.....
Someone tried to argue that its all of a sudden an issue because they lost money due to covid but the article I posted claims "The typical owner of rent-stabilized property would have made over $6 million of post-expense income in 2020 alone"
Landlords warehousing RS units isn't new as of covid, this has been a thing for years.
So what would be deemed unconstitutional? A landlord who made millions in 2020 who is trying to push out their tenant so they can warehouse it or a RS tenant fighting to keep their unit?
What you have at this point in small landlords is a generation of owners who likely INHERITED these properties from their parents free , their parents got the perks to be stabilized..now they want to double dip and complain about not getting market rents .
The pros and developers want to be stabilized and want the deals ,so it’s these small time slum lords who likely paid nothing inheriting it who are complaining.
You can bet the pros involved in the stabilized market place want to be because it can be very lucrative .
They can buy great properties for a fraction of their value ..
If it wasn’t for stabilization we would never have gotten the wind fall we did with what that package cost us to buy
Every landlord and owner knows the deal going in .
Many want the perks of being stabilized
In fact from the late 1970s not one open rental building was built in all of nyc ,no developer had to be stabilized too …it wasn’t until the various stabilized programs were used that any buildings were put up and enticed developers to come back .
So no one is having their property taken…these are just business deals one agrees to in exchange for either the perks or buy prices like we had that are reflected in the prices you get when you buy.
The investor group we sold to was specifically looking to buy stabilized .
We got a great deal from the people we bought a stabilized package of apartments from and they got a great deal from us …we all know the deal going in
Yes. We all realize that certain parties benefit from the RS program. If they didn't, politicians wouldn't keep it going. That's not the gist of the argument against RS and it's irrelevant. You're a broken record on this topic.
What you have at this point in small landlords is a generation of owners who likely INHERITED these properties from their parents free , their parents got the perks to be stabilized..now they want to double dip and complain about not getting market rents .
The pros and developers want to be stabilized and want the deals ,so it’s these small time slum lords who likely paid nothing inheriting it who are complaining.
You can bet the pros involved in the stabilized market place want to be because it can be very lucrative .
They can buy great properties for a fraction of their value ..
If it wasn’t for stabilization we would never have gotten the wind fall we did with what that package cost us to buy
You can say that again! This whole warehousing is just pure greed.
Yes. We all realize that certain parties benefit from the RS program. If they didn't, politicians wouldn't keep it going. That's not the gist of the argument against RS and it's irrelevant. You're a broken record on this topic.
The only broken record is you ….no one who built in the last 40 years had to be stabilized…. Yet for decades no developer built rental buildings
They all did it because they wanted to be ..prior to these programs no rentals were built here for decades , not manhattan and not the boroughs …only coops ,condos and luxury rentals were built . The only thing put up in rentals was either low income or affordable housing developments. Not one pure rental building open to all was built .
Our market is different because builders and developers focused on coops and condos and luxury rentals …they did not build rentals for all
Rents for all renters would have been off the hook without stabilization adding supply ….we would have far less apartments for all renters as no builders wanted any part of rentals here even though they did not have to be stabilized since 1978 or so
Last edited by mathjak107; 10-25-2022 at 03:38 PM..
Man am I glad my parents didn’t raise me to covet other people’s property.
Except no tenant is responsible for what politicians did to win votes …
Most tenants with lower stabilized rents expected to pay market rents decades ago . It’s politics that screwed with their rents .these tenants did nothing other then live where they did longer term .
This has nothing to do with tenants and everything to do with politics and the situation here where builders rather not build rentals ….
Tenants can be as wealthy as they can be under stabilization..it has nothing to do with affordable housing .
If you want to blame someone blame the politicians for using renters as political pawns.
In many areas only apartment houses are available if you want to rent …so it has nothing to do with the tenants doing.
I blame the politicians for the fact my tenants paid half market rent ..I can’t fault the tenants at all , all they did is not want to buy when the building converted to coop so they stay stabilized tenants.
All the politicians did is create a profitable situation for those who now how to play the game as owners
Would anyone here move from a place they find acceptable because their rent was to low ? not unless you are a moron
Last edited by mathjak107; 10-25-2022 at 04:20 PM..
This is true but with the Fed's interest rate hikes, I highly doubt people will be able to afford it unless they buy with their own cash. Also, the Fed needs to continue to print, otherwise the entire country will collapse into a depression. It's sad, but that's what Nixon led this country up to...
So True Storm. I am sure that the assumption was that people would still remain disciplined in their spending behavior.
How wrong they were.
From one person working in a house hold with 8 children. No problem. Buying only when you had the money and work,save and work some more saving every chance you had....
to
Husband,wife 0-1 kid, mortgaged home/ high rent , outstanding student loans, no work, and credit debt thru the roof.
Man oh man...................
Yup ......Keep printing that Fiat money......Wouldn't want the foreigners holding our I.O.U's calling on the debt.
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