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“then people shouldn’t buy them”
That’s just not an answer to the problem. OK fine, those LLs are shady. I’ve conceded that. But saying “don’t buy them” does nothing to either recognize or fix the actual problem, which is the existence of rent control laws.
no, the more recent landlords of RC bldgs ARE to blame – ie paid too high a price and/or overestimated ability to kick out RC tenants. I remember not too long ago, RC buildings were decent investments as the ASK were NOT outrageous on a rent roll multiple. Now, it’s crazy ass multiples – ie feels like multiples of a high growth internet stock
The reason DH and slopey are wrong is that there is NO price at which people can buy rent controlled properties and maintain them properly. If you want to make any money, you have to be a shady player. You have to cut corners and refuse upkeep. This situation is created by the government. This is the direct fault of the rent controlled laws themselves. So what if there is some shady character who is willing to play fast and loose wih the laws to squeeze a few bucks out of a RC property? You will never find any other buyers! The magical buyers you guys are imagining who would buy a RC property and keep it up to your standards simply don’t exist. The market has been forced to the absolute bottom feeders by rent control laws. And you simply cannot point the finger at the landlords who are willing to buy on shady terms as the cause of the problem. That defies logic.
“then people shouldn’t buy them”
That’s just not an answer to the problem. OK fine, those LLs are shady. I’ve conceded that. But saying “don’t buy them” does nothing to either recognize or fix the actual problem, which is the existence of rent control laws.
“The reason DH and slopey are wrong is that there is NO price at which people can buy rent controlled properties and maintain them properly.”
then people shouldn’t buy them
So sleazy people are absolved from responsibility because they are sleazy?
Lech, you gotta be glad you’re not taking the LIRR home.
Just wait for the Amtrak Empire State train to derail and runi your Metro North commute for 4 days!!!
BWAAHAHAHAHAHAHAHAHAHA
no, the more recent landlords of RC bldgs ARE to blame – ie paid too high a price and/or overestimated ability to kick out RC tenants. I remember not too long ago, RC buildings were decent investments as the ASK were NOT outrageous on a rent roll multiple. Now, it’s crazy ass multiples – ie feels like multiples of a high growth internet stock
By dirty_hipster on May 10, 2011 3:48 PM
“Cuomo gets it on property taxes. Why don’t the rest of the Democrats?????”
Cuomo also bangs some chick who’s on a TV show about how to make SPAM more fancy.
Jealousy isn’t pretty, dh.
One of bin Laden’s sons is saying his burial at sea “humiliated” the family and the family reserves the right to sue the US.
Haaaaaahahahahahahhahahaha!!!!!!! That’s rich- like murdering thousands of people really does a lot for your dignity.
I think you’re generally going to find that sleazier people get involved in owning rent controlled buildings.
it’s also the tenants obligation to undestand that as well. it comes with the territory. That’s life.
Suck it up or pay a market rent.
The reason DH and slopey are wrong is that there is NO price at which people can buy rent controlled properties and maintain them properly. If you want to make any money, you have to be a shady player. You have to cut corners and refuse upkeep. This situation is created by the government. This is the direct fault of the rent controlled laws themselves. So what if there is some shady character who is willing to play fast and loose wih the laws to squeeze a few bucks out of a RC property? You will never find any other buyers! The magical buyers you guys are imagining who would buy a RC property and keep it up to your standards simply don’t exist. The market has been forced to the absolute bottom feeders by rent control laws. And you simply cannot point the finger at the landlords who are willing to buy on shady terms as the cause of the problem. That defies logic.