Open Thread

No one is forcing anyone to buy an RC property. Yet people keep doing it. There is no mystery at the time of purchase as to (1) present and future rent rolls; (2) the condition and costs of running the building; (3) the operative building and housing codes. The price would reflect all of those realities as well. If you can’t handle it, don’t buy it. If you buy it because you are speculating on a change in the law, that’s your risk. If you owned it when RC went into effect, that’s another matter entirely. But there is no excuse for not having your eyes wide open when you buy an RC building, and if you can’t maintain it, sell it. You’ll sell it at the same RC discount as you bought it for.

Can you please take it over to the other thread. We were just getting around to discussing unreasonably authoritarian nazi hookers and what was an appropriate number to have in bed,

“Even if it doesn’t trade hands, the problem is exactly the same. The building goes into disrepair, it’s the government’s fault for forcing the owner to accept artificially low rent, and it is the height of madness to blame the owner for not putting money into the building.”

nope – guy just didn’t do due diligence on an investment transaction.

if there was no regulation and people could do whatever they wanted, then why would we need transactional lawyers?

DH, that car analogy says nothing. The point is that if you buy a piece of shit car and you’re forced to rent it to some other person, you’re not going to put a single dollar into fixing it up, and no one should be the least bit surprised. The fact that the car blows up and kills the occupant is the government’s fault, not the owner’s.