Democratic Assembly Passes Pro-Tenant Legislation
In a potentially huge set-back to New York City landlords, the New York State Assembly passed a new package of legislation yesterday that strengthen’s rent regulation across the state and gives more authority to the pro-tenant New York City Council. According to The Times, the new rules would “essentially return to regulation tens of thousands…
In a potentially huge set-back to New York City landlords, the New York State Assembly passed a new package of legislation yesterday that strengthen’s rent regulation across the state and gives more authority to the pro-tenant New York City Council. According to The Times, the new rules would “essentially return to regulation tens of thousands of units that were converted to market rate in recent years” and reduce the amount a landlord is allowed to increase the rent upon a vacancy from 20 percent to 10 percent. It’s a matter of fairness, said Jonathan L. Bing, an assemblyman who represents the Upper East Side. We’re trying to give people a way to live out their lives in the neighborhoods they’ve been calling home for decades. On the other side of the coin: This is going to be very devastating, said Joseph Strasburg, president of the Rent Stabilization Association, a group that represents landlords and real estate agents in the city. New York City is the last big city in the country that has any strong form of rent regulation. And at a time when we have an economic recession, when rents are actually going down, this will put another nail in the coffin. In our opinion, the government should spend more time and resources making sure landlords adequately maintain their buildings and abide by the legal terms of their leases with tenants and less time trying to fight the laws of supply and demand. After all, rents are already coming down anyway.
Assembly Passes Rent-Regulation Revisions [NY Times]
Photo by Bobble
What, you crack me up. You’re a douchebag, but funny.
Sure she has no mortgage, but on a building her size and in her neighborhood her taxes are a plenty and up-keep is huge. A few years ago she re-did her hallways, just patching and painting and the like. $20k. A new roof is she needs it, another $20k+. These things add up.
My point is not every building owner has a chest full of cash in the closet or a bank account in the 6 figures.
Some owners save the cash they have for rainy days, major repairs, times when rents go down. It’s when the rents are up that she can build her reserve for times like now when they dip and the extended vacancy rate increases.
And by the way, my fat Brooklyn born ass would never fit into a pair of hipster jeans. And PBR sucks. And not in an ironic $2 a can hipster way, just sucks in general.
you rent right?
Yes Iris it is boring please pick up an econ 101 book.
Best quote of the thread: “I vote Democrat in national elections and Republican in state and local elections. The former is for social reasons, and the latter is for economic reasons. This is not an uncommon pattern among fiscal conservatives in the Northeast.”
Nope. I’m not a landlord but rent regulation results in more expensive and less available apartments for everyone.
Isis,
So you’re saying private landlords shouldn’t be allowed to make money? We should be “servants” to our tenants?
If the government wants to give needy individuals rent vouchers, that’s fine, but passing laws that force private landlords to lower rents is the antithesis of everything this country is about.
Why don’t you move to Cuba? Castro can find a nice little state sponsored hovel somewhere for you, I’m sure.
Bed Stuy is much nicer than East Harlem, What. You made a bad choice. Best to stay in Lodi.
The What – wow you actually got a RE license – amazing you must be really smart, were you able to pass the test w/o the 2hr course????
Viable buildings never went for 3x the rent roll – unless they were absolutely near abandonment – EVER – not even in the Bronx c.1978
Look it up – the deed transfers are on the ACRIS system and back then the mortgage docs sometimes contained a RR attached.
That being said – there is no question that if the legislature reduces/eliminate vacancy allowance and puts rent increases soley in the hands of the city council you will have massive loan defaults and abandonment (the market value of the building stock will plunge below even the most conservative loans written in the past 20yrs – therefore selling will not be a viable option for most LLs and therefore LL will run the building as long as they can hold on – with no investment – and then walk away from the carcass after expenses exceed revenue)
Ah, another thread about rent regulation…another batch of stories about tenants who make lots of money and live in rent regulated apartments. Funny, though, how in all these threads–and in the press and at public hearings–there is never, never, never a landlord who opens the books so we can all see the bottom line. The point is that landlords love to complain as much as tenants (big surprise), but if they were all going broke DHCR would be flooded with “hardship” claims for rent increases.
And before we get to the argument of fair-market tenants supporting rent-regulated tenants, try to remember that landlords set fair-market rents to make the most money they can, not because they need a subsidy.
“I am referring to the people who own buildings, and have owned them, for decades. Like my grandmother. Her rents pay the utilities, taxes, etc. If she is forced to roll back rents, or limit increases her Social Security check might not be enough to cover. She raises rents as her expenses increase. So she should sell the building she’s owned for close to 60 years because some asshat like you think rents are to high? Bullsh!t.”
Hold on Retard! If there is no mortgage on her property then that building should be a “Cash Cow” for her! After expenses she should have a nice chuck of change every month!
WTF are you talking about??!!!!
“And What, why don’t you step out from behind the moniker and be straight with people. You grew up in suburban Cleveland and managed to inherit a rent controlled apartment from some aunt where you and your receding hairline pony tail hang out and complain about your lack of success while doing f-all about your station in life, eh?”
Cleveland???!!! ROTFLMMFAO!!! No dumbass my birth certificate says: Brooklyn NY. Born in Bed Stuy, Raised in Bed Stuy and will die in Asshat Hill of Harlem (in the other post LMMFAO).
Now Chrissy put on those tight-assed Hipster pants, Iconic T-Shirt and swill another PBR you Poser….
The What (Brooklyn Finest)
Someday this assheads are gonna end…
“exactly”
If you read the entire article, it’s not exaclty a done deal.
“I realized on the ENY thread that most of you (Assheads) are from out of town”
Hey, man – what happened to “Asshats??”