Speaker Quinn Bears Bad News for Real Estate Crowd
As the featured speaker at Tuesday’s quarterly gathering of the Brooklyn Real Estate Roundtable, Council Speaker Christine Quinn didn’t tell the audience of developers, property owners and brokers what they wanted to hear. If the City wrests control over rent stabilization from the State, as is expected, Quinn said that it would likely work to…
As the featured speaker at Tuesday’s quarterly gathering of the Brooklyn Real Estate Roundtable, Council Speaker Christine Quinn didn’t tell the audience of developers, property owners and brokers what they wanted to hear. If the City wrests control over rent stabilization from the State, as is expected, Quinn said that it would likely work to undo the pro-landlord steps that have been taken in recent years regarding decontrol and destabilization. She also didn’t give the impression that 421-a program would be reinstated anytime soon. The one bit of news that didn’t elicit a groan from the crowd: She does not expect that the city will raise property taxes later this year. Oh, and she also made glowing comments about Two Trees when asked about the prospects for its proposed Dock Street development.
Kaylas,
That’s fine. It’s your choice to move somewhere else if you wish.
I’m sure those East New York landlords are struggling just as much as the down and out tenants you help.
Can you imagine trying to turn a profit running apartment buildings in a neighborhood like that? It’s nearly impossible. I know because I’ve owned low income housing in the past.
Everybody should have a roof over their heads, I agree. But if they can’t afford NYC, there are other cheaper places they can turn.
It’s called the free market and it works everywhere else in this country. What’s so special about NYC? Why do you think our rental housing stock is so darn crappy?
I agree with montrose morris. i think I have a unique perspective to add here because I work helping people in housing court. The vast majority of people I see every day are hard working poor people who simply can’t make ends meet, even with rent stab. They do not have more than one or two children (mostly).
I believe everyone in our society has a right to have a home. Most of the people I see are one missed paycheck from being homeless. They are the people who watch our children, care for our elderly parents and clean our houses. They already live in bad neighborhoods (think East NY) and the rent is already taking most of their paychecks. I for one do not want to live in a city of only rich people.
gsnyder,
I couldn’t have said it better myself.
These rent laws are a total farce and even those folks fortunate enough to have on of these deals knows it.
I know a landlord of a 10-unit walk-up on the Upper West Side who learned that his $300/mo rent-controlled tenant was actually primarily living on his 90 acre estate in the Catskills. This tenant wanted $1 million to hand over the keys to this rent-controlled apartment. The landlord spent three years in the court system, demanded a jury trial, and won a 6-0 verdict last year.
Such abuse is rampant, and wins like the above are very rare, and can take upwards of three years (and mucho in legal fees) even when successful.
Rent regulation breeds corruption, clogs courts, and drains otherwise productive humans.
I like the cut of your jib, ditto.
So IronBalls then EXPAND Rent Stabilization to all rental apartments – with Total Vacancy decontrol and no rent limit – then there will be no “loss” of stabilized apartments. And hell most “luxury” Manhattan Rentals are facing rapidly declining rents, not increases so those LLs wont protest to loudly.
I get the idea of political pandering – I just do not understand expanding the system in a way that will DEFINETLY lead to blight and abandonment
We could put Thain in a $85,000 antique iron maiden.
Yeah, and then we can start executing CEOs found guilty of malfeasance.
Bring me the head of Angelo Mozilo!
Well, it did work in China!!!!! And look who’s the superpower now!!!!