Posted on 06/13/2019 6:21:24 AM PDT by ChicagoConservative27
In promising to sign a dumb and destructive bill to immortalize rent regulation — a step that will keep tenants who pay artificially low rents in over 1 million apartments from ever giving them up — Gov. Andrew Cuomo has basically told everyone else in New York City to go to hell.
It makes it likely that no new apartment buildings will rise. It guarantees that existing ones will decay. It will make repairs and upgrades prohibitively expensive for landlords who must eke out puny profits from properties that require major reinvestment, but where they can’t charge enough rent to pay for it.
The $15,000 cap on capital improvements that a landlord can do based on rent hikes over 15 years in a stabilized apartment is ruinous for older projects like Stuyvesant Town, which will need much more extra dough to keep buildings as old as 70 years from falling into NYCHA-like disrepair.
(Excerpt) Read more at nypost.com ...
As it's intended to do...................
The other side of this is that all of this regulation going into effect....is occurring in highly urbanized areas. So if I were a CEO of a billion-dollar company...zero chance that I’d expand or open a new headquarters in a city shows this type of regulation-practice. I’d go to a medium-sized city that has still an open mind on real estate and where construction is not an issue.
Stuyvesant Town only got air-conditioning about 15 years ago! But at least they cleaned up the surrounding neighborhood which was a disaster when I lived there. (It was also Bernie Goetz’s stomping ground.)
“Cuomo’s rent regulation will destroy NYC’s housing market”
Excellent!
It always amazes me when politicians think think they can solve a billion simultaneous equations per second better than a free market can. Those idiots never consider the distortions that result. But, it appeals to the economically-ignorant, just like a $15/hr minimum wage does.
Well, the way that Bozo DeBlasio is driving out businesses, along with Cumo and his Pet RATS, there isn’t gonna be much of a need for rentals.
As the owners abandon their properties and the city and squatters take over, NYC will finish falling all the way into a crumbled civilization.
My daughter lives in NYC. She just moved into a first floor, 400 sq ft apartment in Chelsea that rents for $2025 a month. I bought her bars for her window as a housewarming gift.
These controls are really hard to undo. We should not mess with free markets. Just keep them free of fraud and crime.
The big government solution will be to buy up crumbling and abandoned buildings and then rent them out as some form of public housing while raising taxes even more to pay for the permanently dependent Democrat voters.
Took a tour of Manhattan during the height of the prior rent regulations. It was amazing how many buildings were only the facade, had been gutted by fire. Asked the tour guide, he said the tenants would move out because of a lack of maintenance then there would be an ‘accidental’ fire that would gut the building. The building interior would not be restored because it was not economically viable.
My daughter rents 580 sq ft in a nice neighborhood in TOKYO for $1500 per month. No window bars needed.
Not only do business people have to deal with city, state officials, a myriad of taxes and regulations, but now as demonstrated in the Amazon fiasco “community organizers” have their hands out and need to be placated. Fewer and fewer companies want to deal with the urban socialists.
Sensible gift :)
Was this done with the landlord's permission? Your daughter could lose her security deposit over this.
I'm surprised that a first floor apartment did not have bars on the windows.
BTW, the rent is reasonable. There are so many fees a landlord has to pay the city for each apartment...and then there's fuel and maintenance.
The landlord went half with me on the bars. Mgmt put them on promptly too.
My daughter is happy with the Chelsea neighborhood and is able to walk to work. So far, so good.
The NY State Senate was traditionally controlled by Republicans, and while being RINOs, they at least slowed-down or stopped some of the craziest leftist-progressive proposals.
Since 2016, every branch of government in NY now belongs to the Left, which means a combination of progressive apparatchiks in Albany and hard-core socialists from NY City. NY is gone. The irony is that it depends on Wall Street to survive - so one good financial crisis should push this state over the edge of both fiscal responsibility and political sanity.
“BTW, the rent is reasonable.”
It’s insane. We have a 1,300 foot duplex and our mortgage is half that.
L
Hush!
That rent is thoroughly reasonable. It’s even cheap.
Don’t do anything to discourage New Yorkers from staying in New York.
Honest, folks. It sucks out here in Deplorable Country. Horrible place. Everybody has GUNS. Be afraid. Be very afraid. Stay behind your bars in New York.
;’}
Yes, the people of NYC need to hear the truth! Where I live everybody has a rifle in one hand, a bible in the other, and long beards (even the women) flowing sideways in the wind. I pay $7000/month for a 4 square foot apartment. I have to sleep standing up.
My garage is bigger than that and it came attached to the house.
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