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Posted on 07/09/2026 4:34:43 AM PDT by econjack
Over 57000 NYC rental units, or about 5.6% of the city's regulated stock, are vacant. While costs have risen by 80% over the last decade, the control board has only allowed a 15% rent increase for the same period. Owners say it's cheaper to leave them vacant that to rent at the controlled rents. Mamdani has replaced six of the nine control board members. Google co-founder Sergey Brin sold his stake in a Manhattan multifamily fund for six cents on the dollar, according to Bloomberg.
(Excerpt) Read more at finance.yahoo.com ...
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The building owner takes a loss every month due to property taxes and some utilities and maintenance. Why keep the building? Brin had the right idea.
Every time.
Being a socialist/communist requires you to have almost complete ignorance of basic economics.
While this is true, the rent controllers feel good about themselves, and that is important, no?
Yet, Leonia Helmsley made a fortune with government housing.
If it doesn't make sense, you can be sure it makes money for someone.
NYC failing down around Mandami and Gang’s ears
Give the people what they ask for. NYC is a lost cause.
That’s not a bug, that’s a feature.
“Owners say it’s cheaper to leave them vacant that to rent at the controlled rents.”
My prediction? The vacant apartments will be overrun with squatters, druggies, illegals and hookers within the week. AND those same miscreants will be allowed to stay, PROTECTED from eviction by Mamdani!
Ain’t Socialism Grand? *SPIT*
Last businessperson leaving New York City, please turn out the lights!
Owners of very large apartment buildings with some units in the building under “rent stabilization” are surviving the restrictions on rent increases on “rent controlled” or “rent stabilized” units, because their buildings include a mix of market-based and “rent stabilized” units. It is the owners of smaller buildings that contain majorities of rent-controlled or rent-stabilized units that feel the financial squeeze the most. Under Mamdani more of that latter group of apartment buildings will be abandoned, when just paying the property taxes breaks the bank.
Econ 101.
But, there is another agenda at play here - Mamadani wants to take over housing, make it state-controlled - and get rid of Evil Landlords. Straight out of the Communist playbook.
“Zohran Mamdani has outlined a housing strategy that involves using existing legal mechanisms to transfer ownership of chronically neglected or delinquent apartment buildings from landlords to nonprofits, community land trusts, or tenant groups.”
He’ll deem the empty properties - that aren’t worth renting due to his own policy of rent control - as “distressed” or “neglected” and move to have the state seize the properties.
Of course it does.
One plus one still = two, and one minus one still = zero.
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