Posted on 08/10/2020 3:05:18 PM PDT by AbolishCSEU
I should move to New York. Free Rent!
So a whole lot of people just had the state confiscate a huge chunk of their property and owed compensation.
It is extremely difficult to get an equity loan against a rental property because of this. Banks will not loan money because these properties are very risky due to the inability to evict non paying tenants.
Oh yeah I’m well aware. I have a horror story about a subsidized tenant who was bribed by the local S8 office to stay in a unit I purchased. This tenant routinely broke her lease and moved every six months. I worked for S8 at the time as a clerk. They thought it was a conflict of interest on my part (it wasn’t) so they incentivized her to stay there as long as possible WITHOUT paying rent.
I gave her the standard 30 day notice after buying the property and they caught me in court for a whole year even after I had left that job in disgust and the problem tenant had moved out.
So EVERYONE can stop paying rent, whether or not they can afford it??!!
Then what?
Will they be responsible for all back rent or will they be forgiven by Cuomo?
Im doing a heloc on one now. I screen furiously. Went through about 50 applications before I settled on one. Several applicants flubbed the preliminary phone screening questions by complaining about their current landlord. Thats akin to complaining about your current employer when on a job interview.
Caught one using a friend to pose as a previous landlord reference.
I wonder how small businesses, restaurants, and shopkeepers in NYC can possibly survive the pandemic. Maybe the 150K EIDL loans will pay the rent for awhile, but business will never return to its old level. Commercial leases are so finely tuned to rack out as much profit from the lessee as possible, and there is little, if any, room cover six months or a year of pandemic losses.
State enforced squatter’s claims outweighing actual ownership of private property??? Hmmmmm sounds like Saaaaaataaaaaaaan.
Sounds like socialism, and in a socialist state. Go figure.
How is this not considered slavery? Landlords are forced to work to cover renter expenses.
No upkeep of the property either.
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