Skip to comments.Albany’s ‘Good Cause Eviction’ spells bad news for NY’s housing market
Posted on 04/27/2021 6:16:28 AM PDT by AbolishCSEU
Not content with jacking up taxes massively and dangerously mushrooming the state budget, legislators are now looking to inflict yet more pain, by sneaking through a “universal rent control” bill that would clobber the housing market.
This, even though rents in New York City have plunged to decade-long lows.
The legislation, now in committee in both the Assembly and the Senate, is misleadingly labeled “Good Cause Eviction,” when it would essentially force landlords statewide to accept tenants for life — with a cap on yearly rent increases.
(Excerpt) Read more at nypost.com ...
It should not be for government to say.
Having been, as a young man, rent-jacked out of an apartment though, certainly can see why renters want these kind of laws.
You get what you vote for.
We get what downstate votes for. Thus we need an electoral college system for the individual state and local elections.
It is textbook fascism. Always has been. So is the minimum wage. When the government inserts itself between two parties of a contract, forcing the terms of the agreement, that is one of the attributes of fascism.
This is by design. Eventually landlords will no longer want to be in the housing business. Uncle Sam will step in and fully control the housing market for tenants. However, the sheep want this and deserve what they get. If your bored, watch Heart of a Dog, its an old Russian movie and you will see how government housing works.
As the socialists gain more power in New York, the flow of private capital into New York City and the state is declining. Who in their right mind would invest in a place that has no real regard for private property rights? No amount of Federal aid or tax increases will make up for the lack of private capital investment.
Communism by the drink!
Had an apartment sold out from underneath me also as a young man.
Pretty painless at the time, as I had little and could easily move. However others in my building did not have that option (larger families).
I’ve turned down quite a few opportunities to rent property. No thanks!
Remember “private property”? It’s what leftists hate with a passion. They can’t seize all of it just yet, so they have come up with a scheme to deny you the use of your property while transferring your money to individuals who will vote democrat.
It’s all part of the march towards communism that NY and CA are leading.
In fact, this is even better than just seizing your property. You get to keep paying the taxes, the mortgage and the insurance plus you get to do the maintenance, and you delusionally think you actually own the property. They’re really smart, these democrats!
I have been a tenant too, a model one and got ripped off by the landlord back in the eighties because I didn’t familiarize myself with “30 days written notice” despite the LL knowing I was going to move verbally and in fact had me act as his rental agent taking numbers for the new tenant.
He kept my entire security deposit (the apt was left immaculate). Lesson learned. HOWEVER this is the pendulum swinging violently in the other direction.
I have one duplex just remodeled all new everything including mechanicals and one that is being rehabbed now. I might turn around and sell it if it gets much worse.
I would like to take this opportunity to thank New York. Your drive to craziness has lead to a flood of people here in NJ. Yes, that’s right. You have gone so bat Shiite crazy that you are actually outdoing New Jersey and making it seem like a great place to live. And for me that means I have a bidding war on my house. Thank you New York, thank you!!!
A have a friend from Argentina. He said its similar there. The rental market often comes down having thugs on hire to roust a deadbeat tenant from your property.
Agreed. We have been trying to buy a bigger property here in Central NJ and the last four highest and best offers, well over listing price, we have made have been outbid by New Yorkers.
Massive housing projects coming to a green space near you.It is the Green New Deal for Democrats in real estate development on steroids.
That scene is etched into my mind because my blood boiled as I watched it.
I only rent one of several properties I own through AirBNB. No tenant problems and much higher rent amounts per month.
However, I’ve been screwed as a tenant. Wage garnished as the property management company did not accept my end-of-lease letter (they claim it needed to be notarized and mailed Certified Mail - to a location not in any lease document, or even easily findable on the Internet), so they billed me at the much higher month-to-month rate and attached a $75 a day late fee to it as well. This was April to August at $2000 a month (base rent plus $500 month-to-month fee, plus $1500 late fees per month.
Funny thing is, my stuff was out of the apartment and keys and quit notice given in their mail slot well prior to my lease end. The complex did not allow for end-of-lease inspections and the office was closed mid-March to August due to covid.
I left the apartment and lived in AirBNBs for a month until I went back to the Philippines until December. So lost a default judgement for over $15000 (mail doesn’t get sent overseas) when sued. In September.
Good thing got a lawyer in January. Sued the property management complex. Won. Had the wage garnishment vacated and removed from my credit reports. Got some extra cash out of it as well.
Not surprising, at all.
Remember, to the Left housing is a human right, go figure.
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