Albany’s ‘No Eviction Ever’ bill will devastate landlords — and NY’s housing stock

nypost.com ^ | 2/18/22 | Alexander Lycoyannis

[AbolishCSEU]

An Airbnb user who never intends to leave. Tenants not paying enough rent to keep up buildings. A roommate temporarily renting a room who later decides not to move out.

Under the Legislature’s misleadingly named “Good Cause Eviction” bill, these occupants can all remain in their apartments forever and the property owner has virtually no recourse.­

“No Eviction Ever” would be a better name for an absurdly vague, sweeping proposal that would place strict new limits on rent increases and evictions for nearly 1.6 million New York renters.

[AbolishCSEU]

An just as absurd, allows tenants to sublet. If you want to know how that turns out, watch some episodes "Can't Pay, We'll Take it Away" on dreaded youtube.

[Spok]

It’s impossible to evict tenants in San Francisco. I laughed when they wanted people in the Bay Area to take in the homeless. They may as well just give them the keys and pitch a tent in the park. Even the ultra-liberals can see that one coming.

[mikelets456]

More Marxism destroying my private property ownership. At some point we will have to put a stop to these grabs.

[Mr Ramsbotham]

The only thing worse than living in a slum is not having a slum to live in.

[BookmanTheJanitor]

This a great idea for the good tenants …to get surrounded by out of control tenants that cannot be evicted. That makes for a fun place to live. /S

[mewzilla]

Meanwhile...

https://therealdeal.com/2022/02/16/blackstone-buying-multifamily-reit-in-5-8b-deal/

Coinkydink...?

[mewzilla]

Another one...

https://www.bloomberg.com/news/articles/2022-01-24/blackstone-to-buy-resource-reit-in-3-7-billion-apartment-deal

[moovova]

Are the major investment companies...that are scooping up houses (Blackrock, etc)...avoiding NY? Or, are they given special dispensation?

[ClearCase_guy]

I see a future need for neighborhood protection teams staffed with guys named Guido who will have a “conversation” with some tenants and who might ask them, politely, to maybe move out ASAP.

[MissEdie]

If they do buy apartments in NY maybe some of us can “rent” a unit and refuse to pay for it. If enough do it maybe then someone would get a clue. But then again, those companies may just try to use the lack of rent as a tax right off...

[Joe 6-pack]

Many rental properties in South Korea don't operate on rent, they use a system called, "key money." The renter pays a very large up front sum (akin to a down payment on a house), which a landlord invests and collects the interest. When and if the renter decides to move out, the principle is returned, less any damages/repairs other than fair wear and tear.

This gives the renter, "skin in the game," and allows the landlord to be more selective without being overtly discriminatory. It motivates younger people to get responsible early and save up enough as soon as they can to get a place of their own.

It would probably be ruled illegal for some reason in the USA.

[blackdog]

Government takeover of housing is the end game. Housing, transportation, energy, education, food, Healthcare, finance, employment. From the state to each according to their assigned needs and status. Register by taking your shot which each has its own serial number. (Each Dose)

[marktwain]

Many rental properties in South Korea don't operate on rent, they use a system called, "key money." The renter pays a very large up front sum (akin to a down payment on a house), which a landlord invests and collects the interest. When and if the renter decides to move out, the principle is returned, less any damages/repairs other than fair wear and tear.

Do they pay monthly payments as well?

How would this work, otherwise? If the up front sum is enough to buy the house, why wouldn't they just buy it?

If it is not enough to buy the house, how could the interest payments be enough to be equivalent to rent?

[GaltAdonis]

"...That makes for a fun place to live. /S ..."

Yeah!

And when the plumbing needs fixing, you no longer call
the landlord (because HE'S living in a tent and cannot help) -
you will call Biden, or Pelosi - I guess.
(Or the FBS - Federal Bureau of Sewage.)

And in future elections we will cast our ballots for the
politician(s) who promise to do the best job of unclogging
our toilets!

What a BOLD, BRAVE New World is unfolding before us!

/SSS (super sarcastic sarcasm)

.

[Joe 6-pack]

There are no monthly payments to the landlord, but the renter is normally (though not always) responsible for the utilities. They don't put down enough to buy the property, just the equivalent of what a robust down payment would be, and then live there as long as they wish.

More details here.

[moovova]

Thanks for the links.

We’re looking at rental houses between north of Charlotte and below Winston-Salem. 95% are being rented by big companies (FirstKey, HomeRiver, Progress). I haven’t researched these companies, but I bet they’re subsidiaries of various funds that have jumped into the rental market.

Each rental unit description lists details of the various fees a renter pays above the basic rent...application fee for EACH tenant, upfront pet fee, monthly pet fee for EACH pet, HVAC filter exchange fee, pool maintenance fee, HOA fee, parking fees (if any). It gets expensive real fast.

I also notice many of these units are staying on the market for several months...with consistent price reductions.

[kearnyirish2]

I believe that just as in education, healthcare, and charities, the government wants to simply eliminate private competition. There are more people in public housing in NYC than in the state of Wyoming.

There will still be slums; they will be owned and administered by the government.

[MayflowerMadam]

“95% are being rented by big companies (FirstKey, HomeRiver, Progress). I haven’t researched these companies, but I bet they’re subsidiaries of various funds that have jumped into the rental market.”

Probably BlackRock. They’re conspiring with the RATs to force low-income subsidized housing to be integrated with higher-end neighborhoods. The goal is to harm the working class, MAGA-type citizens. Truly evil.

[marktwain]

While I am not a fan of Wikipedia, that was a good explanation, which makes sense.

[Joe 6-pack]

When I was stationed in Korea in the mid-90s there was some abuse of the system. Instead of BAQ for servicemembers and government contractors who needed to reside off post, Uncle Sugar would front the key money.

A lot of career soldiers and contractors who were former or retired military personnel were married to Koreans and would reside with in-laws while in country. The In-laws would draft bogus leases which were presented to the finance office, accept the key money and then split the interest between the lessor and lessee.