Posted on 07/31/2022 9:19:47 AM PDT by euram
For as long as anyone can remember, rent increases rarely happened at Ridgeview Homes, a family-owned mobile home park in upstate New York.
That changed in 2018 when corporate owners took over the 65-year-old park located amid farmland and down the road from a fast-food joint and grocery store about 30 miles northeast of Buffalo.
Residents, about half of whom are seniors or disabled people on fixed incomes, put up with the first two increases. They hoped the latest owner, Cook Properties, would address the bourbon-colored drinking water, sewage bubbling into their bathtubs and the pothole-filled roads.
(Excerpt) Read more at cbsnews.com ...
Multinational commie crony capitalists. Burn em in a pile.
The article is BS as NYS does not allow mobile home parks to raise their rent more than 3% per year under normal circumstances.
Here is the proof:
https://www.lawserver.com/law/state/new-york/ny-laws/ny_real_property_law_233-b
Never trust the MSM.
Yep.
What? Did they buy Bexar county? With property taxes what they are Bexar county may as well all be one huge immobile home park.
That law has more exceptions than any I’ve had the displeasure to read.
Faceless entities that have sold us out to foreign people and foreign countries. Faceless entities that hire lobbyists to twist the law in their favor. Faceless entities that control our media, schools, and even our elections. Faceless entities that the global elite hide behind and use to siphon up money. Faceless entities with no loyalty to this nation. The only loyalty is to the almighty dollar. And no one behind any of these entities can be held accountable for what they do, because it’s a ‘corporation’.
I’m sure there would be some downsides to eliminating corporations, but there are plenty of downsides to letting them have free reign. Something needs to be done to keep them under control.
Owners die. Children sell park to Blackstone for millions. Blackstone, because they so love their stockholders, raise the rents to make a decent ROI.
Nothing particularly nefarious.
There may be places with versions of rent control, where even if the ownership changes, the rents can't be raised beyond a certain amount. In those cases, Blackstone would be willing to purchase the property anyway. At some point in the future they can turnaround and sell at a profit, or wait for the tenants to die one-by-one and then start building condos or homes for rent.
“The article is BS as NYS does not allow mobile home parks to raise their rent more than 3% per year under normal circumstances.”
-——————————EXCEPTIONS———————————
(a) Increases in the manufactured home park owner’s operating expenses.
(b) Increases in the manufactured home park owner’s property taxes on such park.
(c) Increases in costs which are directly related to capital improvements in the park.
NYS writes all laws progressive style. Meaning that in the end the court can interpret it anyway they like. Just remember the judges are progressives too. And they can really ruin your day.
NYS actually writes laws that say “in a reasonable amount of time”. when it comes to deadlines.
The County Health officials can address the sewage issues.
“I could see where an older person or couple who purchased a mobile home park decades ago dies and their children don’t want to run it.”
If you dig into other sections of that law you will see that NYS made it very for the children to escape as well. Having to give the tenants a chance to buy the park. And the laws regarding running a mobile home park are extremely complex and difficult.
While there are no extreme special laws for those who run a 500 unit apartment complex.
Residents, about half of whom are seniors or disabled people on fixed incomes, put up with the first two increases. They hoped the latest owner, Cook Properties, would address the bourbon-colored drinking water, sewage bubbling into their bathtubs and the pothole-filled roads.
But then, you have a different drive by opinion........................
Any thoughts on all the federal regulations? Why the original owner sold?
Well if you are running a major apartment complex there is no limit on rent increases maybe with the exception of rent control in NYC. So is that fair?
3% adds up year after year. Not good for seniors and owners on a limitedbudget.
One Ridgeview resident sent a note to DiCarlo along with a copy of her lease, which showed a 6% rent increase is going into effect Sept. 1.
“I am now hearing that (Cook Properties) is jacking up lot rent while not completing any of the repairs that were previously promised,” Foti wrote in an email to DiCarlo on July 29. “It is a mess and these folks are being treated very unfair.
*sigh*
leftists never understand how the free market works.
Rents go up because property values and property taxes go up.
Every time a liberal votes for higher taxes, they are voting for their rent to be increased.
Often if a property has been owned by one person for a LONG time the rent might be low. This is because they purchased the property LONG ago for MUCH cheaper and have long since pay off their original loan. They raise prices occasional on rents to offset addition expenses for taxes, or utilities, but that’s it.
BUT, if that OLD owner sales (and it does NOT matter who he sales it to) The new owner will pay TODAYS high prices and will take out a LOAN at today’s higher interest rates, and will have to charge enough to pay the note + taxes + other expenses.
There is no choice but to raise rents dramatically. No one is going to INVEST in a property and LOSE money. They will always try to at LEAST earn enough to pay the mortgage + expenses.
This isn’t about big corporations sticking it to tailer park dwelers, its about what happens when home and land prices are skyrocketing when a property, ANY property changes hands.
3% a year = double the price in 20 year is the general rule.
Are you asking whether the rules should be the same for trailer parks as any other rental type?
“manufactured homes located in manufactured home parks that are subject to a regulatory agreement with a governmental entity to preserve affordable housing or that otherwise limits rent increases are exempt from the provisions of this section.”
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