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Anyone manage or own real estate in NYC?

 
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amother




OP
 

Post Sun, Jan 17 2021, 2:19 pm
Please tell me how the insane biased laws don’t get to your emotional health?
I’m so stressed out.

I work at a RE management company, we manage several buildings in the city and I seriously need some emotional support.

And now Biden is pushing for more leniencies for tenants who harass their landlords, don’t pay rent for years, and do whatever they please, all in the name of Covid 🙈


Please help!
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amother




Seashell
 

Post Tue, Jan 19 2021, 5:06 am
amother [ OP ] wrote:
Please tell me how the insane biased laws don’t get to your emotional health?
I’m so stressed out.

I work at a RE management company, we manage several buildings in the city and I seriously need some emotional support.

And now Biden is pushing for more leniencies for tenants who harass their landlords, don’t pay rent for years, and do whatever they please, all in the name of Covid 🙈


Please help!


Which laws are you referring to?
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amother




Brunette
 

Post Tue, Jan 19 2021, 7:46 am
People who own or manage real estate do it because they think they can make money, whatever legal restrictions they face. It's a tough business, and not for everyone.
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amother




Powderblue
 

Post Tue, Jan 19 2021, 8:23 am
IT. IS. INSANE!!!
We get no break, we need to pay all our bills. Yet the tenants get to live rent free. And on top of all that, they don't stop complaining!!! And calling 311. Banging head
It's really so unfair, it doesnt make sense. There is so much money in the covid relief fund, but so many tenants just can't even be bothered applying.
And don't even get me started on the vacancies. Ugh!!
Ultimately, though, we have to see that it's all part of Hashem's master plan and we shall get thru this.
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amother




Vermilion
 

Post Tue, Jan 19 2021, 9:03 am
Thank you for this thread!! It is so tough! Nothing makes any sense. Our tenants are working but can't be bothered to pay rent because the eviction courts are closed. Hashem yishmor.
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amother




Vermilion
 

Post Tue, Jan 19 2021, 9:06 am
amother [ Brunette ] wrote:
People who own or manage real estate do it because they think they can make money, whatever legal restrictions they face. It's a tough business, and not for everyone.


Lovely you pointed this out, no one could have predicted covid.
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amother




OP
 

Post Tue, Jan 19 2021, 9:10 am
amother [ Brunette ] wrote:
People who own or manage real estate do it because they think they can make money, whatever legal restrictions they face. It's a tough business, and not for everyone.


People bought their properties years ago when the laws still made sense.

As the years go by, more and more biased and hostile laws are passed against landlords.
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amother




Olive
 

Post Tue, Jan 19 2021, 9:14 am
my extended family is in real estate in new york, have been for decades. it used to be that they owned the building my family grew up in, in addition to other buildings, but now most of the apartments are coop. They have been working on selling more and more apartments. if a renter moves out it gets redone and sold. I think commercial real estate is easier and they are wealthy enough to afford it.

it just makes UWS less affordable because harder to find rentals... now its in the dumps though...
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amother




Brunette
 

Post Tue, Jan 19 2021, 9:25 am
amother [ OP ] wrote:
People bought their properties years ago when the laws still made sense.

As the years go by, more and more biased and hostile laws are passed against landlords.


Right. It's a tough business and getting tougher. So some people will transition to commercial real estate, or development, or invest in different locations or simply get out of real estate. Not every field is for everyone, and not every field is guaranteed to be profitable. I have a lot of sympathy for owners who are getting squeezed now.
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