Anyone manage or own real estate in NYC?

amother

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!

amother

Seashell

Tue, Jan 19 2021, 5:06 am

amother [ OP ] wrote:

Which laws are you referring to?

amother

Brunette

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.

amother

Powderblue

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.

amother

Vermilion

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.

amother

Vermilion

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.

amother

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.

amother

Olive

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...

amother

Brunette

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.

amother

Wed, Apr 21 2021, 10:02 am

I need my support group here again.
We live in an insane city and nobody understands it more than landlords.

Years of rent behind, (long before Covid), yet courts closed for over a year.
Also, we have 2 lawsuits brought by tenants that are completely fabricated, yet anyone can sue in NYC without evidence, so there goes our insurance premiums, because there’s no chance of the landlord ever defending himself.
Where are we headed to? It’s making me sick to my stomach knowing that I live in such a place.

amother

cornflower

Wed, Apr 21 2021, 10:42 am

It’s like anything else going on in America now if you don’t fall into a “diversity group” you are a nothing. Look at all of the bikers and atv’s on the street. They have zero insurance, zero registration, zero inspection but if your vehicle is missing any of these things you’ll get fined. Don’t get me started if you should hit one of them by mistake.
Then again the real estate business had its heyday it wasn’t going to last forever the ability to raise rent based on inflated and sometimes nonexistent improvements was used and abused and wasn’t going to last forever.

leah233

Wed, Apr 21 2021, 10:52 am

It's a cycle.

Back in the 1970s when these laws were common many landlords cut their loses and abandoned their buildings.

My grandparents owned three apartment houses back then. One in Midwood. One in Crown Heights three blocks away from 770. They tried giving them away for free to any mosod who would take them but they couldn't find any takers. Who wants a white elephant? Today those buildings would be worth so much money. Mosdos would jump at the offer of free buildings

Bad as things are they probably won't reach mass abandonment stage of the 1970s

amother

Wed, Apr 21 2021, 10:59 am

It’s not even about losing money. Every business has its day.
But the sickening part is the attitude toward landlords, each and every one is a villain. The tenants are victims. They will get away with anything.
And the blatant anti Semitism toward landlords because they are mostly Jewish...