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.
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.
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...
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.