Earlier quoted context omitted.
Put the skull calipers down
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Rent collections are down in New York
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Re: Rent collections are down in New York
#12Re: Rent collections are down in New York
#13[flagged]
"The uptick in rental delinquency isn’t new. It started six years ago, when the pandemic flung the city’s economy into chaos and plunged low-income New Yorkers into dire financial straits. But even as the city has rebounded, rent collection rates in affordable housing remain short of pre-pandemic levels. As costs balloon, landlords say insufficient rental income is threatening their ability to stay afloat."
It started 6 years ago, before he was mayor.
Re: Rent collections are down in New York
#14[flagged]
Re: Rent collections are down in New York
#15[flagged]
"The uptick in rental delinquency isn’t new. It started six years ago , when the pandemic flung the city’s economy into chaos and plunged low-income New Yorkers into dire financial straits. But even as the city has rebounded, rent collection rates in affordable housing remain short of pre-pandemic levels. As costs balloon, landlords say insufficient rental income is threatening their ability to stay afloat." It start…
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Re: Rent collections are down in New York
#16Re: Rent collections are down in New York
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Re: Rent collections are down in New York
#18> We have to consider what the unintended consequences are of public policies or practices where there are no immediate consequences for someone who falls behind on rent > Many [landlords] say they don’t actually intend to evict anyone, but that filing these cases is the most expedient way to get emergency rental aid from the city. Economics in one easy lesson: incentives matter.
While that is certainly true, it's a very narrow view disconnected from the reasons for the policies. The most likely explanation for more people not paying their rent is that even fixed rents have become increasingly unaffordable because other costs have risen faster than wages. So yes, people are "choosing" not to pay rent because the consequences of not paying the rent lag substantially behind the consequences of not eating or buying gas. But it's an absolutely rational decision. FTA:
>...plenty of economic indicators suggest worsening financial duress for people already struggling. Costs are going up faster than wages, and inflation that took hold after the pandemic has proven painfully persistent.
Re: Rent collections are down in New York
#19> “There is a subset of people, maybe the smallest subset, who are literally making a choice not to pay rent, and we don’t do well with acknowledging that but there is a subset for whom that is the case,” [...] Others bristle at the notion that some tenants are not paying rent just because they may be able to get away with it. These people absolutely exist. To pretend that they don't is willful ignorance. They are, h…
There's entire Reddit communities of these people where they encourage and validate their shitty behavior.
With some of the stories I've read, you'd have to be positively insane to be a small-time landlord these days, especially in these large cities with kooky renter protections that make it nearly impossible to evict someone.
Go watch Pacific Heights with Michael Keaton for a fictionalized account but this stuff absolutely happens every day.
I saw one recently where the renter has not paid rent for six years and is unable to be evicted. It made national news.
So where does that leave the industry? You eventually push out the mom and pop landlords by making the regulations so insane it only leaves behind the large corporate property management companies and their army of lawyers. Who will collude and drive rents up. It's a vicious cycle and these cities are not helping one bit.
Re: Rent collections are down in New York
#20Earlier quoted context omitted.
"The uptick in rental delinquency isn’t new. It started six years ago , when the pandemic flung the city’s economy into chaos and plunged low-income New Yorkers into dire financial straits. But even as the city has rebounded, rent collection rates in affordable housing remain short of pre-pandemic levels. As costs balloon, landlords say insufficient rental income is threatening their ability to stay afloat." It start…
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The pandemic didn't end when Mamdani was elected. The economic impact from the pandemic is going to be felt for decades.