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Rent collections are down in New York

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Re: Rent collections are down in New York

#81
post #73
post #51

Earlier quoted context omitted.

Apparently you haven't been paying attention to what's happening in the rental market. Landlords in cities with strong tenant protection laws will absolutely leave a unit vacant for months until they find someone with a high income ratio and credit score. This leaves poorer people stuck with no options.

Do you have evidence? There is evidence that RealPage software illegally coordinated (maybe coordinates) landlords in keeping units off the market in order to reduce demand and increase prices for everyone. https://www.nytimes.com/2025/11/24/technology/realpage-doj-s...

Me (and others in this thread).

I have a 5 bedroom house that I rent out 2 rooms, but not interested in accepting more people unless they are friends or have a very high income.

At my home’s peak, we had 6 adults living there, now its at 50% capacity.

Re: Rent collections are down in New York

#82
post #77

Earlier quoted context omitted.

Arguably, benevolent dictatorships tend to be the best. Singapore is a good example. The trouble is making a system that can guarantee the "benevolent" part in the longer term.

Make an argument, beyond one city (if it's true there - Singapore might be better off, on some of the best real estate in the world, with free elections)? All the most free, wealthy, safe, creative, innovative societies in the world are democratic. And on what basis does some dictator get to tell others what to do? OK, I am the dictator and I'm telling you to give me 10% of your income and never post this nonsense in…

There are a lot of values there that.you're presenting as though "this is what society should be" when it's actually "this is what liberal democracy thinks society should be". So obviously we have a foregone conclusion.

Plenty of societies happily trade away one or more of those values for other values.

Re: Rent collections are down in New York

#83
post #34

Earlier quoted context omitted.

Tenant "protection" laws are the type of idiocy that economically illiterate progressive politicians always produce. They end up having the opposite effect by making property owners less willing to rent out to anyone. The only effective way to protect tenants is to set public policies that encourage new housing development. When there is a housing surplus, the laws of economics force landlords to treat tenants well.…

Do you own your own house? Are you rich? I’ve known acquaintances who got de facto evicted without warning just because their landlord decided to make a few extra bucks. Were that to happen to me, I would not be able to rent in my current city at all due to the recent influx of wealthy tech workers. (Read: extremely high rents with ridiculous income requirements.) Fortunately, my city has robust tenant protections an…

> I guess they think I should save up a few million dollars to buy a condo or abandon my community and move to the boonies.

If you can't afford to live in your city, what distinguishes you from the people in the boonies? Why should they be relegated to the boonies while you successfully game the system?

Re: Rent collections are down in New York

#84
post #34

Earlier quoted context omitted.

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 ab…

Tenant "protection" laws are the type of idiocy that economically illiterate progressive politicians always produce. They end up having the opposite effect by making property owners less willing to rent out to anyone. The only effective way to protect tenants is to set public policies that encourage new housing development. When there is a housing surplus, the laws of economics force landlords to treat tenants well.…

Tentant protection laws are always a matter of degree.

Requiring a process in order to evict tennants is a good thing. If the process is unsatisfyable or extremely lengthy, I don't think it's a good thing anymore. There should be a way to get destructive and severely disruptive tenants out in a hurry. Ordinary breach of contract things (failure to pay rent, problematic behaviors that violate the lease but aren't an immediate issue, etc) should have something like a 3-7 notice period and then be referred to court and figured out without undue delay.

I'm ok with limiting the reason for the landlord ending a lease, especially where the tenant has stayed there for a long time.

IMHO rent control/rent stabilization can be useful when the cap isn't set too low, and there's reasonable ways to pass through less predictable costs. If the cap is too low, rent gets significantly behind the market rent which causes trouble for landlords but also leads to situations where renters end up stuck where they are; maybe better than being forced out but not if the property deteriorates. If the cap is too high, it doesn't provide meaningful stability or a planning horizon for tenants. If it's in the right place, it gives renters reasonable time to adjust to market changes. Again, IMHO, 3% is probably too low, 10% may be too high, somewhere in the middle is nice to have.

Tenant protections setting deposit limits and process for assessing against the deposit seem reasonable to me. Landlords are going to screw tenants out of deposits if they can, regardless of the market realities, because the relationship is over, the renter is busy with other stuff, and the landlord has the money.

Re: Rent collections are down in New York

#85
post #83

Earlier quoted context omitted.

Do you own your own house? Are you rich? I’ve known acquaintances who got de facto evicted without warning just because their landlord decided to make a few extra bucks. Were that to happen to me, I would not be able to rent in my current city at all due to the recent influx of wealthy tech workers. (Read: extremely high rents with ridiculous income requirements.) Fortunately, my city has robust tenant protections an…

> I guess they think I should save up a few million dollars to buy a condo or abandon my community and move to the boonies. If you can't afford to live in your city, what distinguishes you from the people in the boonies? Why should they be relegated to the boonies while you successfully game the system?

I can afford to live in my city. I’m living in it right now! The nice thing is that I don’t get pushed out by arbitrary economic fluctuations completely out of my control.

Re: Rent collections are down in New York

#86

Earlier quoted context omitted.

I have friends and coworkers that want to have rental properties, and I advise them it's not worth it. I don't want to be in a position where I have to pay more to fix damages than I collectected in rent if I accidentally rent to deadbeats. Or in a position where I have to provide services to someone not paying me. One of those friends has parents that rented out their old house to deadbeats at the top of the housing…

Landlords typically have insurance coverage for damage by tenants, including lost rent.

It’s hard for new landlords. People that bought houses to rent compete against property owners of paid off homes or people with 3% mortgages.

Tacking on optional insurance products on a property that’s already in the red further encourages landlords to push up rents prices.

Re: Rent collections are down in New York

#87
post #83

Earlier quoted context omitted.

> I guess they think I should save up a few million dollars to buy a condo or abandon my community and move to the boonies. If you can't afford to live in your city, what distinguishes you from the people in the boonies? Why should they be relegated to the boonies while you successfully game the system?

I can afford to live in my city. I’m living in it right now! The nice thing is that I don’t get pushed out by arbitrary economic fluctuations completely out of my control.

Correct me if I'm wrong, but your comment suggested you'd be unable to afford market rent.

Re: Rent collections are down in New York

#88
post #28

Earlier quoted context omitted.

I can guarantee you that the overwhelming majority of low-income people who are delinquent on their rent have no clue who Cea Weaver is. Nor is there any kind of organized rent strike occurring. Do you live in NYC?

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Re: Rent collections are down in New York

#89
post #87

Earlier quoted context omitted.

I can afford to live in my city. I’m living in it right now! The nice thing is that I don’t get pushed out by arbitrary economic fluctuations completely out of my control.

Correct me if I'm wrong, but your comment suggested you'd be unable to afford market rent.

I can afford to live in my city because my landlord isn’t able to tack an extra $2000 to my rent due to the sudden influx of AI bros.

Re: Rent collections are down in New York

#90
post #79

Earlier quoted context omitted.

I think you’re leaving details out of your story. If the landlord wants to make a few bucks, then they keep their good tenants (lowers vacancy rate, keeps repairs low, etc). Kicking out good tenants cost landlords money.

It’s pretty simple. There’s a tech boom or similar, a bunch of rich workers move in, rents go up. Landlord spikes rent by 30% to take advantage. You can see this happening in r/sanfrancisco today, for non-rent-controlled units.

Sf is kinda a mess. Sf’s rent control also means tenants can’t leave (locking up more housing, reducing supply, forcing everyone else to pay more), thus continue to discourage rent controlled tenants from moving since moving means even higher prices.

The property tax situation in SF is a mess.

SF also requires a lot of expensive regulations (earthquake proofing, renovation permits, rising California insurance costs, etc).

Also… the unfortunate reality is there is only so much space and the capital markets determine who gets to live where. If you’re not able to keep up in a city, then there are better places for you.

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