Earlier quoted context omitted.
Honest question - how do you know a potential tenant is “leftie type”?
Honestly? not op but that seems easy.
It was an honest question.
Rent collections are down in New York
181–190 of 594 posts
Re: Rent collections are down in New York
#182Earlier 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…
Doesn’t help that the landlords want to squeeze the renter for what they are worth. It’s weird to me that shitty landlords are normalized but shitty tenants get a (rightfully) bad rap. These laws become the way they are because landlords brought it upon themselves for the most part - they’re keeping assets that have massively increased in price and want to extract more and more out of the tenant. If you have a home t…
Nonsense. We came up with a name for those terrible landlords they are called slumlords. NYC even has a whole website dedicated to them: https://www.landlordwatchlist.com/
Re: Rent collections are down in New York
#183> The uptick in rental delinquency isn’t new. It started six years ago It has nothing to do with Mamdani, for those of who don't want to bother to read. Most of this occurred under Eric Adams's watch. Anecdotally, I do think covid made people a lot more aware of how deeply backlogged the housing courts are. It seems like a lot of people (like the anonymous one in the article) realized they could not pay rent and avoi…
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Re: Rent collections are down in New York
#184Earlier quoted context omitted.
Where has it been successful, and what counts as success in that? I genuinely do not know.
Primarily Vienna. There's nothing complicated about what Vienna did - other cities just prefer to please billionaires instead of providing services to citizens.
I mean, to be fair, having your population semi-permanently depleted by two major wars and a fundamental loss of national economic centrality and prestige will help you keep a fixed stock of social housing lasting longer.
Re: Rent collections are down in New York
#185Earlier quoted context omitted.
> Why should anyone be forced to leave just because someone richer wants to move in? This triggers my other frustration: empty nesters. They continue to live in great 3-4 bedroom homes that are amazing to raise a family in (near job centers, plenty of bedrooms, tight community, near good schools). This forces people like myself to spend 85+ minutes in a car (away from my family, friends etc) everyday while I drive pa…
Maybe you could offer a trade. Swap your home for theirs and pay them some rent for it.
AFAIK, you're not allowed to sublease a rent-controlled unit.
If they own their home, many old people made their bag and aren't interested in being landlords in retirement.
Re: Rent collections are down in New York
#186Earlier quoted context omitted.
What exactly do you mean by "well meaning small landlord"?
I just try to be the landlord that I would want to have. I respond to my tenants quickly, always give them concessions, let them pay late, or at a discount when they’re struggling, referred them to work at my companies, etc, etc. it’s not all about the money, it’s also being a good member of the community, for me. This is in contrast to a corporate landlord where your $1500 disappears into a void every month.
Look, I'm sure you're a nice person and a better landlord than many corporate landlords; and trying to do well.
I'm genuinely glad you're trying, and helping your tenants when you can; but I think you've drunk a bit too much of your own kool-aid.
From perspective of your tenants, that money still goes into a void, no matter how nice you are.
Re: Rent collections are down in New York
#187Earlier quoted context omitted.
There are such people. I have a unit in Seattle that sits empty because I don't want to risk getting stuck with such tenants. In Seattle, you can't: 1. Evict people from November to April (it's "winter"). 2. Evict people with schoolchildren during the school year. 3. Run background checks on prospective tenants. 4. You _must_ rent to the first qualifying tenant. 5. You must offer 3 months in rent as compensation if y…
I don't understand why you wouldn't sell and invest elsewhere in this case.
Many people do. I certainly never wanted anything to do with that rental market when I had a vacant condo.
The unintended consequence is that there are closed rental networks that never advertise and only rent to vetted people with reputation on the line. These often have cheaper rents than publicly advertised rental properties because the risk of bad tenants has been reduced.
It turns the public rental market into an adverse selection phenomenon. Over time, the best tenants have access to cheaper better rentals that are never even visible to the average rental tenant.
Re: Rent collections are down in New York
#188Earlier quoted context omitted.
Apart from maybe being a little more flexible on evictions, none of the other reasons seem problematic. For instance not renting to the first qualifying tenant is a common root for discrimination. Why wouldn’t you rent to the first qualifying candidate? The giving tenant three month rent thing is for a very small circumstance - for example huge rent increases if the tenant income is low, condo remodeling, etc. The wo…
This is an insanely bad take. > For instance not renting to the first qualifying tenant is a common root for discrimination. Why wouldn’t you rent to the first qualifying candidate? You should be able to select freely who you want to have live in your house. If you're a building owner, there are reasons that you might want to be able to have freedom of choice in choosing who you have live in your building. When the g…
I've lived in properties with no form of rent control whatsoever. Landlords issuing 10%+ rent increases is awful. it denies you the stability that's granted by fair/consistent rent increases. It erodes the community fabric by having a revolving door of tenants who live there 1-2 years before leaving.
I do agree that we should focus on other remedies such as building more. However, even in a market with ample housing, I'm not convinced that some Landlords would still just as happily take the 'I bet they'd rather a 10% rent increase than deal with the hassle of moving' gamble.
Most of the people I've met who are anti rent control/stabilization usually don't have the pleasure of a landlord who has decided to engage in such tactics. Almost always they argue from some place of guaranteed housing safety.
this is an issue that applies to people making 30k and also people making 300k.
Re: Rent collections are down in New York
#189Earlier quoted context omitted.
I anecdotally know of a few cases in Seattle where tenants with high incomes that could easily pay just don't. There is a subculture that actively encourages this type of behavior and the laws are setup such that there are almost no consequences for it. I've also met people who bragged about doing it. While rare, it is still common enough that it has become a real problem and has become socially acceptable in some ci…
It's not rare. I repeat. It's not rare. I am a landlord in Seattle with ~55 active tenants/leases. Let's just say that I know of many landlords in the circles I run in that have absolutely stopped renting to leftie types because they've had so many issues over the last few years with many of them over litigating everything; and deciding not to pay rent over the smallest non-issues, or just not paying rent at all. I c…
I'd like to try and give you some sympathy, but my last landlord was a well-regarded property management firm who left me with no heat from the end of October to the weekend of Martin Luther King Day in New England, effectively only fixing it once I withheld rent, got on the local news, and was threatening a lawsuit. So, uh... yeah plenty of landlords have done a lot to earn that reputation for the class as a whole.
Re: Rent collections are down in New York
#190Earlier quoted context omitted.
It's not rare. I repeat. It's not rare. I am a landlord in Seattle with ~55 active tenants/leases. Let's just say that I know of many landlords in the circles I run in that have absolutely stopped renting to leftie types because they've had so many issues over the last few years with many of them over litigating everything; and deciding not to pay rent over the smallest non-issues, or just not paying rent at all. I c…
Honest question - how do you know a potential tenant is “leftie type”?
Don't worry: they'll tell you.