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Rent collections are down in New York

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Re: Rent collections are down in New York

#211

Post by bizzletk »

inigyou wrote: post #147
toast0 wrote: post #84

Earlier quoted context omitted.

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 i…

Is there any morally valid reason to evict a tenant other than nonpayment of rent? For bad behavior that should be between them and the police, not you.

Not all bad behavior meets the threshold of police intervention.

Here's a nearly-strawman-but-definitionally-valid example: a landlord may want to remove a tenant who's being unusually hard on the place and accelerating the wear-and-tear. Could be serious enough that paying the tenant to go away would be cheaper than the cost to remediate the damage accrued over the length of the contract.

Re: Rent collections are down in New York

#212

Post by ekelsen »

jpalawaga wrote: post #188
nikkwong wrote: post #106

Earlier quoted context omitted.

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,…

You could sign a longer lease and get the stability you desire. Negotiate a five year lease and stability is yours.

Re: Rent collections are down in New York

#213

Post by digitaltrees »

epsteingpt wrote: post #198

For those looking for the actual data. It's from 2024 - says nothing about the current situation. * ~37K affordable housing units (baseline) across ~400 projects * 89% rent collection rate (down from 90.6% in 2023) * That's 600 units that went 'delinquent' in 2024 - assuming a $24K 'base' rent (just a guess) that's $15M in lost rent. * Deeply troubled projects (that can't survive without this rent) are at 11% - seems…

The solution is pretty simple: build and unreasonable amount of housing. And entirely new cities. America has enough land. We could build new infrastructure, give people lots of land or build houses like we did in the 40s and 50s. Of the price of a house was brought down to 1x the annual salary of the median individual income some of these problems wouldn’t exist. We need to flood the system with investment and inventory.

Re: Rent collections are down in New York

#214

Post by digitaltrees »

N_Lens wrote: post #133
manyatoms wrote: post #132

Earlier quoted context omitted.

So say they do get evicted eventually, what are their chances of getting the next rental?

In a Palantir style totalitarian state with panopticon tracking of everyone's every thought, action and history? I'd say pretty good!

The founders of palantir didn’t finish reading the books

Re: Rent collections are down in New York

#215

Post by ares623 »

anovikov wrote: post #114

Why isn't it automated yet? You delay your rent and your door key stops working. Also perhaps there should be a new field for startups (yes i'm aware of 'proptech' but there has to be more than that), that will collect dirt on tenants to threaten them with legal consequences unless they pay.

Every day I doubt why I even bother reading this site. Then anovikov reminds me why. It's so I can keep on top of the creativity/depravity my fellow engineers are capable of.

Re: Rent collections are down in New York

#216

Post by klausa »

halfxing wrote: post #203
klausa wrote: post #186

Earlier quoted context omitted.

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.

What are you basing your judgment of OP on? He is listing various ways he goes above and beyond for his tenants even though he certainly doesn't have to. Your credit card company doesn't waive your late fees, yet he does when he knows tenants experience hardships. That's pretty awesome. Also, the money doesn't go into a void: Tenants receive housing in return.

What judgment? I literally wrote that they’re a nice person!

“Money into a void” is the phrasing _they_ used!

Re: Rent collections are down in New York

#217

Post by halfxing »

pixelatedindex wrote: post #175
derektank wrote: post #155

Earlier quoted context omitted.

Yes, discrimination based upon characteristics that aren't immutable is perfectly fine and something we do every day. I discriminate against my neighbor who invited me over drinks in favor of my best friend who invited me to his birthday. I discriminate against the potential hire who doesn’t have experience in this line of work in favor of the person who’s a nationally renowned expert. I discriminate against a tenant…

I get where you’re coming from, but none of them are scarce inelastic resources. The work one especially doesn’t feel like discrimination. It’s also very different - you’re hiring someone to do a job for you, vs wanting someone who’ll pay rent on time and not destroy the property. A mediocre employee vs an excellent employee can make any huge difference to a business. That’s not the case with renters - if person A an…

Your experience as a renter is not the same as the experience of a landlord. If you've been on your first job for a month and you pinky swear to pay rent on time and the next candidate has been on their job for 3 years then I'll take that candidate every time. It's a risk calculation. You are more likely to lose your job than the other candidate, and when you do and can't pay rent anymore and won't leave then that is a very expensive problem for me.

The same goes for savings, credit score, and other factors. These are not nearly as fungible as you seem to think.

Re: Rent collections are down in New York

#218

Post by epsteingpt »

throwaway27448 wrote: post #209
epsteingpt wrote: post #198

For those looking for the actual data. It's from 2024 - says nothing about the current situation. * ~37K affordable housing units (baseline) across ~400 projects * 89% rent collection rate (down from 90.6% in 2023) * That's 600 units that went 'delinquent' in 2024 - assuming a $24K 'base' rent (just a guess) that's $15M in lost rent. * Deeply troubled projects (that can't survive without this rent) are at 11% - seems…

I don't understand why we can't just copy another country's housing strategy. There are many countries in the world where housing is affordable, relatively high quality, and the homelessness rate is low. What are we doing that makes this problem so seemingly intractable? Why is our approach to public housing seemingly worse than any other approach in history?

A bit of a misnomer. Housing is, actually, extremely affordable across the US - just not in major cities.

You can plunk $10-$20K and get land and a homestead in dozens of states.

Agree with the other comment that overbuilding is a reasonable strategy, but if you look at Detroit downtown (mid 2010s) having an overbuilt downtown is bad too.

It's a hard problem.

Re: Rent collections are down in New York

#219

Post by epsteingpt »

digitaltrees wrote: post #213
epsteingpt wrote: post #198

For those looking for the actual data. It's from 2024 - says nothing about the current situation. * ~37K affordable housing units (baseline) across ~400 projects * 89% rent collection rate (down from 90.6% in 2023) * That's 600 units that went 'delinquent' in 2024 - assuming a $24K 'base' rent (just a guess) that's $15M in lost rent. * Deeply troubled projects (that can't survive without this rent) are at 11% - seems…

The solution is pretty simple: build and unreasonable amount of housing. And entirely new cities. America has enough land. We could build new infrastructure, give people lots of land or build houses like we did in the 40s and 50s. Of the price of a house was brought down to 1x the annual salary of the median individual income some of these problems wouldn’t exist. We need to flood the system with investment and inven…

See Detroit mid-2010s for why massive overbuilding isn't a good strategy here.

Re: Rent collections are down in New York

#220

Post by alexashka »

nikkwong wrote: post #158
alexashka wrote: post #138

Earlier quoted context omitted.

> have a hatred for even well-meaning small landlords In what way are you well meaning? You're only doing it for money. The people not paying you rent are also only doing it for money. Sucks when people behave like you, huh.

Yes I’m doing it for the money, I have to be compensated for my time and the financial investment obviously. People who decide to deceive me break not only a social contract but also a legal contract and a commitment they made at the time of signing a lease. If everyone acted like them, there would be no stable housing available for anyone. Talk about a bad take…

> Yes I’m doing it for the money

Right, so not well meaning. You said well meaning. You're taking that back. Correct?

You're upset at someone maximizing money at your expense. You like it when you maximize money at someone else's expense just fine. Correct?

The world's smallest violin is playing.

Please no 'I'm providing a valuable service' argument. We've already established your only interest is money.

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