They won’t be sellable… AT A PROFIT. They might have to sell them to PEOPLE so they can LIVE IN THEM instead of as a perpetual resource squatting investment.
You get to escape from this exploitation with the ill-gotten rent-profits you’ve already got and your heads still attached to your bodies… this is already the compromise. Take the win.
They might not be sellable at “break even”. A lot of people bought places to short-term rent on places like Airbnb. The prices might be extra inflated because of that revenue generation. Remove the ability to make a profit and the value crashes. Suddenly they cannot sell it for what they owe and it doesn’t make enough to cover the mortgage.
My guess is that a lot of these mom and pop landlords will lose or sell their properties and investment funds will gobble them up for cheap… Never lose faith in the system’s incomparable ability to fuck over the common people.
I’m far from being an authority in the matter, and I’m not even from the US, but it’s a recurring trend since at least the 80s/90s after a brief attempt at making things a bit better (some of which, to be fair, did persist for some time before being crushed or just withering), so it kind of depends on your age I suppose.
If you’re investing to make highly leveraged profit off of a concept in a legal grey area, you’re are not some “mom and pop” land lord. If that comes to pass they messed up their risk management because of greed.
NYC already has heavy restrictions on short term rentals like airbnb, enforced since 2023. They need to be registered, there’s a 2 guest limit, it must be a shared space (no full unit rentals), the hosts must be present for the full stay, and it’s in an approved building.
The fundamental issue is that people and corporations are buying himes for the sole purpose of profiting off them
It’ll suck for some people, but it’s a necessary part of making housing affordable again. Housing needs to be a place for someone to live, not an investment that always gets more expensive
ya it’s crazy how having their mortgage paid for by their tenant is not enough, they also want to sell the property for high price than they “paid” for.
They might have to sell them to PEOPLE so they can LIVE IN THEM instead of as a perpetual resource squatting investment.
So, condos? Not inherently bad, but I would expect that to make living in NYC even more impossible except for the already wealthy with enough capital to buy one.
Gotta read between the lines.
They won’t be sellable… AT A PROFIT. They might have to sell them to PEOPLE so they can LIVE IN THEM instead of as a perpetual resource squatting investment.
You get to escape from this exploitation with the ill-gotten rent-profits you’ve already got and your heads still attached to your bodies… this is already the compromise. Take the win.
They might not be sellable at “break even”. A lot of people bought places to short-term rent on places like Airbnb. The prices might be extra inflated because of that revenue generation. Remove the ability to make a profit and the value crashes. Suddenly they cannot sell it for what they owe and it doesn’t make enough to cover the mortgage.
My guess is that a lot of these mom and pop landlords will lose or sell their properties and investment funds will gobble them up for cheap… Never lose faith in the system’s incomparable ability to fuck over the common people.
People who wanted to literally abuse the system (and the people in it) will get fucked up by a new system. So sad.
Did you read the whole post? Their point is it could make it even worse in the end.
Isn’t that the point of everything in the US?
Lately it would seem so. And by lately I mean most of my lifetime, so possibly forever. Though I doubt that.
I’m far from being an authority in the matter, and I’m not even from the US, but it’s a recurring trend since at least the 80s/90s after a brief attempt at making things a bit better (some of which, to be fair, did persist for some time before being crushed or just withering), so it kind of depends on your age I suppose.
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Investments carry risk, and when you invest in leaches, expect people to have little sympathy when the endevor fails.
If you’re investing to make highly leveraged profit off of a concept in a legal grey area, you’re are not some “mom and pop” land lord. If that comes to pass they messed up their risk management because of greed.
If that happens then it was a badly implemented policy to begin with.
NYC already has heavy restrictions on short term rentals like airbnb, enforced since 2023. They need to be registered, there’s a 2 guest limit, it must be a shared space (no full unit rentals), the hosts must be present for the full stay, and it’s in an approved building.
Local law 18.
Society is not responsible for insuring someone’s investment works out well for them.
Government should not be prevented from removing a thumb from the scale because a handful of people made a 30 year bet on it remaining there.
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The fundamental issue is that people and corporations are buying himes for the sole purpose of profiting off them
It’ll suck for some people, but it’s a necessary part of making housing affordable again. Housing needs to be a place for someone to live, not an investment that always gets more expensive
Too late
ya it’s crazy how having their mortgage paid for by their tenant is not enough, they also want to sell the property for high price than they “paid” for.
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So, condos? Not inherently bad, but I would expect that to make living in NYC even more impossible except for the already wealthy with enough capital to buy one.