NY City it headed for a Reckoning in a few months.

[Mr. terzmo]

What goes around comes around.

One must own rental property to submit an opinion. The landlord is always portrayed as a villian and the tennant portrayed as a victum. There are bad on both sides but the law now..protects all the bad on one side...equal justice...I think not

 

[SonOfSun]

Landlord's are hosed.

So glad I sold my two rentals about 2 1/2 years ago.

Definitely feel for the landlords in this one. Most people think that landlords are all super wealthy slumming it up with hundreds of units. Truth is that most landlords own 10 or less units and work regular jobs too.

 

[libertysnake]

So glad I sold my two rentals about 2 1/2 years ago.

Definitely feel for the landlords in this one. Most people think that landlords are all super wealthy slumming it up with hundreds of units. Truth is that most landlords own 10 or less units and work regular jobs too.

I used to live in a small place one, and the landlord literally lived on the hill right above the small apartment area. She was older, in her 60s. We helped with some of the work even. She was honestly a very nice person and very reasonable. I still remember her to this day, almost a decade out.

 

[stokes]

And he wasn't part of their machine, so they fought him too.

I don't know that to be true. If it is, it hasn't always been that way, and I remember a time when upstaters complained that NYC is a tax drain on the rest of the state. They have sucked the life out of this once most prosperous region of the country through over taxing, over regulating and indeed steeling the very freedoms that have made America great.
If it is so, good, someone please tell that commie fuck that runs the Rotten Apple that he can wipe out all his debt by severing all ties with Upstate NY which starts at a bridge yet to be determined.
Robin

Yes,its true,I have posted links in the past that show that stat,dont feel like looking again.No, it wasnt always the case,but we no longer have big industry like Kodak, IBM and many more.And we know who to blame. I aint saying that we upstaters should be bailing the city out, fact is we cant, just pointing out that when the city fails,and it will, we'll all be in a world of shit.The city will never come back from covid.My son is a building engineer in a 60 something story commercial building in Manhattan.Pre covid they had tennants that all had 5 or 6 floors each.With everybody working from home they are only using a small piece of that,subletting what they can but most of the building goes empty.Even when the commie cooties goes away nobody is going to rent, lease or own that amount of office space anymore.Manhattan real estate is gonna die,all the businesses that supported the commercial population will die with it when there arent any more people working in these buildings and the city will be a burden that we all will have to bear.

 

[SonOfSun]

I used to live in a small place one, and the landlord literally lived on the hill right above the small apartment area. She was older, in her 60s. We helped with some of the work even. She was honestly a very nice person and very reasonable. I still remember her to this day, almost a decade out.

Landlords | HUD USER

.

Based on these data, I estimate that in the United States there are between 10 million and 11 million individual investor landlords managing an average of two units each, many with just one unit.​

The crazy "rent forbearance" nonsense just screws landlords. The tenant's can't (or won't) pay but the landlord can't evict. The landlord's bills don't just magically go away.

 

[libertysnake]

Landlords | HUD USER

.

Based on these data, I estimate that in the United States there are between 10 million and 11 million individual investor landlords managing an average of two units each, many with just one unit.​

The crazy "rent forbearance" nonsense just screws landlords. The tenant's can't (or won't) pay but the landlord can't evict. The landlord's bills don't just magically go away.

What can I say. People are dumb. They'll mooch of any opportunity they get to push forth irrational bullshit. This happens on both sides, but the left is especially notorious for not living in financial reality.

People in general don't stop and think about the actual consequences of their ideals fully realized, and if that trade off is really worth it.

 

[stokes]

Saw a story recently about a poor schmuck that owns a ten family apartment house in the Bronx.Nobody has payed rent since this shit all started.He is now being tossed out of his condo because they foreclosed on it cause he has no income and cant pay his mortgage.

 

[BerettaGuy]

NYC Property Values Decline 5% as Offices and Hotels Stand Empty
What a joke!

 

[holdover]

It will never be what it was. All those business's paying top dollar for office space in NY found out they can run thier offices from home are going to put large dollars into the hands of the owners. I dont know what the square foot rental space for office buildings in NYC are, but Im pretty sure they arent cheap. If I were a business owner in NYC I would have seen my expense's cut drastically, and as long as Im doing ok , I have no incentive to return .

Retail stores that depend on foot traffic in Manhattan are going to get crushed as more people work from home , some moved outside the city .

And of course Taxes are going to be increased on property owners in an attempt to square up the state budget , making small business less and less profitable.

The only way I can see it return to normal is if the state did the right thing and make massive cuts across the board Possibly making it more attractive. but I cant see that happening.

I read the estimate of people leaving NYC this year at about one million . The state is hemorrhaging people and tax dollars and business's.

If things dont improve you should see another million leave next year. The City/state are on its deathbed if something isnt done.

 

[stokes]

Manhattan is going to look like most of Detroit very soon.All of the areas in the outer boros that have been gentrified will go back to being the ghetto's they were because all the working people that moved into these areas did so because of the proximity to Manhattan.There'll be no need to be near Manhattan anymore.After the city tanks the rest of the state will follow.Time to move to N Dakota.

 

[timboy]

I will happily watch for the smoke from upstate.

 

[stokes]

I will happily watch for the smoke from upstate.

And will you be as happy when upstate is smoking? Look, I have no great love for the city, I moved out of there for that reason. But when 80% of the states income disappears there wont be much joy up here.

 

[Bigfoot]

Manhattan is going to look like most of Detroit very soon.All of the areas in the outer boros that have been gentrified will go back to being the ghetto's they were because all the working people that moved into these areas did so because of the proximity to Manhattan.There'll be no need to be near Manhattan anymore.After the city tanks the rest of the state will follow.Time to move to N Dakota.

Looking at South Dakota myself. I always thought that I would end up back in South Carolina.
But South Dakota looks really appealing to me.

NY is just going to get worse and worse. It's much more than the 2A issues here. Much more.
When Cuomo does not want to be the Governor no longer. He will be replaced by someone just like him or probably even worse.

Like I tell the wife... NY is toast, the future is bleak, I am not getting any younger and it's past time to move out of NY.

 

[BerettaGuy]

The only way I can see it return to normal is if the state did the right thing and make massive cuts across the board Possibly making it more attractive. but I cant see that happening.

That goes for theState too. They won't cut programs studying gender or paying illegal immigrants They will cut funds to highways and bridges etc. Watch and see.

 

[DrBleachCocktail]

If NY doesn’t recover, would it be a good idea to buy property at a low cost? Or just simply move out while you can?

 

[stokes]

If NY doesn’t recover, would it be a good idea to buy property at a low cost? Or just simply move out while you can?

Buying property at low cost is always a good idea, just depends on how long you can wait to unload it at a profit.Might not appreciate in value til your grandkids inherit it.

 

[DrBleachCocktail]

Buying property at low cost is always a good idea, just depends on how long you can wait to unload it at a profit.Might not appreciate in value til your grandkids inherit it.

Thanks.

 

[Saltwater60]

So glad I sold my two rentals about 2 1/2 years ago.

Definitely feel for the landlords in this one. Most people think that landlords are all super wealthy slumming it up with hundreds of units. Truth is that most landlords own 10 or less units and work regular jobs too.

Agreed. I was going to buy my grandmas house as a rental property and all this hit. I said screw it. I was also going to buy my other grandmas upper and lower when the time came as rental property as well. I’m not. My grandmas is a single and my other grandmas a realtor in my area will likely buy. I’m not risking it.