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Message
re: NYC officially approves a rent freeze for up to 2 years
Posted on 6/26/26 at 10:01 pm to dukke v
Posted on 6/26/26 at 10:01 pm to dukke v
quote:
I’ve never been to NYC. In my bucket list… but this isn’t the 50’s and 60’s anymore..
I would have to think NYC is much better now than it was then. Definitely way better than the 70’s and early 80’s
0
Posted on 6/27/26 at 6:43 am to HailHailtoMichigan!
quote:
I don’t think the average person understands that the typical isnt some Scrooge mcduck.
I’ve been a landlord for nearly 25 years, uninterrupted. If it weren’t for the tax advantages I’m not sure I’d do it. It’s pretty thankless. Certainly isn’t making me rich. I’m also way more conscientious and kind than your average slumlord.
I have natural rent control. I try to find tenants who will take care of my properties. And I keep them for years without rent increases.
Posted on 6/27/26 at 6:49 am to OWLFAN86
quote:
to suck judges' DONG in Time Sqaure?
we know
FIFY
Posted on 6/27/26 at 6:55 am to dukke v
quote:
I’ve never been to NYC. In my bucket list
I've looked several times at taking an extended weekend up in NYC with a direct flight and just using their mass transit system to catch a game at Yankee Stadium or the Meadowlands is the best way to go. Hotels in Times Square aren't far off of the normal hotel prices.
Posted on 6/27/26 at 7:04 am to wm72
quote:
Mamdani's plan means a lot of rents will stay at $2500/mo instead of go to $2550
So their costs rise with inflation but they aren't allowed to raise rent in parallel.
How generous.
quote:
Another issue driving scarcity is the sheer amount of wealthy people who have a 2nd or 3rd or 4th residence in NYC. (For all the talk of rich people being driven away, they sure keep flocking here in droves)
This isn't tracking with me. How does a wealthy person owning a multimillion dollar 2nd residence affect the average person paying $2k in rent?
It's not like the sandwich maker down the street would ever live there. Is that more to do about converting those spaces into rentals? Which also doesn't make sense but I'm genuinely trying to understand the argument.
Posted on 6/27/26 at 7:05 am to McLemore
What’s insane is nearly 50% or NYC apartments is rent stabilized. Total apartments are 2.3 million with 1 million rent stabilized.
The median price of an apartment is 750,000. If Mamdani gets his way and starts taking buildings, that’s upwards of 750 billion in value he will basically steal.
The median price of an apartment is 750,000. If Mamdani gets his way and starts taking buildings, that’s upwards of 750 billion in value he will basically steal.
Posted on 6/27/26 at 7:43 am to Barbellthor
quote:
The FA part of the equation is about to start happening.
Gotta cut off their federal funding first...other it's socialism running on capitalism's dime.
Posted on 6/27/26 at 7:51 am to rintintin
(no message)
This post was edited on 7/26/26 at 4:18 pm
Posted on 6/27/26 at 7:54 am to Boss
quote:
The median price of an apartment is 750,000. If Mamdani gets his way and starts taking buildings, that’s upwards of 750 billion in value he will basically steal.
And that's just the start....
Posted on 6/27/26 at 8:58 am to rintintin
quote:
How does a wealthy person owning a multimillion dollar 2nd residence affect the average person paying $2k in rent?
You really don't understand this?
Neighborhoods have 75% of the apartments being around $2k. Many of those are bought by investors and turned into condos in the 800k-1M range. Many of those condos are bought as vacation/secondary stays in the city. Neighborhood now has 35% of the apartments being around $2k.
I'm not even saying this is something one has to do something about. I'm just saying that it's clear if you live in these neighborhoods and are somewhat awake that it's happened and that leads to less affordable apartments. It also doesn't really help retail brick and mortar shops in those areas.
Posted on 6/27/26 at 9:39 am to NolaLovingClemsonFan
quote:
The obvious answer is to flood the market with more supply, but in places like NYC that’s so hard without delivering it at a luxury level that drives pricing even further.
I love LOLing at all things Mamdani, but I don’t know how you fix what’s going on in NYC for anything close to affordable rent.
NYC's bureaucracy is massive, but most of the services that it delivers are red tape which invites a raft of graft of many types. Making anything more affordable would require greatly reducing the bloated bureaucracy, lowering real estate taxes of all kinds and reducing the insanity of sand in the gears regulation.
However, the goal of the Mamdani Muslims and communists isn't affordable anything, it taking control of the means of production in truth as dictated by their chronically failed ideology. They don't care if it produces more poverty for their duped masses.
Posted on 6/27/26 at 9:42 am to Boss
quote:
The median price of an apartment is 750,000. If Mamdani gets his way and starts taking buildings, that’s upwards of 750 billion in value he will basically steal.
That's the entire point of all this. Keep current owners from raising rents, force them to sell, then "Non-Profits" buy up the properties, and they then donate to the DSA.
It will be a very lucrative cash cow for him and his socialist cronies.
Posted on 6/27/26 at 9:53 am to RLDSC FAN
Rent control is why there is a housing shortage in NYC. Apartments get warehoused because small landlords will actually lose money on many of their units. Meanwhile, succession rights allows wealthy relatives to use dead grandma's rent control apartment as a vacation spot.
Posted on 6/27/26 at 10:01 am to Centinel
This is correct. Very predictable scheme.
Posted on 6/27/26 at 10:06 am to RLDSC FAN
Totally unconstitutional. If it gets challenged, it will get overturned. It’s a ridiculous socialist “law”.
Posted on 6/27/26 at 11:26 am to Lou Loomis
quote:
If it gets challenged, it will get overturned.
Years later. Maybe.
Then the socialists in charge will just repeat the process with a small twist.
Justice delayed = justice denied.
Posted on 6/27/26 at 12:37 pm to wm72
quote:
Neighborhoods have 75% of the apartments being around $2k. Many of those are bought by investors and turned into condos in the 800k-1M range. Many of those condos are bought as vacation/secondary stays in the city. Neighborhood now has 35% of the apartments being around $2k.
That certainly makes sense.
I'd be interested in how much that's actually happened in otherwise affordable areas.
Posted on 6/27/26 at 1:21 pm to rintintin
quote:
That certainly makes sense.
I'd be interested in how much that's actually happened in otherwise affordable areas.
If you look at a NYC map. That extreme condo conversion coupled with private equity firms buying all the retail space is rampant for about a mile inland all the way down the East River on the Brooklyn / Queens side. Just one example from where I live and have a shop.
You actually hear shop owners complaining just as much as anyone.
Rents for retail space seem way above "market" as private equity cooks their books and the amount of people with condos that don't actually live there isn't great for the little sandwich shop guy you mentioned.
If Quiznos doesn't step in since they can operate those locations mainly for publicity, they remain simply empty assets/leverage for PE firms.
In the big picture, what makes those areas so desirable and touristic isn't chain stores amid empty spaces so that traffic diminishes as well.
This post was edited on 6/27/26 at 1:43 pm
Posted on 6/27/26 at 6:00 pm to Crowknowsbest
quote:
I agree with others that dilapidation and government taking is the goal. There is enough literature out there on rent control at this point that no serious person actually thinks it works for its stated purpose. Mamdani has basically said as much with regard to government control of the housing stock.
NYC itself is a slum lord of city owned buildings. That won't get any better. It will get worse.
Posted on 6/27/26 at 6:30 pm to wryder1
quote:
Another way of fixing it is to quit bringing in millions of foreigners to change the demographics and voting habits. The high rent is due to high demand, which was caused by flooding the country with illegals, H1B visas, and “refugees”. Clear out those 3 categories from the city and I bet you see a lot of positive economic and social changes.
Illegals can’t afford NYC. H-1Bs, sure, but that’s because they have their entire families living there and they take huge bank loans to fund their family businesses. They’ll all cram into one apartment unit to save money and then move out once they’ve saved enough.
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