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re: NY City Council votes 38 to 9 to enact Socialism on Real Estate sales…
Posted on 10/24/26 at 9:38 am to Placekicker
Posted on 10/24/26 at 9:38 am to Placekicker
The leftist idiots know how to strangle the City.
Posted on 10/24/26 at 9:41 am to mauser
quote:
What is a covered building?
Not sure what it means now, but if we know anything from history and socialism, it’ll soon mean every building with a roof
Posted on 10/24/26 at 9:43 am to VOR
quote:
That really doesn’t fit the true definition of socialism even if you think it’s bad policy
While it may not be considered to be in the center of the wheelhouse of socialism, it's definitely on the ship.
Owners cannot freely dispose of their assets on the open market as government mandates preferred buyers (politically selected nonprofits) with preferential timing and matching rights. Make no mistake, this is a not-so-soft form of socialism by being a collective control over housing stock prioritizing “mission-driven” or “community” ownership over voluntary market transactions.
It does this by creating delays and red tape while offering limited, if any, real impact on affordability since preferential access does not necessarily increase housing supply. If nonprofits cannot raise or deploy capital as effectively as private buyers (or require ongoing public subsidy), the result may be slower rehabilitation rather than better outcomes.
Posted on 10/24/26 at 9:45 am to Placekicker
This 'right side of history' crap will be what brings the 5 boroughs down to a flaming shithole that we see Paris enjoying now.
Posted on 10/24/26 at 9:47 am to Rip Torner
Amazing how truly dum young people are. They are voting for their own suffering and demise.
Posted on 10/24/26 at 9:51 am to FredBear
quote:
They voted for it. They got it. Sucks to be them
And those that didn’t vote for it? And if Dems get a hold of the govt by the slightest margin, raise taxes and enact socialist ideas, “well, we voted for it.”
Posted on 10/24/26 at 10:02 am to Placekicker
Just don't see how this survives a legal challenge.
Damn shame time and money have to be wasted to get that overturned.
Damn shame time and money have to be wasted to get that overturned.
Posted on 10/24/26 at 10:05 am to fwtex
quote:
The workaround for building owners is to incorporate the buildings and then sell the corporation that owns the building
I’m curious. Apparently these “certified non profits” get an automatic right of first refusal. Can a potential buyer increase his offer if the non-profit is willing to buy? If the answer is “no”, then this is flat out anti-freedom.
And yes. LLCs were invented to get around this exact sort of government cock-sucker.
Posted on 10/24/26 at 10:17 am to mauser
quote:
What is a covered building?
Housing authority maintains a list and a property owner can appeal being on the list.
First it must have 4 or more units. Then it has to be in one of four categories
- already part of an alternative enforcement program
- have active class b or class c violations of an amount equal to 1 per unit
- have a public tax lien or active foreclosure
- have expiring affordability agreements with housing
There are some owner occupied exclusions as well
In other words, what we use to call a slum
Posted on 10/24/26 at 10:50 am to Placekicker
I dont feel bad for them. It is going to get infinitely worse too. The only way this ends is either the state of New York or the federal government taking over the city. With the courts in that area, the city will be pretty much dead before that happens.
Posted on 10/24/26 at 10:57 am to Placekicker
If they had a clue about markets, they would have fostered creation and investment in expanding the supply. Of course, the idiots are doing the opposite.
Posted on 10/24/26 at 11:10 am to boogiewoogie1978
quote:
So if someone gets an offer on day 1 over asking price then have to wait up to 70 to get a competing offer? This sounds insane.
No.
Posted on 10/24/26 at 11:11 am to dukkbill
quote:
Housing authority maintains a list and a property owner can appeal being on the list.
First it must have 4 or more units. Then it has to be in one of four categories
- already part of an alternative enforcement program
- have active class b or class c violations of an amount equal to 1 per unit
- have a public tax lien or active foreclosure
- have expiring affordability agreements with housing
There are some owner occupied exclusions as well
In other words, what we use to call a slum
Thanks for sharing that.
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