We are changing the way people think about property owners. Our members are family-run businesses that care deeply about their renters. Itās not landlords vs. tenants; itās New Yorkers for better housing.
Vacant apartments arenāt just about rentsā¦ Banks wonāt lend for renovations against a building with no value. Itās time to get a solution working. Now.
Public Housing and Private Housing have more in common then you think.
The only thing scarier than a housing shortage is lying about solutions to it. Luckily Kenny is on the case to solve this spooky mystery.
Leadership is about fixing problems regardless of the benefit to the individual.
For the greater good.
Iām optimistic there are enough lawmakers in NY government who are ready to make sure housing isnāt just accessible but are homes New Yorkers are proud to own and live in.
Something is changing for sure.
We have a long way to go, but itās incredibly positive that we can have honest discussions about making sure housing operating costs are brought down and we get better outcomes for renters and property owners, not in opposition but in cooperation.
I know we end up frequently talking about the negative impacts of bad housing policy, but our team has had several meetings with lawmakers that would indicate the distress in rent-stabilized housing is being recognized for the scope and threat that it poses to renters and the city as a whole.
Yesterday at the Zohran rally for a rent freeze on rent stabilized housing, multiple lawmakers asked why does the RGB increase rents but somehow buildings donāt get better?
Hereās one major reason why.
The Comptrollers office is supposed to save the pension fund money.
So what happens when politics is more important than that?
Hereās how the rent law and calls for a rent freeze cost the NYC pension funds hundreds of millions of dollars and broke rent stabilized housing in the process.
Again why do we need COPA?
A building sold last week for $500 at bankruptcy auction.
COPA and TOPA just make it harder to sell.
Selling isnāt the issue. Pricing isnāt the issue. Buyers having money is the issue and lawmakers have not addressed this.
www.ainvest.com/news/impendi...
Here they are on their monthly update bragging that āit revises the definition of plumbing systems to include appliance connections rather than just the outlet of the shutoff valve.ā
nycmpc.org/page/TheVoice
Result? You canāt install an appliance without a plumber.
Costly madness.
Across the political spectrum we must unite against bad policy and push for smarter more effective solutions that bring housing costs down while keeping NY safe.
This bill is clearly designed to help special interests like the master plumbers.
We are constantly asked how can buildings lose money when they collect rent? Or why arenāt buildings maintained even when they collect rent? Landlords should āopen their books!ā
Well they are, and the story it tells is bad news for housing.
www.vitalcitynyc.org/articles/wha...
How New York City Retirees Got Burned By Bets On Rent-Stabilized Apartments when the legislature decided to kill the ability for this housing to cover its costs.
www.bisnow.com/new-york/new...
Why does your rent keep going up ?
One reason you might not expect.
Fraudulent insurance claims.
At an average of $500 per month the renters in this building pay $2000 per year more in property taxes via their rent check than the two family home that is right next door.
Property tax reform is good for renters. Letās get it done.
Relatively speaking there are very few evictions in NYC. And if we want to lower that number even further we should ask renters if we want to spend 100s of millions on lawyers (where theyāll end up owing rent anyway) or, just help them directly when they struggle.
US Open in NYC. How about us OPEN more housing? Amiright??
Anyway Kenny answers some fan mail from comment section experts and sets the record straight on some housing facts.
Want to make New York more affordable? We donāt need to look to Austria; we need to look much closer to home.
New York Cityās property tax system actually punishes apartment buildings the older and more affordable they are for renters.
It makes no sense.
Youāve probably heard a guy running for mayor say rent stabilized properties profit is up by 12%.
Hereās why that number is nonsense.
Additionally, rent arrears in some rent stabilized buildings are substantially higher than before Covid because of post-Covid collections issues and Housing Court delays.ā
forbes.com/sites/shimonshā¦
Rising operating expenses over the five-year period include taxes, up by 16%; labor costs, up by 19%; fuel costs, up by 42%; utilities, up by 29%; maintenance, up by 33%; administrative costs, up by 20%; and insurance costs, up by 115%.
āexpenses have risen by 28%, while rents approved by the RGB increased by 10.5%, indicating a shortfall of about 17% between expenses and income.
