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dibasio is done in november 2021.
he's content of doing what he's doing, he doesn't care who he pisses off because this is his last term. his wife and daughter are also nut's.
he's gonna burn bridges left and right
the big selling feature for the new mayoral candidate's, like most will be safety and well being..as well as bring back biness, and making ny great again......the door is open wide for a republican in 21
At the height of the pandemic, I would often look at big residential buildings to see how many lights are on. At many buildings with 100s of apartments, only but a handful of lights were turned on during early evenings. It was eerie.
With schools reopening and people coming back from Summer vacations, this is no longer the case. Driving over Queensboro bridge last night, I was extremely surprised how many lights were on. In many buildings, it seemed like 90%+ of the lights were on. Streets are full, outdoor dining places seem to do brisk business. Driving out of the city (queens/bklyn/nj) is painful again.
A good number of businesses closed their doors. But several have opened and they are actually crowded. I wonder if they locked up unusually great lease incentives.
Not all neighborhoods are like this. Some tourist spots and office park spots are still fairly empty. It doesn't feel normal yet, but part of that might be just me.
NYC dubbed anarchist jurisdiction by DOJ.
https://twitter.com/johncardillo/sta...40566584881155
Biden's America!Quote:
Originally Posted by BiffCo99
#BidenRiots #BidensAmerica #AltLeftExtremists
Landlords are still not really giving a fuck and refusing to renegotiate leases so I don't really get their strategy when it comes to keeping and acquiring tenants in their houses. Mine wont budge because there's an empty room in my house(been so for the past 4 months) so they cant afford to give me a break.
Something tells me that if they cant get the agreed upon rent, they would rather have the apartments vacant.
Quote:
Originally Posted by OSA
something i picked up in the bay area back in the early dot com real estate boom days.. and i dont know if this is the same situation as ny but i dont see why it wouldnt be honestly..
- there are weird tax advantages to empty apartments
- landlords will do this 'pass around the same dollar' thing where they just endlessly sell apartments to each other over and over to keep sales figures artificially inflated
- part of that grift is doing renovations on the apartment, which keep the apartments unoccupied and can also be weird tax shit, multiplied by how much they agree to mark up fees with their contractors
you get the idea hopefully. landlords know what they are doing and in NYC, where an overwhelming percent of real estate is owned by hassids, you have the bonus of an insular culture based on under the table/off the record transactions already so working the system to lose a penny instead of a pound is burnt in. in the bay area, all the property was owned by chinese. exact same dynamic obviously.
watch; a lot of empty buildings are going to mysteriously start to have weirdly disastrous electrical fires soon.
So fucking true. But, a block away theres a room in a building thats 15% cheaper AND it has a rooftop, gym and pool table. Not the only building to. So, its really a no brainer as to what my decision should be. In Feb, both our leases are over and theyll have 3 empty rooms instead of one. Whatever.Quote:
Originally Posted by sonatineQuote:
Originally Posted by OSA
something i picked up in the bay area back in the early dot com real estate boom days.. and i dont know if this is the same situation as ny but i dont see why it wouldnt be honestly..
- there are weird tax advantages to empty apartments
- landlords will do this 'pass around the same dollar' thing where they just endlessly sell apartments to each other over and over to keep sales figures artificially inflated
- part of that grift is doing renovations on the apartment, which keep the apartments unoccupied and can also be weird tax shit, multiplied by how much they agree to mark up fees with their contractors
you get the idea hopefully. landlords know what they are doing and in NYC, where an overwhelming percent of real estate is owned by hassids, you have the bonus of an insular culture based on under the table/off the record transactions already so working the system to lose a penny instead of a pound is burnt in. in the bay area, all the property was owned by chinese. exact same dynamic obviously.
watch; a lot of empty buildings are going to mysteriously start to have weirdly disastrous electrical fires soon.
I dont think they even budged on their asking price for the empty room which supports your theory.
It is rather amusing to read random people comment how landlords who have made millions in real estate are dumb about real estate and should be doing X, Y, and Z. Maybe - just maybe - it would be more constructive to understand why things are the way they are?
Recently, someone explained to me exactly why commercial spaces are vacant and it goes back to commercial leases. Here is what is happening:
Let's say an investor buys a 5 unit, with each unit renting for 20K/mo. That's 1.2M/year and investor paid about 13x multiple to buy the place, or about 15.6M. That commercial mortgage is in good standing based on valuation of the property - valuation that is based on rents. If the valuation of the property falls, the mortgage can go into technical default and the investor has to cover the gap in lost valuation. Let's say that 2 units are vacant and investor wants at least some money so they rent them at 10k each. All the sudden, the property is bringing in 80k/month or 960K/year which values the property at 12.48M which is less than 15.6M old valuation. This 3.125M gap becomes an immediate investor responsibility and they have to write the bank a check for 3.125M or risk default on their commercial mortgage. In other words, to fill those 2 units and get 20K/month extra rent, they would have to write the bank 3.125M check.
You might be wondering how these investors can continue to hold on to this investment with 2 units vacant. This is answered by standard commercial lease terms as well, which stipulate that when units are vacant, the investor can pay only proportional part of the mortgage, in this case 3/5ths of the mortgage (since 2/5ths is vacant.) That part of the debt is postponed and generally due at loan end. That can mean disaster for the investor at the end, but at least they keep control of the asset right now - and keep cash flow positive for many years.
Generally speaking this is not how commercial real estate works.Quote:
Originally Posted by apwiz
Quote:
Originally Posted by apwiz
Understood. Same goes with residential as well?
https://therealdeal.com/2020/10/07/w...disrepair/amp/
The boards, which represent the 807 unit owners in the three buildings, allege the city has allowed North 5th Street Pier and Park to “fall into a state of complete disrepair, overridden with crime and unlawful activities,” according to a complaint filed last week in New York Supreme Court.
Their complaints, per the article:Quote:
Originally Posted by OSA
- inadequate garbage disposal that’s led to a “significant rat infestation problem,”
- burnt out lightbulbs and
- failure to ensure dog owners abide by leash laws.
- The complaint also says skateboarders and motorcyclists have run roughshod through the area.
- after one call for assistance, “responding police officers did not arrive on the scene until over two hours later.”
Sounds like total chaos, doesn't it, with people ignoring leash laws and skateboarders using their park. lol
***
But overall it is true that things are unquestionably worse. There is a lot more homeless people on the street and in my neighborhood there have been several reports of phone snatchings. But it's far from the calamity some people think is happening.
Quote:
Originally Posted by apwizTheir complaints, per the article:Quote:
Originally Posted by OSA
- inadequate garbage disposal that’s led to a “significant rat infestation problem,”
- burnt out lightbulbs and
- failure to ensure dog owners abide by leash laws.
- The complaint also says skateboarders and motorcyclists have run roughshod through the area.
- after one call for assistance, “responding police officers did not arrive on the scene until over two hours later.”
Sounds like total chaos, doesn't it, with people ignoring leash laws and skateboarders using their park. lol
***
But overall it is true that things are unquestionably worse. There is a lot more homeless people on the street and in my neighborhood there have been several reports of phone snatchings. But it's far from the calamity some people think is happening.
My cousin lives in Wburg. Several times these "protesters" have crossed the bridge and passed through creating a problem for the residents. That's something only someone who lives there would know I guess. Not to mention rent prices have fell by AT LEAST 20% during this time.
I'm sure the landlords in these areas are not playing by the book. Renting illegal basements etc. Would they be subject to the same problems as commercial properties if they lets say accepted 25% less rent for the rest of the lease? Supposedly 70% of all small business in NYC did not pay rent during August. How does that work for the property owners?
I live in the area that had the curfew and all sorts of shady outsiders came in and they looked like they were up to no good. I remember seeing a car with smashed in windshield which immediately made me regret lowering my car insurance to bare minimum.Quote:
Originally Posted by OSA
At the end of the day, are any protests convenient for local residents? Inconvenience and attention are basically the point of protests. And just like all protests before this one, things fizzled out pretty quickly. I would occasionally see groups of 2-5 "protesters" at Brooklyn intersections holding signs but even this has disappeared months ago... A small core is still camping out at the park near city hall, group dwindling by the day.
A 5k/mo apartment with 2 months "free" for month 11 and month 12 is about 20%. Month 1-10 and months 13+ are regular price. Sure, this is technically a nearly 20% discount, but almost no one is going to realize this discount unless they move in for exactly 1 year and move out - not to mention that moving is not cheap or easy either.Quote:
Originally Posted by OSA
My gf and several terms asked over and over to get lease renewal discounts and the best they could get is 0% increase (after years of annual increases.) Some people do report getting actual discounts but a lot of buildings would rather deal with vacancies because they know that it is a giant PIA to move and most people are bluffing.
If there are normal apartments for 20% cheaper monthly rent than it used to be, that's news to me. Maybe in some office park Midtown condo. But this is going to be a rare sight. News stories don't tell the whole story about how these "discounts" actually work - they suck and they're not discounts, they are only temporary incentives.
Small residential landlords may very well be under normal mortgages. Bigger ones will be be under commercial mortgages. What allowances big commercial mortgages for residential buildings have, I don't know...
GF and I went to Times Square on Sunday, in part because we never go there and in part because we thought it would be empty.
I would say this is about 1/3rd the normal crowd. A lot less, but also a lot more than I expected to see given all this NYC-is-dead propaganda.
I also notice from how hard it is to find parking and how heavy the traffic is that people are (mostly) back. Street parking is very hard to find (as in normal times), garage prices are about normal, and many garages are filling up. In the past week, I pulled up to half a dozen garages that had no more spaces left.
I would love it if the doomsdayers were right and apartment prices fell. But as far as I can see, it is not a reality, at least not right now.
I would say this is about 1/3rd the normal crowd. A lot less, but also a lot more than I expected to see given all this NYC-is-dead propaganda.
I also notice from how hard it is to find parking and how heavy the traffic is that people are (mostly) back. Street parking is very hard to find (as in normal times), garage prices are about normal, and many garages are filling up. In the past week, I pulled up to half a dozen garages that had no more spaces left.
I would love it if the doomsdayers were right and apartment prices fell. But as far as I can see, it is not a reality, at least not right now.[/QUOTE]
According to a chart in this attached article studio rents in NYC are down 15%.
https://twitter.com/TheStalwart/stat...52525271875584