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I respectfully disagree. Years of research have shown positive economic and social benefits to a community when folks own their residence.
I grew up in a rented apartment and one of my major life goals was to own and not line the pockets of greedy landlords. I think that's the goal of many- something that is theirs once they pay back the bank.
I believe Most Landlords and tenants having amicable relationships.
Did you take into consideration
Believing that Landlords were greedy is what drove you to strive for owning your own home?
Congratulations!
More people settle for the staus quo rather than push harder for a better life.
That is why there will always be more tenants than property owners.
I respectfully disagree. Years of research have shown positive economic and social benefits to a community when folks own their residence.
I grew up in a rented apartment and one of my major life goals was to own and not line the pockets of greedy landlords. I think that's the goal of many- something that is theirs once they pay back the bank.
The only people lining landlords pockets are market rate renters. I can assure you, these were not market rate renters.
but you need people who can afford to own these properties.
most living in these poor conditions in these buildings are there because they can’t afford to own a thing or even move to better conditions
so you don’t want a situation of out of the frying pan and in to the fire either.
when coops converted you had at least a sponsor with deep pockets even if the tenants don’t who are buying
I agree. This is a case of be careful what you ask for, IMO. Especially in poorer communities as you allude to, building repair expenses can be cost prohibitive. This may very well be a win, but it may be a short-lived one if new building owners have major repairs (or lawsuits) to address and they cannot afford to do so.
That said, I wish the new owners of the building in question toward the end of the video the best of luck. I imagine that they have to set up some kind of owners association, which will mean added monthly maintenance fees, etc.
I believe Most Landlords and tenants having amicable relationships.
Did you take into consideration
Believing that Landlords were greedy is what drove you to strive for owning your own home?
Congratulations!
More people settle for the staus quo rather than push harder for a better life.
That is why there will always be more tenants than property owners.
I’ve been on both sides- tenant and landlord in NYC.
My parents had a lovely relationship with both the building landlord and the super. But the landlord was tight, and things broke down, like the boiler numerous times over 30 plus years my parents lived there. My dad was an operating engineer and often helped the super troubleshoot boiler issues.
It would often be weeks without hot water and heat. We were lucky my grandparents lived across the street in a private house. We were able to shower there. The elevator would go out of service for days and weeks. Bathroom ceiling fell down numerous times due to a leak in the line somewhere above us that was never traced out. So the bathroom wold be out of commission for a few weeks every few years. Appliances stopped working due to age and my parents would pay to replace rather than take a just as old used replacement
My parents were such good tenants and maintained their apartment. When they moved out, they broke the lease with landlord consent and he even offered to give back their security from 1978- $300.
I was a landlord for a 2 family home with one rental unit. We took it over from my MIL. It was fully renovated after she passed it to us while the tenants lived there. Trashed by the tenants in just a couple months. Took us nearly 2 years to have them evicted for non-payment. She had them there for over 13 years for well under market - 2 bedrooms, one bath, attic, and use of the yard for $800 back in 2009. We didn’t raise their rent despite sinking thousands into needed repairs and renovation. They just decided they weren’t going to pay us anymore. It was a nightmare and we never rented it again before we sold and left the city. In fact, in 13 years my MIL only increased their rent once for $25.
I’ve been on both sides- tenant and landlord in NYC.
My parents had a lovely relationship with both the building landlord and the super. But the landlord was tight, and things broke down, like the boiler numerous times over 30 plus years my parents lived there. My dad was an operating engineer and often helped the super troubleshoot boiler issues.
It would often be weeks without hot water and heat. We were lucky my grandparents lived across the street in a private house. We were able to shower there. The elevator would go out of service for days and weeks. Bathroom ceiling fell down numerous times due to a leak in the line somewhere above us that was never traced out. So the bathroom wold be out of commission for a few weeks every few years. Appliances stopped working due to age and my parents would pay to replace rather than take a just as old used replacement
My parents were such good tenants and maintained their apartment. When they moved out, they broke the lease with landlord consent and he even offered to give back their security from 1978- $300.
I was a landlord for a 2 family home with one rental unit. We took it over from my MIL. It was fully renovated after she passed it to us while the tenants lived there. Trashed by the tenants in just a couple months. Took us nearly 2 years to have them evicted for non-payment. She had them there for over 13 years for well under market - 2 bedrooms, one bath, attic, and use of the yard for $800 back in 2009. We didn’t raise their rent despite sinking thousands into needed repairs and renovation. They just decided they weren’t going to pay us anymore. It was a nightmare and we never rented it again before we sold and left the city. In fact, in 13 years my MIL only increased their rent once for $25.
Sounds like equal opportunity abuse for everybody
But this is what you get when people are charged for a human right, if you don't have shelter you cannot survive
4 human rights are air, water, food and shelter
They already charge for water, food and shelter, why not charge to breathe too, like Total Recall
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
But this is what you get when people are charged for a human right, if you don't have shelter you cannot survive
4 human rights are air, water, food and shelter
They already charge for water, food and shelter, why not charge to breathe too, like Total Recall
My dad always said they only rented because as my sibling and I came along the conversation was mortgage vs private education for the kids, cause they couldn't swing both in NYC. The kids won out. Once we were done being educated, they spent a few more years in the apartment and then bought a small house with an eye toward retirement.
My sibling and I are both homeowners right out the gate after living in our in-laws' rentals for a couple of years post-marriage (each of our husbands were renting from elderly parents when we met them). Interestingly, we both wanted a 2 story house and got it- something about living in a box surrounded by others I suppose. Each of us is now onto house #2 and they're ranches. Walking up and down stairs all day long gets tiresome lol
My dad always said they only rented because as my sibling and I came along the conversation was mortgage vs private education for the kids, cause they couldn't swing both in NYC. The kids won out. Once we were done being educated, they spent a few more years in the apartment and then bought a small house with an eye toward retirement.
My sibling and I are both homeowners right out the gate after living in our in-laws' rentals for a couple of years post-marriage (each of our husbands were renting from elderly parents when we met them). Interestingly, we both wanted a 2 story house and got it- something about living in a box surrounded by others I suppose. Each of us is now onto house #2 and they're ranches. Walking up and down stairs all day long gets tiresome lol
I hear you, no judgment from me
You have others on here that will say your parents ultimately couldn't afford to live in NYC
Trust me, I get it
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Tenants forced Landlord to sell them the building.
Landlord walks away with 4 million.
Me thinks he got a great deal.
Tenants will learn first hand the meaning of home ownership.
No crying aloud. Sink or swim.
Best wishes.
I'm also thinking it's a good way, for a certain number of landlords stuck with this kind of tenants, to get out of landlording. If the tenants want to buy the building for its fair market price, why not? This is actually not anything new, the only new element is that the tenants "legally forced" the building owner to sell them the building... but we don't know whether the owner was in fact "forced" or was just trying to get the best possible deal. For all we know, the former building owner might be privately very happy with the outcome (I surely would be if I were him. If he invests $4M into something else, he is likely to gain much more over the next decade, with far fewer worries, than what he'd gain from wrangling low-income tenants).
I hear you, no judgment from me
You have others on here that will say your parents ultimately couldn't afford to live in NYC
Trust me, I get it
When we were toddler age that was certainly true. One they were super young (married at 19/20, 19/21 when my sister came along and 20/22 when I was born)
My dad was literally laid off from his union job 2 days before my sister was born back in 1975. He took any work he could get for several years- mover, pumped gas, commercial building cleaning. I was very unexpected for my parents and that just made things worse I’m sure. My mom went to school on weekends when we were school aged and eventually became a teacher for the visually impaired.
NYC was tough for most people back in the 70s and 80 with the economic situation going on both in the city and nationally.
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