I don’t think a few investors being stupid enough to buy rent stabilized properties quite amounts to challenging “conventional wisdom about price controls and real estate”, particularly when volume is down 40% year over yearhttps://www.wsj.com/articles/buyers-return-after-rent-control-slams-new-york-apartment-values-11580817601 …
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That’s kinda why I find it strange to see rent control activists touting stories like this; if the goal is to take the profit out of owning apartments, own that position. Although I guess it implicitly suggests that they think reforms haven’t gone far enough.
Correct. It suggests that landlords who are stressed af abt the new laws are just trying to create a political crisis and we have plenty of room to go further. But some of the places we want to go further aren’t rly tenant protections, are more abt taxes, deep public investment
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Landlords aka the stateless state of REITs holds all the cards. Including influencing policy and economics. Pro CRE has the best data on housing and that game is not free. Our policyholders choose blindly to follow the whims of The property oligarchs. I’ve seen this movie before
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NYS (esp NYC) has long had the most highly regulated housing market in the country. If the industry had as much power as you’re suggesting and the legislators were listening to them, the new rent laws wouldn’t have passed overwhelmingly last year.
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While I disagree with your thesis (these investors are going to lose their shirts), I appreciate your clarification and agree that articles like this could serve ur narrative. I’m w/ you on public investment & taxes (tho killing 421a w/out broader prop tax reform is nuts imho)
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