Maybe landlords should take some of the tremendous amount of equity and value they have accrued via new york city real estate values and invest in back in the building, and rent out the unit or something, idk
Conversation
It is going to be hard to have an intelligent, productive policy debate if you expect people to throw their money out the window.
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I don’t expect people to throw their money out the window; I do think that the housing market produces a vast amount of inequality and correcting for that will mean that wealthy landlords make less. I’m not really the one dwelling in hyperbole here.
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That's really beside the point of asking landlords to spend more to renovate and re-rent vacant units than they can hope to recoup in rent. That's neither realistic nor a solution for wealth inequality.
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I think this is ignoring of the long history of property value growth in the real estate market. Buildings don’t only earn money via rent - they generate wealth as prop values increase
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It’s completely standard to expect the owner to put some of that wealth generation back into the asset
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So irrespective of NOI (which both landlord lenders and the RGB think is quite high, 40-60%) they have already made a great deal of money and have options.
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It is completely normal, standard business activity to put capital asset appreciation back into the business (in this case, the building portfolio.)
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If some players made other choices and are now stuck (idk, maybe took out the equity for personal cash flow??? Idk???) indicates to me that they are bad landlords who are incapable of managing housing other ppl live in
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It's possible that the best management decision under HSTPA is to leave certain units vacant. The two sides can try to find a solution for that or they can keep talking past each other.
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