New York City residents about to pay market rate for apartments

Good day all. Some terrifying news came out for people living in rent controlled apartments in New York City last week. It seems that the New York state Legislature, along with Governor Andrew Cuomo couldn’t reach an agreement to screw over property owners again.

Because of this, all the rent control regulations expired at midnight on June 16^th. Now, the owners of about a million apartments can start charging market rates. Since market rates are far in excess of what they have been allowed to charge for decades, a lot of apartment dwellers are about to get hit upside the head with fiscal reality.

Needless to say, the blame game has already started and not one person has yet received a new bill for their monthly rent. Here are a few details on all this from City and State:

After weeks of build-up, the rent control laws for New York City expired last night at midnight after leaders in Albany failed to reach an agreement.

State Senate Republicans, who hold a narrow majority in the upper house, refused to pass a two-day extender the Assembly approved earlier Monday and instead voted along party lines for their own legislation, which features an eight-year extension of rent laws and codification of the state’s tenant protection unit. The Republicans’ bill includes language that critics say is favorable to landlords, including mandatory verification of income and residency of tenants in rent-regulated units.

Being the owner of a rent controlled apartment in New York City is being on Level 4 of Dante’s Inferno. Basically, it’s almost impossible to make any money as a landlord, and you are assaulted constantly if something breaks and you haven’t fixed it inside of 30 seconds. It looks like they wanted a few small things like determining if the people in the rent controlled apartments could actually afford to pay full price. The Progressives, of course, want to force the landlords to provide everything free of charge. It’s a nice mess.

Now the PLFD’s are going into a blind panic that their constituents might have to pay the market price or move out of the city. According to the New York Post:

Politicians rang alarm bells, warning of severe consequences if the rent law isn’t renewed quickly. “Tenants should be very concerned. We are in an emergency situation,” said City Councilman Jumaane Williams (D-Brooklyn) “We haven’t quite reached a full crisis yet, so we don’t want all the tenants to run around screaming, but they should be concerned.

If I seem rather unsympathetic to the plight of the poor abused tenants, I would say that you are very observant. Most of these people could pay the full price, and those that can’t, well, they can do what people everywhere else does, move to someplace they can afford. I would love to be in a nicer house, but I can’t afford to sell it and move right now. (The joys of home ownership don’t you know)

The people living in rent controlled apartments are living the socialist dream. Now they are going to find out what happens when the clue by four of fiscal reality hits them in the head. Of course, I don’t see the criminal class in Albany letting the landlords actually come out ahead for once and without a doubt, they will push through some sort of socialist drivel to protect the “Tenant Class.”

I’ve looked into investing in a rental property, but things like the NYC Rent control board scare the crap out of me. I don’t live in a state that does rent control, but I don’t need the hassles of dealing with tenants who think your property is theirs to do with as they wish. Now it’s time for the landlords to finally get some of their back.

Thatisall

~The Angry Webmaster~

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