As an investor, this "Loft Law" should scare many

Flipper · Brooklyn, NY · Member since 2016 · 23 posts · 4 votes

Came across this article this morning.

Manhattan couple hasn't paid rent on their $4,754-per-month apartment in almost SEVEN years citing little-known 'Loft law'

-The Chelsea flat should have costed them $4,754.02 per month

-Their landlords say they now owe $410,000 or they have to move

-The couple says they have a right to live in the apartment because of Loft Law

Article:

http://nypost.com/2017/01/08/couple-renting-chelse...

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Sky Mikesell

Principal · Charlotte, NC · Member since 2010 · 200 posts · 89 votes

very interesting. if i needed one more reason to avoid the non-friendly landlord/tenant climate of NYC... you just gave me one. :) thanks for sharing.

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Sky Mikesell
Principal · Charlotte, NC · Member since 2010 · 200 posts · 89 votes
9y
very interesting. if i needed one more reason to avoid the non-friendly landlord/tenant climate of NYC... you just gave me one. :) thanks for sharing.
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Andy D.
Investor · Zürich, Zürich · Member since 2016 · 292 posts · 115 votes
9y
Who, really, is to blame here... 7 years of not noticing that a monthly rent of $4800 is not coming in?? This landlord SHOULD be punished as far as I'm concerned...
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Clayton PlankPro Member
Investor · Jacksonville, FL · Member since 2012 · 122 posts · 46 votes
9y
Wow, seven years and you don't realize you are missing $4800.00. I agree the landlords have dug their own hole here. Some landlords don't want to address problems when they first come up thinking that they may correct themselves. From my experience the problems seem to only get worst.
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