New York Real Estate: Rethinking or Reinforcing Your Stance?

New York Real Estate: Rethinking or Reinforcing Your Stance?

Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes

I’ve long avoided investing in New York real estate due to the regulatory environment and risk profile. With the results of the mayoral race (selecting the democratic candidate who will win the race) - I am curious to see what other people are thinking WITHOUT making this a full blown political post against a party but impacts that could occur.

The winner was advocating for expanded rent controls / rent freezes, stricter tenant protections, and major changes to law enforcement—all of which have direct implications for asset management and long-term value preservation.

This isn’t about politics. It’s about assessing whether the environment supports property rights, enforceable contracts, and predictability in how assets are managed.

For those who invest in New York or have exited New York or stayed on the sidelines like me, do you see any reason to reconsider?

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  • Michael K GallagherBusiness Member
    Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
    1y

    @Chris Seveney I don't invest in NY, but what I've heard or read is that current rent control procedure's have done more to lead to vacant units not being viable to turn and rent than it does good.  I'm generally all for making things affordable, but if the way they make it affordable is to make it difficult or impossible to keep up and maintain, then that doesn't really seem like it solves anything.  Again I may be talking out of you know were here, but that's always the argument I've heard to rent control. On principle I don't have an issue with implementing any of those things regulations are in any industry, but when you make them in a vaccuum and don't consider things like cost to maintain and build then its a net negative in my mind.  

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