All Forum Posts by: Christopher Smith

I tried posting this elsewhere but I think the category was too specific:

Greetings!

For years I've read countless opinions and articles about "good cause eviction," quietly dreading that it would eventually be the law in NY. Now that it is, I'm curious why there doesn't seem to be any pushback, revolt, or litigation challenging it. All I've ever heard is that GCE is an unconstitutional taking of private property. Even if this isn't true, why have there been no publicized efforts to even challenge the law? Surely the mighty NY real estate industry has stakeholders with deep pockets and an army of attorneys to work on this thing, no? It's been talked about for years as being the "death knell" of the industry, but it seems suspiciously quiet since the law took effect. Just curious what I'm missing? I can't believe that NY real estate interests are content to sit back and just accept it?

Greetings!

For years I've read countless opinions and articles about "good cause eviction," quietly dreading that it would eventually be the law in NY. Now that it is, I'm curious why there doesn't seem to be any pushback, revolt, or litigation challenging it. All I've ever heard is that GCE is an unconstitutional taking of private property. Even if this isn't true, why have there been no publicized efforts to even challenge the law? Surely the mighty NY real estate industry has stakeholders with deep pockets and an army of attorneys to work on this thing, no? It's been talked about for years as being the "death knell" of the industry, but it seems suspiciously quiet since the law took effect. Just curious what I'm missing? I can't believe that NY real estate interests are content to sit back and just accept it?

My biggest challenge is the interference of government into my private affairs, essentially giving my deadbeat tenants carte blanche to squat for 12-15 months for free. 

It's INFURIATING.

Yes, I will probably continue to purchase properties in marginal neighborhoods. Sure, there are plenty of places I wouldn't venture because of crime statistics, but here in the Rust Belt one can't be too choosy if one wants to build their portfolio without a massive (i.e. $5mm or more) bankroll. In my city, a well-kept upper/lower double in a nice neighborhood tops out around $300k, which each unit fetching around $1300 monthly. But in a marginal neighborhood, I can buy a smaller and less attractive upper/lower double for $65k with each unit fetching $650 monthly.

I'd also love to hear from some NYS landlords, as this is primarily a regional problem.

Michael King, I get it...but try not to use words like "socialism," because apparently that will get your posts deleted.

I can't help but wonder if this post is in response to the recent "don't use the term 'war zone' " post, but...

...some of my properties are in bad neighborhoods. I've never felt threatened because I treat my tenants with respect and courtesy, and I've made a point to introduce myself to all the neighbors and offer my phone number should they ever have any concerns. This has gone a long way toward fostering a sense of trust and mutual respect. 

Most of the crime in these areas are drug-related, and if you're not perceived as a threat and you treat the dealers with basic decency you're likely safe from violence. The vast majority of assaults/homicides are against people who "had it coming," i.e. they went out of their way to screw somebody over.

***This post was originally deleted for being too "political," so I'm posting it again without the politics:***

Governor Cuomo is extending the eviction moratorium until August 20. He's essentially giving renters permission to not pay for five months. How much do you want to bet that these people will simply not pay until August and then move out? How are low-income people supposed to pay five months' worth of rent all at once once when the moratorium is lifted? How much longer after that will we have to wait for the backlog of evictions to work its way through the tenant-friendly NYS court system? This is an unconstitutional taking of private property for public use. It makes me sick. For shame!

It appears that, 11 years later, your fears are coming true--at least in New York! We now have a totally unconstitutional five-month moratorium on evictions. Thanks, Cuomo!

I have a modest 25 units in Buffalo NY, three of which are under contract to be sold. So effectively I have 22 units. I have enough cash for two years of expenses with no rents coming in, but that's because I'm a stupid, fearful saver who's happier having the liquidity than I would be getting an unpredictable return in today's market. I wish I had the balls to gamble with it!