All Forum Posts by: Patrick M.

To my point, this quote stuck out

With so many still waiting for relief, however, about a third of landlords said they will be forced to tighten standards when evaluating future rental applications

hmmm. Little too late to realize that.

Some heart breaking stuff in that article, I don't know how a landlord is supposed to sell a property with a tenant who  refuses to communicate.

But they are right about one thing- it doesn't bode well for the renter.

@Charles Carillo I agree. But as this drags on there is another big component- proper vetting.

Here in NJ I think it will be unlikely to see the eviction moratorium lifted for several more months. Even the most conservative investor could have found themselves in trouble.

As to the inventory- I believe there are a lot of spotters out there for large institutional investors.

@Pat L. San Francisco is a MESS! I was just reading that the progressive priority for this school year was NOT getting kids back into school, but instead stripping the names of George Washington and Abraham Lincoln from school house! Yikes... kids still aren't in school!

In the realm of education, the pandemic has reinforced the notion of a city divided by wealth and race. Around one-third of the city’s schoolchildren, many of them white, go to private schools, one of the highest rates of any major city in the U.S. Many of those private-school students have been sitting in classrooms for months while public school students, who are disproportionately Black, Latino and Asian-American, have spent the year in virtual classes. NYTimes

Sounds like those progressives have it figured out.

@Pat L. to the ignorant, it is only clickbait when it serves their purpose.

@Johann Jells I see the United States as 50 equal states. I don't eye them up based on color, politics, or what have you done for me lately. I did not address your troll because you sought to demean the value of citizens based on their senators. I think it would do progressives a world of good to graciously thank their fellow citizens for the bail out rather then demonize them.

I imagine that those Amazon executives who walked out of the NYC meeting when they were getting cursed at and threatened are feeling good.

I live in NJ which is deemed a very "tenant friendly" state. What it means for me is that I need to conduct my business professionally. I have heard some landlords complain that they were treated unjustly or bemoan my state as being "tenant friendly." I have found that they were sloppy. Sloppy in vetting, sloppy in record keeping, sloppy in maintenance or sloppy in properly prosecuting an eviction.

I have found that my state regulations have required me to be the best landlord I can be. Any new tenant is a potentially LONG lasting liability and is screened with that in mind. Any lease violation doesn't exist unless I properly memorialize it in a notice to cease or quit, any neglected repair can cost me good tenants and impact my commodity physically, any delayed eviction is a lease renewal.

I am very happy.

And by very happy I mean that sometimes I feel like I have a lottery ticket that I cash in each month. My financial well being is no longer subject to the whim or will of another. That I have been able to do as my relatives have done since coming to these United States over 100 years ago: Work hard and better your position in life- and hoist your children onto your shoulders so that they can have an opportunity to live better then yourself.

NY Times today (NYC's biggest cheerleader) says NYC as we knew it is dead. 

They finally hit the nail on the head, noting that the NYC we all knew, lived in and worked in was funded almost entirely by the 1.6 million commuters who went into the city on a daily basis.

Sarah Patellos, who is on Spotify’s music team, has been working from a dining room table in Truckee, Calif., a mountain town near Lake Tahoe where she has spent most of the past year after flying there for a weekend trip in March 2020 and getting stuck because of government-imposed lockdowns.

“I love being in the city, but you think about your life, the life experiences you want or the different chapters you might want, it’s totally different now,” said Ms. Patellos, who had been living in Brooklyn. “It’s totally life-changing.”

The towering office buildings that line Manhattan’s avenues have long made New York a global powerhouse and the capital of numerous industries, from advertising to finance.

Now even some of the largest and most enduring companies, including JPMorgan Chase & Co., which has more than 20,000 office employees in the city, have told their work forces that the five-day office workweek is a relic. The bank, which declined to comment for this article, is considering a rotational work model, meaning employees would rotate between working remotely and in the office. NYTIMES

Fortunately, once again, the rural, "red states" are coming to the rescue:

"Still, New York is set to receive significant federal assistance from the $1.9 trillion federal stimulus package: $5.95 billion in direct aid and another $4 billion for schools, a City Hall spokeswoman said."

Personally, I am curious if the wealthy progressives that live and invest there will show gratitude or continue to demonize people who live in "red states." 

I continue to disagree that this is just like 9/11 and I am utterly amazed that people continue to claim this.

We have a new global virus event about every 6 years... Savvy residential tenants and ALL commercial tenants are demanding epidemic/pandemic lease clauses. Everyone agrees that the declaration of this pandemic was likely months too late... So what happens next time we hear about people getting sick in China (remember- the info was leaked by some courageous Chinese months after the first case.) People will bail... the scenes from above are a memory.

On the upshot, it is likely to solidify itself as a progressive bastion. "Those landlords got what they deserved!" At these cratering rents there will be increased space for homeless services, outreach offices to provide drugs and clean paraphernalia as well as more space to house and provide re-entry for convicted felons. I have got to imagine that there are numerous hydroponic marijuana grow companies eyeing up the infrastructure that the city can provide. It could be a real renaissance for progressives.

@Matt M. sounds about right.

As they say- the first part of fixing a problem is acknowledging there is one. Right now it seems everyone is blaming everything on Covid... but the simple fact is that the rest of the country is operating. It is broken in a fundamental way, but for progressives it is just starting to get fixed. Scary and sad.

@Dave Spooner your position contradicts the very notion of the "good pet tenant." I don't want to rent to a "Oh yeah! Watch me!" tenant.

There are many, many generalizations at play. I think dogs and cats are great. We personally do not have a dog yet and we do not rent our renovated apartments to pet owners. I have never walked into a cleaned, "pet friendly" apartment and not known it. Just as I have never entered into a car of a dog owner and not known it. And I am not even talking about the odor of urine or feces.

Pet owners fall over themselves asking for exceptions because our units are so beautiful. But part of that reason is because they are pet free. The common hallways are not tracked with mud and dirt, the doors are not scratched. There is not barking from the apartment across the hall when a car honks a horn, no whining when an owner has been out to dinner for an hour too long. 

I, fortunately do not rent to tenants who embark on violating the terms of their lease, so I do not worry about it. I have had tenants ask in the past if they could get a dog and I explain why we don't permit it. End of story.

Could I charge more- perhaps. I am sure their are any number of business practices which would allow me to charge more if I was willing to compromise my comfort level. And then I would stand the chance of losing my wonderful, quiet, professionals who are currently working from home and enjoy living in a pet free building.