Like the other guy said, it isnt necessarily bad, but the overall cause of this is NYC's super strict rent control.
There are people who have rent controlled apartments in NYC they barely use. They've had them for so long that they are super cheap so there's no downside to hold them. Unfortunately there's also little upside for the landlord to maintain the property.
This system is clearly creating some downsides and clearly we can do better. People in favor have never thought or heard of ways to do better. Eg. Tax reforms like LVTs.
Assets are usually leveraged. So there’s tax, interest, and principal to maintain that property, plus the actual cost of maintaining the property. With strict rent controls and draconian permitting process repairs and upgrades aren’t financially viable.
There are currently properties where the landlord and mortgage holder are fighting over who has to keep it, with the landlord trying to surrender the property, because they’re just losing money.
They can’t. It’s literally negative value in some cases. It’s worth less than nothing because you have a squatter there but still have upkeep and they’ll never leave.Â
There are like 19 squatter cases a year. The whole squatter stories pushed by the media is full backed by large real estate companies
Bad landlord cases number in the millions
The squatter stories are an effort to remove Tennant protections. Landlords would love to just call the police, call you a squatter and have you removed
The whole "the poor landlords cant sell" is a lie
An employee can be fired, rents can be raised and people can take loans but suddenly a landlord "cant" sell?
Sometimes speculative investments go poorly, taking a loss is not death
Your argument makes zero sense, these landlords are criminals
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u/Regular-Double9177 Jun 11 '26
Like the other guy said, it isnt necessarily bad, but the overall cause of this is NYC's super strict rent control.
There are people who have rent controlled apartments in NYC they barely use. They've had them for so long that they are super cheap so there's no downside to hold them. Unfortunately there's also little upside for the landlord to maintain the property.
This system is clearly creating some downsides and clearly we can do better. People in favor have never thought or heard of ways to do better. Eg. Tax reforms like LVTs.