I don’t live in Manhattan but I go there often and I walk at least 3 miles. I guess it depends on what you are doing , but in the city and specially Manhattan you walk a lot lol

Do you guys remember when the Post was trying to scare monger people saying that the reason that the new scream movie was filmed in NYC is because of the supposed “scary lawlessness and crime in the city” 🤣😂😂😂😂. Yeah , like there are not enough horror or disaster movies set in nyc

Problem is you need to have enough coop members with balls to sue those who can’t/won’t pay assessments as these buildings need substantial repairs. If you buy and can’t fork over $50k, you need neighbors who will sue, put a lien on the property and push until it’s sold to someone who can pay during foreclosure.

That’s the only way that model works, and I don’t think there’s enough people with the common sense to do it.

Condo’s and coops only work when you have a board who is willing to be tough.

I remember looking at HDFCs when I was younger and first looking to buy a home and their requirements were absurd and in no way viable for middle or low income families. Half of them were either cash sales or required a higher down payment than a standard mortgage.

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They most definitely had a geotechnical analysis. You need one. And the report provides details to inform the construction. The issue that occurred here is common and more complicated than “the owner cheaped out”. The structural engineer is ultimately responsible for figuring out the solution, and the contractor is responsible for means and methods. The blame will lie somewhere between the accuracy of the geotechnical report, the design by the structural engineer and the work performed by the support of excavation contractor. In the end everyone loses. Because regardless of who is “wrong” there are enough checks and balances that blame is hardly ever one sided, and nobody can afford to take the kind of punch a delay like this delivers.

Lmao conservative? Maybe a New York moderate. Go spend some time in the Deep South to see conservatives.

So how about what…. Per capita nyc isn’t even in the top 50 cities in the US for crime. Go check it. There is also a thing called the dripping tap. At some point there is a diminishing return on activity to prevent crime versus cost. Crime will always exist. The question is are people pushing it for political use or are they actually having a fair conversation.

NYC is safe. Crime varies depending on economics and other issues, but on a whole it isn’t close to being as bad as the top 50 cities in the US per capita.

The laser focus on NYC is done by ignoring other places which are 10 times worse by population. I usually think about crime as probability I am at risk and not by total numbers in a city of 9 million. If 500 people are killed in NYC the per capita is low, but every one goes nuts like “it’s 500” people and your city is out of control.

Is it variable and higher than say 2 years ago… sure. Is it out of control … no.

Looking at HDFC listings makes me so sad. Like I qualify but they say all-cash only or the 20% down is like over 100k. Idk how any real non-trust fund Columbia student buys one

And their staff of 400 analysts, economists and accountants doesn't change over between Mayors. It's like saying the Congressional Budget Office is affiliated with whomever the Senate Leader or Speaker of the House is, when the Office actually just does the same work regardless of who is in power.

Yes when the government tinkles with the laws to prevent reasonable profit and incentives, that happened. The MCI improvements are trash. Who is going to invest 20k and it takes 15 years to see that investment back. Putting 20k in the stock market will reap better rewards. Then add that these buildings won’t increase in value due to said laws. More and more you are going to hear about these buildings breaking down, they are old and require a lot of maintenance/repairs.

Even if you convert these buildings to condo’s/co-ops, how exactly will tenants used to paying $600 to $1200 a month. Take care of property taxes, maintenance and a loan? All these buildings will end up being the government’s problem aka taxpayers. As complaints start to roll in again.

Just look at any co-op/condo maintenance fees on old buildings…it’s a reason the condo board makes sure applicants are financially stable to take on ownership. You skip over that crucial part and over a few years…things will blow up.

Inflation is real, cost of goods/labor is real. These things don’t stay the same for life.

It's a great experiment to watch, I'm pulling for him!

Adams is not progressive.

You should really consider organizing with your neighbors like the tenants in the article. If you're interested I can help you get started or connect you with people in your neighborhood.

Actually that's Control+H

This is more of a developer cutting costs and not listening to engineers unfortunately, the client always wins if they want to save a few million. This is the same developer that owns the very nice Olympia condo in DUMBO right next to the BK bridge.

It's a great example of how the profit motive doesn't guarantee stable housing for tenants.

Quick reminder that anyone who questioned the concept of sanctuary cities was labeled racist and a Trumper by the msm and likely you guys here in this subreddit.

And then just Control+F this exact same article but replace Sugar Hill Partners with NYCHA?

The buildings where mortgages weren’t paid will end up in foreclosure. For these tenants, they will not get any repairs unless they do it themselves or the city comes in and make the repairs to add as a lien on the property. Foreclosures unfortunately take a long time but it’s obvious the owners gave up on the buildings. When there is no incentive they are just going to take the lost and move on.

"Sugar Hill Capital bought buildings throughout northern Manhattan just months before tenant protection laws limited its ability to raise rents and deregulate stabilized apartments."

My landlord made the 100 worst landlords list this year and operates a lot like the Sugar Hill Capital Partners that's mentioned in the article but they've also bought 3 more buildings in my immediate neighborhood in the Heights since the law changed. That makes it difficult to believe they can't profit from these buildings, just not as much as they'd hoped I presume.

Yes but do this for public housing

The property will go back to the bank that own the loan. The owners stopped paying the mortgage on the loan. There isn’t no “taken” lol tenants will have to bid and buy from bank.

These are RS buildings so there is no expensive rent. If you read the article the owners bought pre2019 change in law most likely with the intention of doing buy outs and renovations to deregulate units. They can’t do that anymore so therefore it’s a useless investment.

I agree with you. Hopefully they can pass TOPA soon.

Maybe oversight shouldn’t be employed by the people they’re overseeing.