Why we don't invest in New York, even though we're based here

[Jonathan Twombly]

People frequently ask me why I don't invest in deals in New York, even though we're based here.  The reason is simple:  it's too hard to make money for your investors in New York.  That's a huge reason why we invest in the Southeast, along with more owner-friendly laws, a growing population, etc.

But this Real Deal article I just came across says it all:  Data shows that New York County (i.e., Manhattan) is the least profitable county for owners in the entire United States.

http://therealdeal.com/blog/2014/04/01/least-profitable-county-for-rental-landlords-new-york-data-shows/

[Jared Delaney]

Another crazy thing in NYC is the mortgage recording tax which adds a lot to the closing and all in price.

[Grace B.]

I read the entire discussion about NYC investments, mostly written 9 yrs ago. I am wondering if the opportunities have turned positive or more competitive now in 2023. It will be a good pal wow to discuss in the BPCON 2023 as a subgroup. I wonder who in this discussion chain is going? I am curious. I like to hear you'all your reflections.