Hi All,
While I'm relatively new to the New York real estate investment game, I've been a licensed NY/NJ attorney dealing with real estate law (mostly representing buyers/sellers on residential and commercial deals and representing lenders to close loans). I'm experienced with the process of finding, buying/selling and closing on a property but never delved too deep into the personal investment aspect and was looking to start.
I've taken the opportunity to do a lot of research over the past several months and have learned a lot. While I'm motivated to start and would prefer my first properties be in NY, I do not mind expanding to other states. My previous concerns with NY real estate are largely well known already- high bid up sale prices, low CoC return, highly favorable tenant laws, etc.
Now on top of the rent moratoriums from COVID, landlords also have to deal with new statewide tenant protection laws enacted toward the tail end of 2019 that provide an astronomical amount of tenant protections.
https://www.rebny.com/content/rebny/en/newsroom/in-the-news/2019/Housing_Stability_Tenant_Protection_Act_2019.html/
also not looking good for "mom and pop" investors:
https://www.amny.com/news/rent-laws-new-york-1-32225521/
Bottom line is, I'm sure there are NY residential landlords in here. How is your current experience, what do you think of these new laws? Given the chance, would you continue to acquire more properties at slightly below market prices (really hard to find a good deal here also), or would you look for opportunities elsewhere?
Appreciate everyone's insight.
Wilson
