All Forum Posts by: Wy Kay

@Alan Grobmeier You are actually on to something, although it is affecting everyone, some of the restrictions only apply to buildings with six or more units.

As an aside, the RSA (Rent Stabilization Association) which represents over 25,000 landlords in NYC has recently commenced a lawsuit against the city for violating property owner's constitutional rights of owning property. Essentially, they are saying the new laws amount to a "taking" of property by the government which the government would have to reimburse for. Likely going to wind it's way through federal court. It's a long shot to say the least, more of a political statement.

@Joseph Firmin I can only to talk for NYC which is where the new laws have been primarily aimed at. Everyone is readjusting their calculations and strategies, some are still a bit shocked how the new laws went right through so smoothly. Those who don't feel comfortable owning with the new laws and what else the new political movement has in mind for 2020 and beyond are in fact exiting to other more landlord and business friendly states. It really depends on your investment profile.

The investors who recently bought property at prices which couldn't possibly cashflow at the current rents, who bought with intention to significantly raise the rents have been burned badly. Also those who secured large mortgages based on future projections, with the assumption that rents will be significantly raised over the next few years are underwater now.

Current property owners who don't plan on exiting the market and any new entrants all have one thing in common - deep pockets, to survive non paying tenants who destroy the property and can take a year or longer to be evicted and tight caps on rent increases among other new restrictions.

@Frank Peraza

Tenantreports.com is excellent for complete credit reports, criminal and eviction checks and not too expensive either