I've been there and felt the same but  IMO it is a churade because you cant count on anything with the legislation that's in place in NY and esp. down state. 

It's just very simple, clear, long established and industry accepted, and has significant knowns for how any enforcement or default type actions are handled. 

It seems that all posters above are focusing on building code which is irrelevant decades later.Municipalities enforce the maintenance code in the present for preexistent structures.

Some might ask, "who is going to enforce this?"

It still is very possible to find properties that meet the 1% rule without much difficulty; but it’s also tougher now to find a mortgage for anything valued under $100k – regardless of condition or P&L.To me, the shenanigans Code Enforcement continues to play on a new owner after a sale plus the recent increase on the annual rental registration fee really discourages buying more in the City.

If a landlord needs to enter a property for an inspection or repair, a two-day notice is required.Our Governor passed anti-squatting legislation a few months ago which allows owners to have the police remove them as opposed to before where it was considered a legal issue for attorney's to deal with.

Seems like tens of millions of dollars were raised from unaccredited investors...Here are some SEC links for a partner and CFO of Norada showing previous fraud history:https://www.sec.gov/enforcement-litigation/litigation-releas...https://www.sec.gov/files/litigation/complaints/2017/comp240...Jon thanks for sharing.

I'm definitely informing law enforcement now.

Code Enforcement in my market has just recently started, as part of their tenant turnover inspections, to document the material composing the water inlet pipes where they enter into the basement. 

Interestingly I don’t see any legislation or legal action against REAL wholesaling, which is purchasing a property at a wholesale price and immediately selling it a a retail or higher than wholesale price.