It’s honestly impossible to decipher leftist language:
How can you pass down something you don’t own?
“I’m trying to pass down my neighbor’s truck but it’s difficult.”
Ya think? What if people start passing down your belongings? How will that go over?
Clarissa's Blog 
yes in NY this is a thing – tenants rights to keep a cheap rent controlled apartment when another tenant dies, which depends on whether or how long they lived there and probably a bunch of other factors. So if my kid is living with my mom and mom dies, my kid might be able to keep the apt on the same terms grandma had. Like under $200/mo for a two bedroom apartment that would rent for $5000ish on the open market. True story. This is one reason ppl don’t move as much in NYC
amanda
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There’s always some fresh brand of leftist lunacy that catches me off guard. Even in the USSR we didn’t have something like this.
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I do not know how many frozen-rate apartments there are in NYC, but if it is significantly high, and if that system disappears, what will happen? Where will these tenants go, and who will buy those desirable apartments, and at what rate?
Somehow similar to this, the possibility to pass one lease to a future tenant before the end of the lease, thus keeping many rents low, has definitively help lots of people in Quebec.
Ol.
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I agree that it’s convenient to keep other people’s property. But none of us benefit if the authorities decide which groups to reward with somebody else’s belongings. It’s almost as bad as Trump’s “no tax on tips” which I find appalling for the same reason. It’s political favoritism and vote buying.
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As someone who’s family has been in the rental business for 3 generations now. (Not 500+ apartments, but a handful of rentals.) Rent control and legally seizing control of the property to pass down the lease to the renters next of kin when they pass is absolutely abhorrent.
My dad’s dad sold his portion of the family farm to raise the money to purchase his first rental. He then worked hard and eventually picked up a few more. When he passed away they were split between my dad and my aunt. My dad kept everything running, not always smoothly as some tenants are destructive or thieves, but he kept them running and he and my aunt added a few of their own. I have a rental of my own, and have been working towards acquiring another, which was not helped when prices went up from 200K to 350K. And I spent years helping dad manage the family ones as well.
Since people don’t really seem to understand exactly how rent prices come about, there is a simple formula. The Cap Rate. Basically you want at minimum 4% profit per year. This is after all expenses and repairs. With house prices up so high, property taxes up quite a bit, and insurance having doubled in a decade. Rent prices have risen in order to maintain the 4% min.
Now before anyone gets irritable. Yes rent is too damn high. Don’t complain to the landlord, complain to the Federal Reserve who has spent the last 15 years devaluing the currency by printing endless money. Also feel free to complain to the REITS who were able to outspend everyone and directly helped skyrocket the price of housing by quite literally bidding tens of thousands to hundreds of thousands more than anyone else without a care. After all, it wasn’t their money.
What rent control does is basically forces the landlord to take a loss if the property tax, insurance, repairs, etc. goes up to the point that 4% profit vanishes. And it can vanish quite quickly indeed. We have had years were a single rental that was damaged by tenants basically wiped out any gain from all the other ones combined.
Section-8 although it wasn’t mentioned, is nearly as bad. Oh it sounds good in concept. But in reality, you have a government worker who gets to decide if you receive half the rent or not. Oh and everything must be up to their regulations, if its not, well you don’t get to rent out your property and if it was already being rented you don’t get half the rent. Add that to section 8 tenants in the area I live tend to completely destroy the apartments and rentals they stay in, and no one outside of slumlords are willing to tolerate them.
Lastly what NYC is doing, by more or less freezing the lease agreement when a tenant dies and allowing their next of kin to move in is an abomination. The property is being Rented, not Owned by the tenant. As a landlord I can tell you when a tenant moves out is when most of the repairs are done and also the rent is adjusted to maintain the 4%. The repainting and re-carpeting can be done with a tenant still inside, but typically it is much easier to do it between them.
What NYC has done was basically tell the owners, yes you own the property, have to pay the property taxes and insurance, but you no longer have full control over your property. This sets a precedence that can be used to later strip more control or even the property itself away. After all several states had been allowing people who were illegally squatting to seize control of the buildings and houses as long as they had paid a single bill even if they set it up themselves.
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it was disgusting during Covid when the govt said tenants didn’t have to pay their rent but offered no such allowance to the owners of the rental property. They had to come up with their mortgage, RE taxes and expenses no matter what. Do we know how many lost their property as a result?
Amanda
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