Hard to shoehorn this into any current live thread, albeit the topic has arisen before in them.
That being said, once again the problems of trying to legislatively mandate basic economic principles has some shortcomings, many of which any short-brained person in Econ 101 could predict:
Quote:According to a January survey conducted by the Community Housing Improvement Program (CHIP)—a trade association representing owners of rent-stabilized buildings in New York City—69 percent of building owners have cut their spending on apartment upgrades by more than 75 percent since the passage of the state’s rent regulations. Another 11 percent of the landlords in the survey decreased investments in their properties by more than 50 percent.
The new law’s limits on recouping the costs of renovating apartments mean it is often more financially feasible to leave old apartments vacant.
“A big majority of our housing stock of stabilized units have been occupied between 40 and 50 years. These units require up to $100,000 and sometimes more, to complete a gut rehabilitation. You don’t need to be a genius to understand it makes no sense to invest that much only to get an $83.00 rent increase,” one survey respondent told CHIP.
The Commercial Observer reports that the new rent laws are encouraging small- and mid-sized landlords to exit the market entirely, writing that “many property owners have woken up to a world where their buildings are worth 30 to 50 percent less than they were a year ago.”
(02-03-2020 09:09 AM)tanqtonic Wrote: [ -> ]Hard to shoehorn this into any current live thread, albeit the topic has arisen before in them. That being said, once again the problems of trying to legislatively mandate basic economic principles has some shortcomings, many of which any short-brained person in Econ 101 could predict:
Quote:According to a January survey conducted by the Community Housing Improvement Program (CHIP)—a trade association representing owners of rent-stabilized buildings in New York City—69 percent of building owners have cut their spending on apartment upgrades by more than 75 percent since the passage of the state’s rent regulations. Another 11 percent of the landlords in the survey decreased investments in their properties by more than 50 percent.
The new law’s limits on recouping the costs of renovating apartments mean it is often more financially feasible to leave old apartments vacant.
“A big majority of our housing stock of stabilized units have been occupied between 40 and 50 years. These units require up to $100,000 and sometimes more, to complete a gut rehabilitation. You don’t need to be a genius to understand it makes no sense to invest that much only to get an $83.00 rent increase,” one survey respondent told CHIP.
The Commercial Observer reports that the new rent laws are encouraging small- and mid-sized landlords to exit the market entirely, writing that “many property owners have woken up to a world where their buildings are worth 30 to 50 percent less than they were a year ago.”
I bet the loss in value will not be reflected in their property taxes.
I just wonder who those landlords wanting to sell are going to sell to.
The smart ones got out years ago, when the first rumblings of rent control were being made. They didn't buy the assurances that the government would consider their needs. The only recourse the remainder have left at this point is to find some foreign investor who is simply seeking to get cash out of his homeland--dumb, scared money, as Peter Zeehan describes it. Those folks will buy those properties, make absolutely no repairs of improvements, and if they sell it in 10 years for 50 cents on the dollar, be happy because the money didn't get seized by their home governments.
9 of the 10 richest Americans made their own fortunes.
12 of the Top 20.
Of the remaining 8, 7 of them are the kids of people who made the money.
1 is more removed than that.
Of the 7, 3 are Waltons and 2 are Kochs.
The horrors of this economic system.... the sheer horror.....
(02-03-2020 03:49 PM)tanqtonic Wrote: [ -> ]9 of the 10 richest Americans made their own fortunes.
12 of the Top 20.
Of the remaining 8, 7 of them are the kids of people who made the money.
1 is more removed than that.
Of the 7, 3 are Waltons and 2 are Kochs.
The horrors of this economic system.... the sheer horror.....
If we're measuring the American dream by how our billionaires made their fortunes, we're doing it wrong.
(02-03-2020 04:09 PM)RiceLad15 Wrote: [ -> ] (02-03-2020 03:49 PM)tanqtonic Wrote: [ -> ]9 of the 10 richest Americans made their own fortunes.
12 of the Top 20.
Of the remaining 8, 7 of them are the kids of people who made the money.
1 is more removed than that.
Of the 7, 3 are Waltons and 2 are Kochs.
The horrors of this economic system.... the sheer horror.....
If we're measuring the American dream by how our billionaires made their fortunes, we're doing it wrong.
I was making the comment as a retort to the implied mantra that no one can get ahead that the linked article noted.
The fact that 9 of 10 pretty much did it on their own speaks mountains to that. I guess that is lost on you.
(02-03-2020 05:20 PM)tanqtonic Wrote: [ -> ] (02-03-2020 04:09 PM)RiceLad15 Wrote: [ -> ] (02-03-2020 03:49 PM)tanqtonic Wrote: [ -> ]9 of the 10 richest Americans made their own fortunes.
12 of the Top 20.
Of the remaining 8, 7 of them are the kids of people who made the money.
1 is more removed than that.
Of the 7, 3 are Waltons and 2 are Kochs.
The horrors of this economic system.... the sheer horror.....
If we're measuring the American dream by how our billionaires made their fortunes, we're doing it wrong.
I was making the comment as a retort to the implied mantra that no one can get ahead that the linked article noted.
The fact that 9 of 10 pretty much did it on their own speaks mountains to that. I guess that is lost on you.
The democrats are running three billionaires. How did they make their money?
(02-03-2020 05:58 PM)OptimisticOwl Wrote: [ -> ] (02-03-2020 05:20 PM)tanqtonic Wrote: [ -> ] (02-03-2020 04:09 PM)RiceLad15 Wrote: [ -> ] (02-03-2020 03:49 PM)tanqtonic Wrote: [ -> ]9 of the 10 richest Americans made their own fortunes.
12 of the Top 20.
Of the remaining 8, 7 of them are the kids of people who made the money.
1 is more removed than that.
Of the 7, 3 are Waltons and 2 are Kochs.
The horrors of this economic system.... the sheer horror.....
If we're measuring the American dream by how our billionaires made their fortunes, we're doing it wrong.
I was making the comment as a retort to the implied mantra that no one can get ahead that the linked article noted.
The fact that 9 of 10 pretty much did it on their own speaks mountains to that. I guess that is lost on you.
The democrats are running three billionaires. How did they make their money?
Have you read about the 1.5 billion that Bloomberg is putting into play all across the Democratic party?
200 million on his own campaign, another 200 million into the DNC at this point, and giant boatload of cash to PACs based both on subject and candidate.
Steve Bannon alluded to it and commented on it over the weekend. Really interesting move on Bloomberg's part. Bannon painted the picture not of Bloomberg wanting to be President, but permanently moving the Democrats to a near-socialist position.
I would always take Bannon with a sack of salt, but the remarks were intriguing.
(02-03-2020 06:18 PM)tanqtonic Wrote: [ -> ] (02-03-2020 05:58 PM)OptimisticOwl Wrote: [ -> ] (02-03-2020 05:20 PM)tanqtonic Wrote: [ -> ] (02-03-2020 04:09 PM)RiceLad15 Wrote: [ -> ] (02-03-2020 03:49 PM)tanqtonic Wrote: [ -> ]9 of the 10 richest Americans made their own fortunes.
12 of the Top 20.
Of the remaining 8, 7 of them are the kids of people who made the money.
1 is more removed than that.
Of the 7, 3 are Waltons and 2 are Kochs.
The horrors of this economic system.... the sheer horror.....
If we're measuring the American dream by how our billionaires made their fortunes, we're doing it wrong.
I was making the comment as a retort to the implied mantra that no one can get ahead that the linked article noted.
The fact that 9 of 10 pretty much did it on their own speaks mountains to that. I guess that is lost on you.
The democrats are running three billionaires. How did they make their money?
Have you read about the 1.5 billion that Bloomberg is putting into play all across the Democratic party?
200 million on his own campaign, another 200 million into the DNC at this point, and giant boatload of cash to PACs based both on subject and candidate.
Steve Bannon alluded to it and commented on it over the weekend. Really interesting move on Bloomberg's part. Bannon painted the picture not of Bloomberg wanting to be President, but permanently moving the Democrats to a near-socialist position.
I would always take Bannon with a sack of salt, but the remarks were intriguing.
The minute you said "Bannon" Democrat's minds all over snapped shut. Nothing you said was read or considered. For them, the source is always more important than the message.
Interesting, that the dems have three, count them, three billionaires in the field. Wang, Steyer and Bloomberg. I don't think any of them inherited their wealth, but I could be wrong.