Then they need to raise fares instead of trying to implement other taxes on non riders

Not all vouchers are section 8. Section 8 also only pays 70%

It’s not permanent in most cases. NYC had a similar programs a decade ago that scorned landlords as they stopped the program and was stuck with non paying tenants. Eviction takes up to a year in nyc housing court, that’s 12 months of unpaid rent.

Section 8 only covers 70% of the rent, the 30% has to be covered by tenant. Plus the endless bureaucracy that makes working with these programs a hassle. If people aren’t taking guaranteed money then there are obviously issues with the program.

All nyc has to do is guarantee payment and also agree to paying for damages and eviction cost if necessary. If you had a choice would you a qualified applicant with no eviction records/job stability or an applicant with no job and housing voucher than can expire?

Didn’t work long term lol

Doubt outreach is the problem

Lol I mean they kind of urinated on the law

Yes when the government tinkles with the laws to prevent reasonable profit and incentives, that happened. The MCI improvements are trash. Who is going to invest 20k and it takes 15 years to see that investment back. Putting 20k in the stock market will reap better rewards. Then add that these buildings won’t increase in value due to said laws. More and more you are going to hear about these buildings breaking down, they are old and require a lot of maintenance/repairs.

Even if you convert these buildings to condo’s/co-ops, how exactly will tenants used to paying $600 to $1200 a month. Take care of property taxes, maintenance and a loan? All these buildings will end up being the government’s problem aka taxpayers. As complaints start to roll in again.

Just look at any co-op/condo maintenance fees on old buildings…it’s a reason the condo board makes sure applicants are financially stable to take on ownership. You skip over that crucial part and over a few years…things will blow up.

Inflation is real, cost of goods/labor is real. These things don’t stay the same for life.

The buildings where mortgages weren’t paid will end up in foreclosure. For these tenants, they will not get any repairs unless they do it themselves or the city comes in and make the repairs to add as a lien on the property. Foreclosures unfortunately take a long time but it’s obvious the owners gave up on the buildings. When there is no incentive they are just going to take the lost and move on.

The property will go back to the bank that own the loan. The owners stopped paying the mortgage on the loan. There isn’t no “taken” lol tenants will have to bid and buy from bank.

These are RS buildings so there is no expensive rent. If you read the article the owners bought pre2019 change in law most likely with the intention of doing buy outs and renovations to deregulate units. They can’t do that anymore so therefore it’s a useless investment.