movingtobay2019

movingtobay2019 t1_iw1m13y wrote

You will be spending more on the mortgage. There is no scenario where your mortgage and rent is the same for a similar unit in the same neighborhood in NYC unless you put an obscene amount of money down (money people don't have), especially with today's interest rates. On a 30 year mortgage with 20% down, your interest payments will exceed your loan with today's rates.

Add in taxes, HOA fees, maintenance, and buying/selling costs.

But that's besides the point because you aren't going to get anyone to invest capital to build the $400M apartment building in the first place.

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movingtobay2019 t1_iw1dxbe wrote

And what do you think happens if that asset never goes up in value and charges you interest and taxes every year? Do you think your wealth is going up or down?

And more importantly, who is going to invest to build this in the first place if the value never goes up? It's like asking people to invest their 401k in an asset with 0 growth.

You guys are living in a fantasy.

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movingtobay2019 t1_iw0risd wrote

So what happens when said long term tenant wants to move after 10 years before fully owning the home they rent?

Or what happens when the long term tenant has essentially bought out the LL (which is what you are implying if a long term renter can own the home they rent) and wants to move?

What price would they put the unit on market for if there is no wealth accumulation (price increase)?

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movingtobay2019 t1_iu0i0dd wrote

You are conflating rhetoric with action.

It's easy to be "friendly" and say the right things when it doesn't cost anything. When it starts costing votes? Think you get the point.

So I guess if by "immigrant friendly" you mean bunch of feel good statements without substance, you would be on point. Democrats have certainly mastered it (see the free housing lawyers they promised without giving as much a second of thought as to how they are going to retain a supply of highly trained lawyers).

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