Leaving New York City

[Gregmal]

Yea I am a big fan of the lack of syringes on the beaches in Bermuda. Very underrated vacation spot  

[rkbabang]

26 minutes ago, Gregmal said:

Yea I am a big fan of the lack of syringes on the beaches in Bermuda. Very underrated vacation spot  

 

I haven't been there since COVID, but I used to take Norwegian out of Boston (no flying!) every couple of years.  I'm pretty sure they do Bermuda from NYC too, at least they used to.

 

Edited March 23, 2022 by rkbabang

[aws]

Saw this 'feel good' story in the Times today: https://www.nytimes.com/2022/05/06/realestate/tenants-eviction-port-morris-bronx.html

 

Just imagine the nightmare of being this landlord. You buy a building with negative cash flows, aren't allowed to raise the rents, can't evict anyone, and get bullied into selling the property to a nonprofit for a massive loss after 5 years of hassle. In the end, it will end up in the hands of the tenants for basically free... tenants who couldn't pay the below market rent or even afford to pay to split some appetizers at a tenant meeting. Imagine when there are costly repairs that will be due.

 

Not sure if you can pull up the link, but here are some snippets from the article:

 

Quote

Some tenants described the landlord, James Giddings, as polite and a good steward of the building.

 

Also a commercial building owner, Mr. Giddings, 56, said in an email that his expenses outpaced the rents that he could collect. Some tenants did not pay all their rent. He also said he was up against high property taxes and a slow-moving legal system.

 

The current rents could not support the expenses let alone generate any return on the investment

 

Quote

In the summer of 2017, a tenant organizer, Anna Burnham, contacted the group. She thought they had a chance to take over the building because the tenant association was organized and Mr. Giddings did not have a deep portfolio of residential properties. “If we get on this guy enough, if we do that, I feel like there’s a threshold where he’s going to want to walk away,” Ms. Burnham said.

 

Quote

Other potential buyers also were not interested in a building tied up in litigation, and changes made in 2019 to state rent laws meant that if the building was rent-stabilized, the apartments would almost certainly remain so even if tenants moved out.

 

Quote

A new landlord paid $4 million for this building in the Bronx; now tenants could own it for $2.6 million with the help of a nonprofit.

 

[Morgan]

6 hours ago, aws said:

Saw this 'feel good' story in the Times today: https://www.nytimes.com/2022/05/06/realestate/tenants-eviction-port-morris-bronx.html

 

Just imagine the nightmare of being this landlord. You buy a building with negative cash flows, aren't allowed to raise the rents, can't evict anyone, and get bullied into selling the property to a nonprofit for a massive loss after 5 years of hassle. In the end, it will end up in the hands of the tenants for basically free... tenants who couldn't pay the below market rent or even afford to pay to split some appetizers at a tenant meeting. Imagine when there are costly repairs that will be due.

 

Not sure if you can pull up the link, but here are some snippets from the article:

 

 

 

 

 

 

Those tenants won the lottery getting that building. Keeping it in running condition will be hard if they can't even afford appetizers as @aws said. I'm sure their tune will change when the non-paying residents continue not to pay and the expenses must come from the pockets of the responsible ones. It will be interesting to see a follow up story in a few years.

 

So many people are being priced out of the real estate markets, but really they just don't want to live in cheaper areas. There are huge parts of the US where you can get a decent house for cheap. 25k-250k. So many options, but they want to live the city life for free. 

[fareastwarriors]

Whoring 20s? lol...what? I'm too old for this craziness

 

https://nypost.com/2022/05/16/is-nyc-living-up-to-its-whoring-20s-reputation-of-wild-sex/

[LC]

May need to do some field research this summer.

[fareastwarriors]

NYC is dead!

NYC is back!

 

Midtown Manhattan Has a Pulse Again

 

Tourists, office workers and New Yorkers from other neighborhoods are returning to — and enjoying — the heart of the city.

[Gregmal]

Not NY, but same trend

 

https://nypost.com/2022/06/23/ken-griffins-citadel-moving-to-miami-from-chicago/

 

Surprised this didn’t happen sooner. Griffin already owns some

of the best real estate in Palm Beach. Like probably close to a billion dollars worth. 

[Gregmal]

Is it real that NY is allowing marijuana business but ONLY for criminals? Someone told me this and I honestly don’t believe it. It’s almost as if you think of the worst way to implement a solution or something new to solve an existing issue …IE, COVID, taxes, crime, exodus to Florida, homeless, drugs, etc….and they single out the one thing anyone with a brain wouldn’t do, and choose to do that.

[Morgan]

21 minutes ago, Gregmal said:

Is it real that NY is allowing marijuana business but ONLY for criminals? Someone told me this and I honestly don’t believe it. It’s almost as if you think of the worst way to implement a solution or something new to solve an existing issue …IE, COVID, taxes, crime, exodus to Florida, homeless, drugs, etc….and they single out the one thing anyone with a brain wouldn’t do, and choose to do that.

What are you referring to? Is there an article you want to share? 

Edited August 13, 2022 by Morgan

[John Hjorth]

19 minutes ago, Gregmal said:

Is it real that NY is allowing marijuana business but ONLY for criminals? Someone told me this and I honestly don’t believe it. It’s almost as if you think of the worst way to implement a solution or something new to solve an existing issue …IE, COVID, taxes, crime, exodus to Florida, homeless, drugs, etc….and they single out the one thing anyone with a brain wouldn’t do, and choose to do that.

 

@Gregmal, Thanks for posting.

 

It makes one think.

[Gregmal]

12 minutes ago, Morgan said:

What are you referring to? Is there an article you want to share? 

Been at Legoland Resort with the family last couple days and it came up while shooting the shit. But quickly looking into it, seems real. 

 

State website

https://cannabis.ny.gov/caurd-info

 

What is a Qualifying Business?

As explained in the CAURD Frequently Asked Questions, applicants and licensees must be owned and controlled by a justice involved person who owned at least ten percent (10%) of and controlled a qualifying business for two (2) years, unless eligible under the qualifying nonprofit criteria. 

 

 

Like with much else, the liberals continue to rewrite definitions and make up new words and phrases, beat around the bush, etc...but today's "A justice involved individual" is yesterdays criminal. 

[Gregmal]

I mean I was always under the assumptions that the laws were not only there to protect society, but following them was just as much a matter of lifestyle choice as it was simply being able to follow directions. However there is a new wave of society that does not seem to value the former one bit, and the later at all. 

[crs223]

The best thing about the United States is that some can experiment.  If this turns out to be a huge success the rest of the states will copy it.  It’s like a free option.  Sounds moronic.

[Gregmal]

I can’t even imagine what the process must be like for an upstanding citizen brazen enough to consider investing capital in a NY cannabis startup. Like What are the options? Hmm let’s try to get a citation for something dumb so we have a record? Or do we take a trip to the 5 boroughs to look for a business partner on a street corner?

[LC]

My buddy tried to start a grow op up in New England and it was a total cluster. Dealing with the town, the people, vendors and permitting…his group sold out to operators and did decently on the deal, but the weed industry is hard enough as it is (this ain’t 2015), why make it harder?

[Guest]

On 8/13/2022 at 5:46 PM, Gregmal said:

 "A justice involved individual" is yesterdays criminal. 

[Gregmal]

https://nypost.com/2022/09/20/record-number-of-new-yorkers-swap-to-florida-licenses/
 

LOL. Migration has been happening for half a century. Affordability issues along with safety and mask fetishes only making it worse.

[fareastwarriors]

‘Not the Place to Be’: Young Professionals Are Leaving New York

 

Soaring prices for rent, meals and everything else are pushing younger workers to seek out more affordable cities as they question if the grind is worth it. 

[Gregmal]

https://www.cnbc.com/2022/10/07/rich-young-professionals-fleeing-california-and-new-york.html

[Dinar]

For whatever it is worth, I spoke with a friend today.  His wife owns a small property portfolio in Hoboken & Jersey city, around 100 apartments (she buys brownstones with his money, restores them and rents them out.)  He said that they are fully rented (granted his wife is really good - went through Covid with essentially no vacancies and rent reductions), any apartment that they put on the market gets rented in days, not weeks, and rents are up 20-25% vs pre-pandemic levels.  So may be some people are fleeing NYC but ending up in Jersey city.

[Gregmal]

Totally, the NY halo benefits NJ immensely. Even the most ardent NYC fanboys I know all acknowledge theres very real structural issues at play, most of which are totally self inflicted but ultimately hard to reverse. Is it so hard to keep people safe?

 

That said, ironically, as much as I get accused of being a NY hater, Ive got a bigger % of my net worth invested in things purely seizing the opportunity to capitalize on the idea that NYC overall relevance will diminish. I dont think it will, at least in many respects. But in others, its already happened. MSG and VRE assets will both live and even continue to thrive IMO. Office may be harder. Some people like trash bag lined streets, I prefer them to be tree lined. Others enjoy the ego boost they get when leaving an ATM lobby knowing the checking account balance on the receipt they purposely drop on the floor will be admired by the 8 homeless people sleeping in there.... To each their own. 

[Gregmal]

About the only thing going for NYC is hospitality/dining. Now they wanna ban gas stoves lol. These losers deserve to fail.

[Dinar]

1 hour ago, Gregmal said:

About the only thing going for NYC is hospitality/dining. Now they wanna ban gas stoves lol. These losers deserve to fail.

https://nypost.com/2023/01/10/manhattans-population-has-rebounded-in-the-wake-of-covid-19/

 

NY Post says population keeps growing despite retarded policies.  What happens when we get a good mayor and governor?  NYC will explode upward

[Gregmal]

Didnt they just have a shot at getting in a new gov? And they voted for the woman who prioritizes banning foie gras and gas stoves.....I just cant believe this is whats happening to such an important part of the country. At least Weisselberg is at Rikers though...keeping him off the streets is a sure sign we have law and order once again. 

Edited January 12, 2023 by Gregmal