Landlords warehousing RS units

Started by 30yrs_RE_20_in_REO

over 6 years ago

Posts: 9877

Member since: Mar 2009

Discussion about

https://www.6sqft.com/blackstone-leaves-dozens-of-rent-stabilized-stuy-town-apartments-empty/ As I predicted landlords unable to increase rents substantially under the new Rent Stabilization regs are simply leaving the units vacant - at least until the lawsuits attempting to overturn the changes are adjudicated. Blackstone had already announced a moratorium on renovations last month. https://www.6sqft.com/blackstone-halts-improvement-work-on-stuy-town-apartments-following-rent-law-changes/

Response by 300_mercer

over 6 years ago

Posts: 10570

Member since: Feb 2007

If a rent stabilized apartment becomes vacant, can the landlord rent to any one they like? Or are there any income restrictions? So can Blackstone rent to their first year analysts or is there some type of income restriction in Stuy town?

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Response by bpcbuyerconfused

over 6 years ago

Posts: 85

Member since: Oct 2013

FYI- first year analysts at blackstone private equity make ~$150-200k (salary plus bonus, all cash)

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Response by 30yrs_RE_20_in_REO

over 6 years ago

Posts: 9877

Member since: Mar 2009

This Blackstone?
https://www.bloomberg.com/news/articles/2019-08-29/one-of-wall-street-s-most-successful-executives-is-parting-ways-with-blackstone

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Response by 30yrs_RE_20_in_REO

over 6 years ago

Posts: 9877

Member since: Mar 2009

https://therealdeal.com/2019/08/30/authorities-will-conduct-review-of-stuy-town-deal-in-light-of-blackstones-vacancy-strategy/

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Response by 300_mercer

over 6 years ago

Posts: 10570

Member since: Feb 2007

So, it seems like this Stuy town has income restrictions due to special city grants the owners took.

Landlords warehousing RS units

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