Repositioning Play
@GoodGuyGuarantyAdding value. CRE, mostly NY, sometimes elsewhere. All gains are unrealized.
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Another thought - tenant-paid broker fees are, on the margin, keeping under-market rent-stabilized units online - brokers charge insane broker fees that are then kicked back to the landlord, functioning basically as key money. I wonder what happens to these apartments.
The ban on broker fees is going to be a fun natural experiment. So many outcomes possible... 1) More direct listings/open houses run by owner 2) Serious compression on landlord-paid broker fees 3) Rise in flat-fee/limited-scope broker offerings 3) Higher rents in aggregate?
G-Max - the latest Supreme Court case challenging NYC’s rent laws - was denied yesterday. However, peep this unusual little note. Gorsuch would have taken it. That makes two justices so far who have expressed interest in hearing a case like this one. It’s gonna fall soon.
This got knocked down so looks like going to have to wait until the situation gets even worse before anything happens here...
New NYC real estate hero just dropped. Sound the drums, it’s time to rampage.
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