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(Gothamist)   How one crazy, old, unemployed Ph.D turned his rent stabilized Manhattan hovel into $17 million   (gothamist.com) divider line 158
    More: Hero, Ph.D., Manhattan, Herb Sukenik, Central Park West, Mayflower Hotel, Central Park South, MRIs, Mayflower  
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26858 clicks; posted to Main » on 02 Mar 2014 at 9:22 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-03-03 04:50:59 PM  

Debeo Summa Credo: MechaPyx: gweilo8888: Marcintosh: Leaves behind his brother Richard (Nancy) and many cousins. -

WAT?
[images.wikia.com image 550x392]

It's not that complicated. His brother Richard had a wife called Nancy.

Actually, belay that. It's not complicated at all.

Well ya never know in this day and age. It could be he had a brother called Richard who's now known as Nancy.

Debeo Summa Credo: This miserable asshole stood in the way if progress by exploiting an extraordinarily flawed law. I'm glad he had such a miserable, lonesome life.

Yeah, damn him for knowing the value of what he had and wanting fair value for it. How dare he not accept his beads and cheap whiskey.

Right. Damn him. Even if you actually believe in rent control I don't know how assholes like him don't fall into the "you're not helping" category.


He's under no obligation to be charitable or help out anyone else, let alone a rich developer who wants to move him out of his home.
 
2014-03-03 05:12:27 PM  

MechaPyx: Debeo Summa Credo: MechaPyx: gweilo8888: Marcintosh: Leaves behind his brother Richard (Nancy) and many cousins. -

WAT?
[images.wikia.com image 550x392]

It's not that complicated. His brother Richard had a wife called Nancy.

Actually, belay that. It's not complicated at all.

Well ya never know in this day and age. It could be he had a brother called Richard who's now known as Nancy.

Debeo Summa Credo: This miserable asshole stood in the way if progress by exploiting an extraordinarily flawed law. I'm glad he had such a miserable, lonesome life.

Yeah, damn him for knowing the value of what he had and wanting fair value for it. How dare he not accept his beads and cheap whiskey.

Right. Damn him. Even if you actually believe in rent control I don't know how assholes like him don't fall into the "you're not helping" category.

He's under no obligation to be charitable or help out anyone else, let alone a rich developer who wants to move him out of his home.


And in doing so he drives up the cost of development, reducing the supply of housing therefore driving up housing prices for everyone.

There was an old building in my old neighborhood on the upper east side that sat nearly vacant for years. The owner non-renewed leases on both the market rent apartments and on te businesses on the ground floor and waited/negotiated with the few remaining rent controlled tenants. The entire time that place was lost as a source of housing and business space (they were going to build a larger place with many more apts than the old building).

Now, I'm against rent control in the first place. There's no justifiable reason that the city came in and told landlords that they couldn't raise rents on the farking buildings that they owned.

But even if you are in favor of rent control, these holdouts act in direct contradiction to the primary purpose of such laws to react to housing shortages. Shouldn't there be a law that tenants can be moved if the landlord offers them enough to rent a similar apartment for life, plus moving costs and hassle fee? It's inexcusable that these douchebags can hold progress hostage like this.
 
2014-03-03 05:18:59 PM  

Debeo Summa Credo: And in doing so he drives up the cost of development, reducing the supply of housing therefore driving up housing prices for everyone.



oh please. You know what drives up the cost of development? Developers who build giant palaces in the sky for ultra rich people.

The assholes who bought this guy out aren't building "affordable" housing for regular plebes. They're building shiat only CEOs and movie stars and Saudis and wealthy Russians can afford.

I wonder how many apartments for people who make firefighter and teacher money could fit into the building now. Or any of the buildings full of gigantic apartments going for millions of dollars.

But sure, progress demands we have more giant places for rich people to live in NYC. They have so few options now.
 
2014-03-03 05:27:27 PM  

Smelly Pirate Hooker: Debeo Summa Credo: And in doing so he drives up the cost of development, reducing the supply of housing therefore driving up housing prices for everyone.


oh please. You know what drives up the cost of development? Developers who build giant palaces in the sky for ultra rich people.

The assholes who bought this guy out aren't building "affordable" housing for regular plebes. They're building shiat only CEOs and movie stars and Saudis and wealthy Russians can afford.

I wonder how many apartments for people who make firefighter and teacher money could fit into the building now. Or any of the buildings full of gigantic apartments going for millions of dollars.

But sure, progress demands we have more giant places for rich people to live in NYC. They have so few options now.


Not all new apartments are ultra high end. And due to other silly NYC tax abatement in exchange for affordability laws many apartments in new buildings are set aside as "affordable housing".

But in any case, people who move into these apartments need to vacate somewhere else, freeing those apartments up for others who are less rich, who relocate there from their places, freeing them up for others, etc etc. Supply and demand - you knock down a building with 20
apartments and put one up with 120, its going to lower prices.

Make no mistake about it, if you pay market rent, rent control farks you.
 
2014-03-03 05:35:38 PM  
All I know is that, per right-wing logic, this guy must've created a ton of jobs if he made that kind of money.

Exploiting legislation is fair game in the Bootstrap Job Creator arena, just ask the oil companies.
 
2014-03-03 06:16:35 PM  

Debeo Summa Credo: Smelly Pirate Hooker: Debeo Summa Credo: And in doing so he drives up the cost of development, reducing the supply of housing therefore driving up housing prices for everyone.


oh please. You know what drives up the cost of development? Developers who build giant palaces in the sky for ultra rich people.

The assholes who bought this guy out aren't building "affordable" housing for regular plebes. They're building shiat only CEOs and movie stars and Saudis and wealthy Russians can afford.

I wonder how many apartments for people who make firefighter and teacher money could fit into the building now. Or any of the buildings full of gigantic apartments going for millions of dollars.

But sure, progress demands we have more giant places for rich people to live in NYC. They have so few options now.

Not all new apartments are ultra high end. And due to other silly NYC tax abatement in exchange for affordability laws many apartments in new buildings are set aside as "affordable housing".

But in any case, people who move into these apartments need to vacate somewhere else, freeing those apartments up for others who are less rich, who relocate there from their places, freeing them up for others, etc etc. Supply and demand - you knock down a building with 20
apartments and put one up with 120, its going to lower prices.

Make no mistake about it, if you pay market rent, rent control farks you.


I'm betting all new apartments adjacent to Central Park are ultra high end.

I'm not a fan of rent control or stabilization or whatever the fark it's called (i live in the Dallas area). Just sayin'. This one guy isn't responsible for NYC's dearth of housing. He hit the farked up NYC real estate lottery. Why shouldn't he? Other people have. If it's that terrible, change the law.

I don't hear rich people whining about how they can't find a place to live in NYC. They might not like paying the prices, but they don't seem to have much trouble finding something. And if Manhattan has become a place only the wealthy can afford to live, oh well, I guess that's how NYC likes it. This cranky old bastard didn't create the conditions. He just benefited from them. I'm not sure why I should get all verklempt because somebody besides the rich people who buy apartments and the rich people who sell them got some money out of NYC real estate.
 
2014-03-03 07:59:32 PM  

Smelly Pirate Hooker: Debeo Summa Credo: Smelly Pirate Hooker: Debeo Summa Credo: And in doing so he drives up the cost of development, reducing the supply of housing therefore driving up housing prices for everyone.


oh please. You know what drives up the cost of development? Developers who build giant palaces in the sky for ultra rich people.

The assholes who bought this guy out aren't building "affordable" housing for regular plebes. They're building shiat only CEOs and movie stars and Saudis and wealthy Russians can afford.

I wonder how many apartments for people who make firefighter and teacher money could fit into the building now. Or any of the buildings full of gigantic apartments going for millions of dollars.

But sure, progress demands we have more giant places for rich people to live in NYC. They have so few options now.

Not all new apartments are ultra high end. And due to other silly NYC tax abatement in exchange for affordability laws many apartments in new buildings are set aside as "affordable housing".

But in any case, people who move into these apartments need to vacate somewhere else, freeing those apartments up for others who are less rich, who relocate there from their places, freeing them up for others, etc etc. Supply and demand - you knock down a building with 20
apartments and put one up with 120, its going to lower prices.

Make no mistake about it, if you pay market rent, rent control farks you.

I'm betting all new apartments adjacent to Central Park are ultra high end.

I'm not a fan of rent control or stabilization or whatever the fark it's called (i live in the Dallas area). Just sayin'. This one guy isn't responsible for NYC's dearth of housing. He hit the farked up NYC real estate lottery. Why shouldn't he? Other people have. If it's that terrible, change the law.

I don't hear rich people whining about how they can't find a place to live in NYC. They might not like paying the prices, but they don't seem to have much trouble finding something. And if Manhattan has become a place only the wealthy can afford to live, oh well, I guess that's how NYC likes it. This cranky old bastard didn't create the conditions. He just benefited from them. I'm not sure why I should get all verklempt because somebody besides the rich people who buy apartments and the rich people who sell them got some money out of NYC real estate.


Okay, fine . Lets change the law.

This guy took advantage of the system to make himself a mint. It'd be hard for anyone to resist this temptation. But his story is further evidence of the absurdity of rent control.
 
2014-03-04 12:52:41 AM  

bunner: In other news, you can oink up 17,000,000.00 for a small apartment and still make a profit off of people who want to live in an ant farm.


rare form, as usual
 
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