Monday, October 06, 2008

Comeuppance

Oh I've been waiting for years to read this article. It appears that the predatory landlords who have been buying up rental buildings can't pay the mortgages. Their efforts to clear out rent regulated tenants were not enough to make a profit. The speculation that went into these deals was so ridiculous, it was only a matter of time. If you could see the smile on my face it is THIS BIIIIIIIIIIIIIIIIIIG.

As we watch our retirement savings go down the drain, this is the best news I've had all week. Let's toast to it!

8 comments:

esquared said...

Yay! I'll toast to this. Then again, I'll pretty much toast to anything with you.

Be said...
This comment has been removed by the author.
Be said...

While I share your glee in the failure of predatory owners, you really are being an ignorant to think this is a good thing. This will lead to increased suffering for the tenants of these buildings in cutbacks in maintainance and services. Buildings are going to be neglected and safety will be compromised. The predatory owners will still be able to live comfortably in there nice houses in Great Neck, and Woodmere. Is this something you want to toast to?

Anonymous said...

great neck and woodmere,
why those sound like Jewish areas.
and I know nothing about Long Island.
I'll toast to that.

NYC taxi photo said...

cheers!

NYC taxi photo said...

Dear be said:

maintenance? oh, that's what you get with high rents, I'll take no maintenance with low rents any day. besides, if the owner can't afford the property, they'll sell it to somebody more responsible who can.

Jill said...

We've lived for so many years with no actual landlord (ie in receivership), landlords who don't do a thing, landlords who don't answer the phone and our current predatory landlord who changes the hallway floors every 6 months for no apparent reason but doesn't have a physical address or an emergency phone number. Through bad times and worse, there are no services from any of these people, no matter what.

Jill said...

And "Be" after clicking on your profile it looks like you are involved in real estate somehow, posting an apartment for sale, so really...