City Council plans to wreck NYC’s housing market – Latest News
City Council radicals are dashing towards their purpose of destroying New York’s housing market within the title of “saving” it.
Progressives need to “decommodify” residential real estate by turning it into “social housing” run by politically linked nonprofits.
That is: a system a lot worse than NYCHA.
The scheme would grant “qualified” insiders an efficient veto on the sale of already “distressed” residential buildings by imposing a six-month “right of first refusal” period on homeowners and patrons.
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Say you own a three-family rental property, and wish to sell it: Under this “Community Opportunity to Purchase Act,” you have to announce your intent to put your property up for sale at a listed price after which wait six months — subject to extensions — to see if a city-approved nonprofit outfit needs to buy it by matching that price.
Only then are you able to make the building “available for sale in the public market.”
This insanity means big complications for sellers, and would drive buyers to look wherever else: No accountable celebration will put up with the hassles and delays.
Families who inherit property typically have to sell to pay taxes and divide estates; this six-month holding period imposes apparent hardship.
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Cue the entire cratering of values of already distressed properties — which might be the purpose of the laws within the first place.
That is: Insane state legal guidelines have already got plenty of house buildings underwater all throughout city; that is a bid to pressure homeowners to sell at even more of a loss.
City Councilwoman Pierina Sanchez says it’ll imply “housing that is socially owned by public entities.”
Except that linked insiders will control these “public entities”; tenants might be at their mercy.
Real socialism at all times proves to be far more merciless than “heartless capitalism.”
