MyFriendAlex

Your finance friend Alex 🌱 JD/MBA, dad & investor. I explain 401(k)s, investing, budgeting, wills & 529s in plain English. Education only. DYOR.

[MyFriendAlex @MyFriendAlex]

NYC Rent Freeze - but here are the facts: 👇⬇️

[MyFriendAlex @MyFriendAlex]

@MetamateDaz Great point. Life style creep.

[MyFriendAlex @MyFriendAlex]

@Average_NY_Guy Very well said. The reality is you must have inventory to solve this problem. Inventory is the answer.

[MyFriendAlex @MyFriendAlex]

You’re probably doing better thank you think! ⬇️👌

[MyFriendAlex @MyFriendAlex]

@gjm2700 @valuetainment 😁 those were, I’m sure, the days!

[MyFriendAlex @MyFriendAlex]

Most millionaires didn’t get there overnight.
Many built wealth over decades through consistent saving, investing, and letting compound growth do the heavy lifting.

This Sunday, don’t worry about being perfect.

Just be a little better than you were last week.

Your future self will thank you.

— MyFriendAlex

[MyFriendAlex @MyFriendAlex]

Landlords who own non rent-stabilized apartments are actually going to win in this- they will have more competition for their units and can be more selective and will increase prices.

The landlords who own rent-stabilized buildings will be worse off at this time. But it may be an opportune time to buy a building at a discount.

[MyFriendAlex @MyFriendAlex]

@amkorchak That’s right! NYC has had one-year rent freezes before (2015, 2016, and 2020), but never a two-year freeze. This is also the first time consecutive one- and two-year lease renewals have both been frozen at 0%.

[MyFriendAlex @MyFriendAlex]

The two-year rent freeze isn’t great news for landlords with rent-stabilized units, but it’s also not unprecedented. Rent freezes have happened before.

For landlords with market-rate (non-rent-stabilized) apartments, the dynamic is different. As rent-stabilized units become harder to find, demand for market-rate apartments may increase. That can lead to higher rents, more applicants, and greater flexibility in choosing tenants.

[MyFriendAlex @MyFriendAlex]

It’s not just the pay check…

[MyFriendAlex @MyFriendAlex]

Absolutely right, Jay! This vote relied on some incomplete cost data and may differ procedurally from prior freezes.

The board did have access to:

-the Income & Expense Study,
-the PIOC,
-the Income & Affordability Study,
and the Housing Supply Report.

I don’t think the board would have voted differently though - 6 out of 9 were appointed by the current mayor

[MyFriendAlex @MyFriendAlex]

@Kalshi After spiking 40% in only a few years, while rates are at nearly 7%, a seller concession makes sense…

[MyFriendAlex @MyFriendAlex]

@RKLBMan @KobeissiLetter But they do

[MyFriendAlex @MyFriendAlex]

I agree, rent freeze does not actually benefit tenants, nor the landlords of rent-stabilized units.

The two-year rent freeze isn’t great news for landlords with rent-stabilized units, but it’s also not unprecedented. Rent freezes have happened before. For landlords with market-rate (non-rent-stabilized) apartments, the dynamic is different. As rent-stabilized units become harder to find, demand for market-rate apartments may increase. That can lead to higher rents, more applicants, and greater flexibility in choosing tenants.

https://t.co/0fOXp3DaSw

[MyFriendAlex @MyFriendAlex]

The two-year rent freeze isn’t great news for landlords with rent-stabilized units, but it’s also not unprecedented. Rent freezes have happened before.

For landlords with market-rate (non-rent-stabilized) apartments, the dynamic is different. As rent-stabilized units become harder to find, demand for market-rate apartments may increase. That can lead to higher rents, more applicants, and greater flexibility in choosing tenants.

[MyFriendAlex @MyFriendAlex]

NYC Rent Freeze - but here are the facts: 👇⬇️

[MyFriendAlex @MyFriendAlex]

@money_cruncher Very great point! Emergency funds are vital!

[MyFriendAlex @MyFriendAlex]

What does your 100k look like? 👇⬇️

[MyFriendAlex @MyFriendAlex]

@ruggiere_l That’s true. The rates and record prices relative to wages still make even fixer uppers out of reach for many.

[MyFriendAlex @MyFriendAlex]

@robataol Thanks a very valid point Rob! Thanks for sharing

[MyFriendAlex @MyFriendAlex]

@CoachDawg34 @valuetainment That's definitely part of the equation. Mortgage payment is not locked like many think. To your point, escrow will have property tax and insurance that tend to go up.

[MyFriendAlex @MyFriendAlex]

@elonmusk How to solve for cosmic rays (radiation) and gravity (bone density)? Do we dig a cave on Mars?

[MyFriendAlex @MyFriendAlex]

@WestHarlm

[MyFriendAlex @MyFriendAlex]

@WestHarlm Thanks for sharing!