Comments
stephenclarkg t1_ix9230m wrote
They are scummy but this article is all bullshit. The ordinance expired 2 months after the state of emergency. Literally says so in the law linked to in the article.
nick_nuz t1_ixai6ne wrote
Agreed. I’m so confused by the point of the article. The NJ eviction Moratorium ended almost a year ago, even with Newarks exec order (extra 2 months), it’s long gone.
Maybe and unpopular opinion, but I’m conflicted. On one hand, it’s the pavilion apartments with a property manager, so I have less sympathy towards corporate structures. They have more flexibility with bulk write offs, and touting their chest in legal battles.
On the other, private landlords are getting squeezed too, and this precedent or behavior can be be parasitic leading to a worse housing issue in Newark.
People can argue “who cares about them” or “all landlords are scumbags” but then try buying in Newark, it’s near impossible. Outside of sale prices, Essex county property taxes are still insanity. Newarks inflation and cost of living is still high to the point where outside of existing properties or renting, it’s at a point where the lifestyle doesn’t equate to the cost of living.
Years ago (pre Covid around 2017-2019) I was considering an investment property in Newark (like a 2 family where I can live in one and rent another unit out or just rent both out). I wanted to be apart of Newarks revitalization and be a proud owner and maintain the property to help. I searched over a year, countless open houses and the math never mathed. The risk reward was awful. In most scenarios, these homes were unprofitable and literally the only way to make money was to be a slumlord (rent out every component of the home separately and not maintain it). To which I was like “why would I ever do that to a tenant or my own property? That’s just stupid”. Ultimately I gave up. Newark’s housing isn’t the only frustrating aspect; it’s their constant battle for fairness done poorly where these scenarios occur that ends up screwing everyone over making it a net loss for everyone involved.
A city’s policy setting can direct dictate the relationship between both developers and private LL’s relationship with tenants and unfortunately, Newark is in this limbo where it’s difficult and frustrating for all.
Rainbowrobb t1_ixb4y6o wrote
Private landlords are typically not subject to rent control ordinances in NJ. There is a minimum number of 4 units and to be over 30years old to be subject to Newark's.
nick_nuz t1_ixd8ta7 wrote
But they did on the eviction moratorium, right? Also doesn’t Newark have the “allowable increase to not exceed 4% within a 12 month period” stipulation for all situations? (I could be wrong on this)
sutisuc OP t1_ixenywo wrote
Nah the guy you replied to is right. Building has to be four units or more and all buildings must be at least 30 years old to qualify for rent control.
nick_nuz t1_ixeonel wrote
Got it, thanks for the clarification! But the eviction moratorium obviously impacted EVERYONE right (both at the federal and the local Newark level), correct?
(Edited: also, how does this play into the article posted? Isnt the city wide freeze over? And the big question here is: Because the freeze was over a 12 month period, wouldn’t multiple raises be allowed even with rent stabilized ordnances? Thats the part I dont fully understand when reading the article)
The reason I mention this is if you look at MLS sale records and the RE market today in newark…with Principal & Interest + escrow payments, renting in every scenario is cheaper. Thats why i mention policy is critical because without private or local landlords having a decent chunk in the market…developers take over.
Again, I totally understand its a sensitive issue and judging by some of the “eff landlords” comments….I get it. But the alternative is what? Developers touting their chest, Newark losing tax revenue and then absolutely zero net gain in equity for residents….its kind of a mess.
Echos_myron123 t1_ixb6s9j wrote
The landlords and developers have arrived to respond.
manurup t1_ixbczbm wrote
Exactly why is there rent freeze when inflation is above 7%.
Echos_myron123 t1_ixf1rk9 wrote
High inflation is the perfect time for a rent freeze that will protect tenants.
Nwk_NJ t1_ix8zgf9 wrote
Why is there a rent freeze?
Echos_myron123 t1_ix8vw5k wrote
These landlords are the absolute scum of the earth and the city won't do much because all of their campaigns from the mayor down are funded by the same landlords they are supposed to be regulating.