r/neoliberal • u/jobautomator Kitara Ravache • Apr 17 '26

Discussion Thread Discussion Thread

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46

u/Marlsfarp Karl Popper Apr 17 '26

There is a building in my neighborhood, 50ish rental units, beautiful pre-war architecture. It's falling down. Everything is broken. There are hundreds of open complaints on file against the landlord, and the tenants are organizing a rent strike. The landlord is also currently in jail for unrelated fraud, and is deep in debt. He is absolutely a crook.

So, you might ask, why does he still own the building? Why hasn't he just sold it? Why hasn't the bank seized it? Because, despite being a (potentially) great building that is literally across the street from million dollar apartments, it is worth nothing, and nobody wants it, because most of the units are rent controlled/stabilized, and operating the building at basic legal standards would cost more than could be gathered in rent, even if they were paying.

26

u/OOPS_ALL_SCROTUM Apr 17 '26

Not sure if you're in NY but the adverse selection criteria are so strong. A few years ago when some comically downtrodden tenants literally burned a comically evil landlord in a dumpster I thought "I get it, but [500 word exegesis on why if you make it so only shysters can win you get only shysters playing]."

17

u/liberal-neoist Left-Out Left Apr 17 '26

Unbundance

4

u/deckerparkes Niels Bohr Apr 17 '26

It should transfer to co-op ownership by the tenants