Brooklyn's Crackdown on Illegal Conversions

By
Real Estate Agent

Last year, I attended a town hall meeting designed to showcase political candidates running for office...90% of the questions being asked related to what the politicians were going to do about illegal conversions.

I was excited!

New at politics, but as a Realtor...I could really get into this discussion.

You see, in Brooklyn, certain neighborhoods are getting well over a million dollars for tiny two families that will collect 6 rents and residents are just fed up with the strain on the resources and all of the other ill effects it has on the community.

While I couldn't help but sit back, listen and agree...I also could only think how upset these same people were  going to be when they look to sell; their neighbors getting 1.4 million back in the good old days where people turned a blind eye to illegal conversions and how they will only get a fraction of that price because the new owners will be limited in the income potential of the property.

That's right...Brooklyn better brace for a price plummet.

Good or bad.

Right or wrong.

Watch what you wish for comes to mind.

 

http://homereporter.com/nabe-to-host-town-hall-meeting-on-illegal-conversions/

 

 

Comments (2)

Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Janine, the neighborhood loses in a situation like this especially with overcrowding and parking issues.  I would not participate in the sale of such a property. 

Love the politics, and it is a good way to know first hand what direction a community is going concerning future trends on building codes and enforcement by attending the meetings firsthand, Janine.  Well done!

Feb 19, 2015 08:54 PM
Raymond E. Camp
Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

Good morning Janine,

Rochester just had a parking curfew so they could plow the side streets in a similar situation to the dismay of the renters.

Make yourself a great day.

Feb 19, 2015 09:22 PM