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.