LISTEN TO THE FULL EPISODE HERE:
https://www.buzzsprout.com/1150451/13569279
Navigating the unpredictable landscape of New York City’s real estate market can be daunting. But in the latest podcast episode with Humberto Lopes, an accomplished developer, he shares insights on how policies, taxes, and issues such as homelessness and migration are reshaping the city’s real estate landscape.
Lopes candidly discusses the challenges and opportunities that come with investing in the vibrant city of New York. A major aspect he focuses on is the new laws and increased property taxes impacting the real estate market. The understanding of who inhabits your assets and their potential impacts on property values is a critical aspect he emphasizes for investors. Changes in policy and market dynamics can directly affect an investor’s bottom line. It is essential to equip oneself with knowledge to navigate these potentially rocky waters.
Another significant issue in New York City is the growing homelessness crisis, which Lopes contrasts with the situation in Los Angeles. He underscores the value of adaptability, diligence, and foresight in real estate investment across these two major cities.
The episode starts with Lopes sharing his observations on recent real estate trends in New York City. He discusses the changes in certain neighborhoods that are becoming homeless shelters and the increasing issues of homelessness and migration. He also shares his experiences from his recent trip to California and draws a comparison between the two cities, both facing a significant homelessness problem.
Lopes also delves into the implications of the city government taking over hotels and converting them into homeless shelters without consulting the community board. He discusses the potential for devaluation of assets and increased risk for investors, highlighting the importance of knowing who is living in your asset and its impact on property value.
Furthermore, Lopes discusses the impact of new laws introduced in 2019 on the multiple dwelling business. He explains how the state has taken control of buildings, preventing owners from raising the rent after a tenant moves out, and the increase in property taxes, making it difficult to keep up with the marketplace.
Towards the end, Lopes elaborates on the changing landscape of New York, focusing on the influx of immigrants and the laws restricting business owners from hiring them without a tax ID number. He also discusses how the city’s mayor and governor have taken over hotels and turned them into housing for migrants, creating a trickle-down effect that can disrupt the local economy.
This insightful episode with Humberto Lopes is a must-listen for anyone interested in real estate investing, particularly in the dynamic and ever-evolving market of New York City. It offers valuable insights into navigating the challenges and leveraging the opportunities that this vibrant city presents.
