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JJ, you have it wrong, the report is only half the story.

Posted by Real Landlord on April 13, 2001 at 19:29:05:

In Reply to: Re: Report Says NYC Landlords Had Record Profits in 1999 posted by JJ on April 12, 2001 at 22:34:08:

The report to which you refer covers ONLY operating expenses - not capital expenses (a building's mortgage payments or other financing). For most real estate investments, mortgage expenses are by far the highest expense. They also can vary widely amongst buildings.

People will refer to reports such as this one and others as they advocate a certain percentage increase or another. What they forget is that ultimately, it is not a city agency who decides what is a fair rent. It is tenants, who take or reject an apartment, usually based on their perception of its value in relation to other apartments.

Also in any industry, high profits are good -- profits mean that others will enter the industry (build more housing) and re-invest profits (renovate and improve properties). Who would want to be landlord, with all the responsibilities and hassles it entails, if not to make a profit.

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