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Re: Senator Bruno's reply to my letter urging the continuation of rent stabilization with no weakening amendments

Posted by TenantNet on March 24, 1997 at 16:06:35:

In Reply to: Senator Bruno's reply to my letter urging the continuation of rent stabilization with no weakening amendments posted by Meada on March 24, 1997 at 15:40:24:

: I (Meada) wondered what you thought Senator Bruno was
: really saying. Do you think he means that about
: senior citizens, the disabled and lowest-income
: residents? Or might the plan be to let them go this
: time and get after them next time? Somewhere I saw a
: letter on Tenantnet in which the writer opined that
: landlords like some form of rent regulation because
: it gives them guaranteed income.

That letter was probably from us, and we probably didn't flesh out
the notion completely. Of course many owners would like the complete
abolition of anything restricting their business. But if you're going
to have some regulation, they probably want it on their terms. The
smart landlords realize that many landlords (even many big ones),
operate in a high risk market with speculative ups and downs, and
many rational businesspeople (who ever said landlords were rational?)
prefer certainty over short-term gains. WHo in their right mind that
operates a business would not want a guaranteed return, year after year,
even in the bad times to cover weak cash flow. To many businesses, the
measure of success is cash flow and not percentage of return. Rent
Regulation, albeit onerous in the eyes of landlords, provides that
certaintly with a guaranteed income stream (all other things equal).



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