{"id":48603,"date":"2025-11-22T14:57:07","date_gmt":"2025-11-22T14:57:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/48603\/"},"modified":"2025-11-22T14:57:07","modified_gmt":"2025-11-22T14:57:07","slug":"city-council-plans-to-wreck-nycs-housing-market-in-name-of-affordability","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/48603\/","title":{"rendered":"City Council plans to wreck NYC&#8217;s housing market in name of affordability"},"content":{"rendered":"<p>City Council radicals are speeding toward their goal of <a href=\"https:\/\/nypost.com\/2025\/08\/10\/opinion\/progressives-are-stopping-progress-when-it-comes-to-addressing-nycs-housing-shortage\/\" rel=\"nofollow noopener\" target=\"_blank\">destroying New York\u2019s housing market<\/a> in the name of \u201csaving\u201d it.<\/p>\n<p>Progressives want to \u201cdecommodify\u201d residential real estate by turning it into \u201csocial housing\u201d run by politically connected nonprofits.<\/p>\n<p>That is: a system much worse than <a href=\"https:\/\/nypost.com\/tag\/nycha\/\" rel=\"nofollow noopener\" target=\"_blank\">NYCHA<\/a>.<\/p>\n<p>The scheme would grant \u201cqualified\u201d insiders an effective veto on the sale of<a href=\"https:\/\/nypost.com\/2025\/09\/14\/opinion\/housing-hypocrites-cuomo-mamdani-put-politics-over-wisdom\/\" rel=\"nofollow noopener\" target=\"_blank\"> already \u201cdistressed\u201d residential buildings <\/a>by imposing a six-month \u201cright of first refusal\u201d period on owners and buyers.<\/p>\n<p>\t\t\tMore From\t\t\t\t\t\t\tPost Editorial Board<\/p>\n<p>Say you own a three-family rental property, and want to sell it: Under this \u201cCommunity Opportunity to Purchase Act,\u201d you must announce your intent to put your property up for sale at a listed price and then wait six months \u2014 subject to extensions \u2014 to see if a city-approved nonprofit outfit wants to buy it by matching that price.<\/p>\n<p>Only then can you make the building \u201cavailable for sale in the public market.\u201d<\/p>\n<p>This madness means huge headaches for sellers, and would drive investors to look anywhere else: No responsible party will put up with the hassles and delays.  <\/p>\n<p>Families who inherit property often have to sell to pay taxes and divide estates; this six-month holding period imposes obvious hardship.<\/p>\n<p>\t\t\t\t\t\t\tGet opinions and commentary from our columnists\t\t\t\t\t\t<\/p>\n<p class=\"inline-module__cta\">\n\t\t\t\t\t\t\tSubscribe to our daily Post Opinion newsletter!\t\t\t\t\t\t<\/p>\n<p>\t\t\t\t\t\tThanks for signing up!\n\t\t\t\t<\/p>\n<p>Cue the complete cratering of values of already distressed properties \u2014 which is probably the goal of the legislation in the first place.<\/p>\n<p>That is: Insane state laws already have masses of apartment buildings underwater all across town; this is a bid to force owners to sell at even more of a loss.<\/p>\n<p><a href=\"https:\/\/nypost.com\/2025\/09\/25\/us-news\/nyc-passes-new-appliance-mandate-that-critics-argue-will-make-rent-prices-soar\/\" rel=\"nofollow noopener\" target=\"_blank\">City Councilwoman Pierina Sanchez<\/a> says it\u2019ll mean \u201chousing that is socially owned by public entities.\u201d<\/p>\n<p>Except that connected insiders will control those \u201cpublic entities\u201d; tenants will be at their mercy. <\/p>\n<p>Real socialism always proves to be far more cruel than \u201cheartless capitalism.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"City Council radicals are speeding toward their goal of destroying New York\u2019s housing market in the name of&hellip;\n","protected":false},"author":2,"featured_media":48604,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[433,301,304,9,6202,56,63,65,64,305,299,1211],"class_list":{"0":"post-48603","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-affordable-housing","9":"tag-city-council","10":"tag-editorial","11":"tag-new-york","12":"tag-nonprofits","13":"tag-ny","14":"tag-nyc","15":"tag-nyc-headlines","16":"tag-nyc-news","17":"tag-nycha","18":"tag-opinion","19":"tag-socialism"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/48603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=48603"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/48603\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/48604"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=48603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=48603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=48603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}