Question for NYC Multifamily RE investors
[{"id": "ehq5qg1", "text": "If a tenant is stabilized you cannot just kick them out on the street because it went condo. That would be both illegal and unethical. I would like to remind those of us engaged in real estate that choosing a business model that can upend, harm, or ruin people's lives simply for our own profit is not an honest business model. Our business is not a winner-take-all. We create value to ourselves, our investors, and other stakeholders through maximizing undervalued assets, not through destroying lives. Those units are usually held by a sponsor and continued to be rented out to the stabilized tenant. Only once the tenant moves out by their own choice then the sponsor can make improvements and sell them.\n\n&amp;#x200B;\n\nIn addition, a building that has stabilized tenants do not make good condo conversions simply because the design of the building, layouts, unit size, limited amenities, etc are challenging to convert to a modern condo buyer's expectations. ", "replies": [], "depth": 1}]