What thinking person will invest in real estate in a city with a reputation for hinky assessment practices? They can keep pretending that we don't know what we know, but not only do we know it, the entire region knows that assessments are out of whack here in Schenectady. I keep seeing those "I BuyHouses" signs defacing my neighborhood. Those things are a harbinger of doom.
I was talking to a nice guy who owns some property here, remember, this is one of the remaining 'good' neighborhoods. He really doesn't want the work of being a landlord any more, he can't keep the places rented to decent tenants. I've known landlords in the past who have offered rents a little on the low side to retain desirable tenants, but if you have a mortgage plus high taxes and fees to pay, you lose money doing that. A lot of small time landlords decide they don't want the extra work, that isn't anything new, the difference is, he can't unload the property without taking a major hit financially. It's really a shame. |
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