MightyBigMinus t1_jcputzl wrote on March 18, 2023 at 5:09 PM

Why would they want to be that far out of the way anyway? Like what is driving them to that location? I know a food truck just moved to a restaurant around there, is it simply the cheapest rentable space in the area (by virtue of being kindof a hike from everything)?

Why not in any of the very vacant places near the grove and exchange place paths? Are the landlords refusing their business or just charging too much? And how the fuck do landlords charge too much when they have empty units.

Like as much as I hate nimby's and would rather they have lost here... why is this at the edge of the neighborhood in the first place?

BigAlOof t1_jcxz5nu wrote on March 20, 2023 at 12:47 PM

a lot of people live here though. the ‘edge’ of a neighborhood is just also a neighborhood.

[deleted] t1_jcq6ak5 wrote on March 18, 2023 at 6:27 PM

[deleted]

ffejie t1_jcqgezc wrote on March 18, 2023 at 7:37 PM

The write off is good, but it's always better to have income than no income. The issue for some of these landlords is that they control many hundreds of units sometimes, and lowering one sets the "market rate" and might end up lowering them all at next renewal.

For instance, imagine a $10K/mo spot that's vacant. But you could rent it at $8K/mo easily. You're giving up $8K x 12 every year, $96K! But if you have 5 other units renting at $10K on the same block and at renewal they'll pay market rate, you could lose $2K per month per renewal which would eat up your increased revenue. This is happening all over Manhattan especially where there's only a few landlords for a lot of the commercial space.

Meanwhile, you can write off the $120K loss with no tenant (possibly, depends on a variety of things) which might save you $40K-$60K on your taxes.

JeromePowellAdmirer OP t1_jcrceho wrote on March 18, 2023 at 11:35 PM

It's not true. You can only write off maintenance and repairs and maybe depreciation of the appliances. The key thing is you have to actively spend money on the property in order to write it off, which means it loses money on net. You can't claim a deduction for lost income.