ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

As Working Americans Struggle to Pay Rent, Squatters Remain a Challenge for Landlords

The prevalence of squatters exploiting legal protections to live rent-free in New York City constitutes a pressing issue demanding immediate
PUBLISHED APR 8, 2024
Cover Image Source: Squatter exploitation on the rise amid housing crisis (representative image) | Unsplash | Tierra Mallorca
Cover Image Source: Squatter exploitation on the rise amid housing crisis (representative image) | Unsplash | Tierra Mallorca

Although rent continues to surge across major American cities, and young professionals struggle to find affordable accommodation, squatters taking advantage of existing laws to live rent-free are causing anguish and financial strain for property owners in New York. This issue has prompted calls for urgent action to address the legal loopholes that enable such behavior, per CBS News.

A
A "For Sale" property | Getty Images | Photo by Tim Boyle

Instances of squatters exploiting legal protections to remain in properties without paying rent have become increasingly common. Property owners like Hong Chen who found themselves embroiled in lengthy and costly eviction battles, illustrate the dire consequences of this phenomenon. Chen lamented, "My tenants only pay me one month's rent, and they know the game. They know after 30 days you cannot evict them." Such situations often force property owners to bear substantial financial burdens, as exemplified by Susan Mascara, who drained her savings to maintain a property in Bayside inherited from her mother, only to face mounting debts and financial distress.

The tactics employed by squatters exacerbate the hardships faced by property owners such as Susan Mascara, who recounted how squatters deliberately sabotaged her property, leading to fines and legal repercussions. "They turned off the hot water and then reported that they had no hot water. It's a $250 fine per day, up to $15,000 punishable by five years in jail," she explained.

Pexels | Steve Johnson
Pexels | Steve Johnson

John Sochran, another affected property owner, expressed the financial strain of supporting a property without rental income. "I'm not getting any rent and I'm paying the gas and electric every month," he disclosed, highlighting the precarious financial situation faced by many due to the actions of squatters. These distressing accounts are echoed by numerous property owners who have sought assistance from City Council Member Vickie Paladino, desperate for relief from the burdens imposed by squatters.

Paladino, recognizing the urgency of the situation, advocates for legislative reform to address the root causes of squatter exploitation. She proposes extending the duration required for individuals to claim squatters' rights from 30 days to 180 days. "They own the property and they have no rights. Squatter rights, oxymoron. Squatters have no rights," asserts Paladino, emphasizing the need to prioritize the rights of property owners over those who exploit legal loopholes.

Homes  in Los Angeles | Mario Tama | Getty Images
Homes in Los Angeles | Mario Tama | Getty Images

The impact of squatters extends beyond financial ramifications, as evidenced by the distress experienced by communities affected by their presence. One neighbor in Whitestone described feeling terrorized by the behavior of squatters who occupied a nearby property, engaging in disruptive and alarming activities. "7:30 in the morning there'd be people on the front lawn drinking beer, smoking pot," she recounted, highlighting broader societal issues caused by squatters.

Importantly, the issue of squatters transcends geographical boundaries, affecting various demographics across New York City. From apartment owners to retirees reliant on investment income, the threat posed by squatters looms large, exacerbating existing challenges faced by property owners. By addressing legal loopholes and prioritizing the rights of property owners, policymakers can mitigate the impact of squatter exploitation, safeguarding the well-being of communities across the city.

MORE ON MARKET REALIST
Several major companies have pointed to AI as the major factor behind their workforce reductions.
14 hours ago
Reports estimate workers will soon push back against losing their jobs to AI.
1 day ago
The contestant came close to winning it all, but her mistake came right at the very end.
1 day ago
The retailer has often brought back items after a long gap, and the strategy usually always works.
1 day ago
From a sales perspective, Walmart has been on top for several years thanks to high revenue.
1 day ago
He believes that only the global elite will benefit from AI's growth on almost every single front.
1 day ago
He claimed that traditional ingredients had been replaced with cheap substitutes.
1 day ago
"So, they will always point the finger at the president and say it's his fault and not take the blame," they said.
1 day ago
"All it took was a president willing to impose tariffs, willing to present manufacturers with the appropriate economic incentives," they said.
1 day ago
The contestant was feeling good about his chances but ended up with nothing.
2 days ago
Several large-scale projects will be undertaken as part of the deal.
2 days ago
Stuart Russel says companies are playing Russian Roulette with humans, and governments should step in.
2 days ago
Healthcare providers cited rising costs and denied reimbursements as the reason for the shortfalls.
2 days ago
The affected products have been recalled as the FDA conducts a full-scale investigation.
2 days ago
The customer had to fight for the product that she was willing to purchase.
2 days ago
“It’s, I think, the worst paper I’ve ever seen in the history of the Federal Reserve system," Hassett stated.
2 days ago
The case is notable as it shifts focus from content responsibility, protected under Section 230 of the Communications Decency Act.
2 days ago
Vance has had varied opinions about the technology in the last year, some good and some bad.
3 days ago
The studio audience loved the segment as they cheered the two on whole-heartedly.
3 days ago
While Warsh compared the current situation with the internet boom, economists differ on the opinion.
3 days ago