In a recent meeting with the Syracuse Common Council, a local landlord shared insights into the challenges faced by property owners of working-class apartments, particularly in light of proposed legislation regarding good cause eviction. The landlord, who owns 81 units on Polk Street, emphasized the importance of understanding the unique circumstances surrounding older multifamily properties, many of which were built in the 1950s and 1960s and require ongoing maintenance and improvements.

The landlord reported that over the past year, he has rented out 41 of his apartments, highlighting a significant turnover rate that contributes to financial strain. He noted that maintaining these properties incurs substantial costs, averaging around $450 annually per apartment for capital improvements. With rising inflation affecting the prices of essential supplies and services, the landlord expressed concern that capping rental income without a corresponding cap on expenses could severely impact profitability and property values.

During the discussion, he illustrated the financial pressures by citing specific examples, such as the increased costs of materials like paint and doors, which have nearly doubled since the onset of the COVID-19 pandemic. He also mentioned the high costs associated with tenant turnover, including the need for construction dumpsters to dispose of abandoned furniture and garbage, which can add thousands of dollars to operational expenses.

The landlord argued that if good cause eviction legislation were enacted, he would consider selling his properties, as the inability to manage tenant turnover effectively would deter investment in the area. He warned that such a move could lead to out-of-state investors purchasing properties, potentially resulting in less attentive management and deteriorating conditions for tenants.

In closing, the landlord urged the council to consider the broader implications of their decisions on local property owners and the housing market, advocating for a balanced approach that recognizes the complexities of managing working-class housing. He expressed a willingness to collaborate with tenant advocates to ensure that all landlords are held accountable for maintaining their properties while also protecting the rights of tenants.