Justice for Homeowners A New York Property Rights Victory | 1-Minute Market Update w/ Martin Perdomo

Ever feel like the little guy can't catch a break when it comes to property rights? Well, hold onto your deeds, New Yorkers, because we're breaking down a groundbreaking law that's about to change the game for homeowners! This week, we're unwrapping the details of legislation that's putting squatters on notice and empowering law enforcement to protect your castle. Amidst a backdrop of fluctuating housing market data, we're cutting through the noise to bring you the lowdown on what this means for your home security and the balance of property rights in the Big Apple.

Strap in as we navigate the turbulent waters of New York's real estate ocean, where housing prices are reaching new heights and the quest for homeownership is becoming an epic saga. Don't let the market madness get you down, though; we've spotted an increase in housing inventory that could be the beacon of hope for buyers on the hunt. With an eye-opening case study from Queens and a candid discussion on the seismic shift in protecting homeowners, we're not just talking shop—we're ushering in a new era of homeowner empowerment. Forget the courtroom drama; it's time for justice to hit home, and we're here to tell you all about it.

This episode is brought to you by Premier Ridge Capital.

Sign Up for our Newsletter and get our FREE E-Book where you'll learn everything you need to know about creating financial freedom through multifamily syndication.

Visit www.premierridgecapital.com now!

This episode is brought to you by Premier Ridge Capital.
Build Generational Wealth As A Passive Investor In Multifamily Real Estate Syndication!
Visit www.premierridgecapital.com to find out more.

Transcript

Speaker 1: 0:28

A new law will now protect New York homeowners from squatters. About time let's find out in this week's real estate market update. But before that, let's take a look at this week's housing market data Fewer. People are applying for homeowners to buy houses this week, as it dropped by 1% compared to last week and it's down 15% from a year earlier. House hunting online isn't taking off, as searches for homes for sale are flat compared to last month, but way down by 17% from this same time last year. Looks like fewer people are looking to buy a house right now.

Speaker 1: 1:09

The price for buying a house just hit a new record high of $383,725. That's a bigger jump than we've seen almost all year, except for that crazy month in February. In other words, houses are more expensive than ever before. Asking prices for houses just hit a new all-time high to at $415,925. That's a bigger jump than we've seen all year, except for last September. The median monthly mortgage payment just hit a new all-time high of $2,843 at 7.1% interest rate. That means affording a house is getting tougher and tougher. Ouch, there are more houses on the market now than there were last year. Listings are up 10.2%, so you might have a better chance of finding your dream home without getting into a bidding war, and the typical days houses are on the market remain unchanged from last week, 35 days, and here's some good news for New York homeowners.

Speaker 1: 2:20

So the old law in New York gave squatter tenants rights if they stayed in a property for at least 30 days. This meant that they could only be evicted through the court system, which could be a lengthy and complicated process for homeowners. Now the newly enacted law aims to streamline the removal of squatters by law enforcement. Specifically, the law excludes squatters from tenant protections under state law. This wording will make it easier for police to intervene in squatting cases. In the past, if someone was squatting in a property for at least 30 days, they would be considered a tenant and would have to be evicted in court. The new law changes the definition of squatters and no longer affords them tenant rights.

Speaker 1: 3:06

This new law came after the recent Queens case in which homeowner Adele Andaloro was arrested after trying to change the locks in her $1 million home that had been squatted in by Brian Rodriguez. Rodriguez allegedly forced his way back into the home after Andaloro changed the locks and claimed he was a legal tenant. This is so annoying with these squatters, and then the police removed Andaloro from her own property. This case, along with others, prompted lawmakers to pass new legislation in New York to protect homeowners from squatters.

Speaker 1: 3:47

I think, new York legislators, that you saw what they're doing in Florida and you decided to get some common sense and start protecting regular working class people from these criminals that are squatting in people's houses. It is criminal to go in someone's house because it's vacant and stay there, and then the law protects them. That's absolutely insane. Good for you, new York, finally getting some common sense legislation on your books, and hopefully that's the beginning of some common sense legislation to help homeowners with their property rights. It's just the right thing to do, and this has been your weekly real estate market update. I'll see you guys next week. Peace.