It is funny, the biggest thief calls “Hold the thieves”, as usual

NYC declared that it would fight against deed theft that mostly affects older lonely people and “people of color”. The state legislature passed legislation, sponsored by state Senator Brian Kavanaugh and Assembly member Helene Weinstein, that will prevent theft and allow New Yorkers stay in their homes, when there is a red flag of theft.

This legislation is actually preventing smaller players on the market to get advantage of the crazy laws in the city, but it is a good protection for the biggest thieves, that are actually the biggest landlords and biggest investors that are getting good protection against any other competition that could have happened on the market.

And is attempt to be stopped the scenario “Jamaica” from the popular movie “Jamaica”. The setting of the movie happens in South Africa where the black community decides to take control over the buildings of the biggest landlords, and forms their management that collects less maintenance and rent than the landlords, and this way oust the landlords from owning their buildings.

With the rising prices of the rent and the maintenance of the apartments, that goes more than $5000 a month for an apartment in NYC, it becomes really burden for the older citizens to maintain their properties and they become literally victims of theft by the maintenance companies, who can file for foreclosure for not paying the maintenance fees. This theft is called legal according to the authorities but actually it is racketeering, extortion and you tell me what else crime with the real names.

At the end a group of owners or in the case of the movie “Jamaica” tenants, organized their own group to fight the biggest companies and landlords, taking control over the buildings and providing reasonable prices that people can afford. The movie is based on real events that happened in South Africa after the Apartheid.

The new legislation in NYC in that sense can stop only the smaller from stealing from the bigger thief. People are getting poorer in the city, prices are going exponentially high and people can’t afford to live in the city. That is where the monopolists landlords take advantage over the smaller owners. They are just increasing the burdens on the owners to the moment they took possession of the property by racketeering.

It was very clear tendency after the banking crisis from 2008 that ended with real estate crisis. Then the collapsed banks had thousands of mortgages. These mortgages had been insured by the government and the biggest owners of the banks got their money back. But the mortgage never dies as nicely say the attorneys, who took advantage of the failed banks and abandoned mortgages, that nobody owns and nobody knows the owner anymore after the collapse of thousand of banks. Nobody actually knew the assets of these banks. Some of them owned trillions worth of properties.

Here came the attorneys and the biggest landlords. They just appeared and pretended to represent the failed banks. Who can say that an attorney doesn’t represent a bank? Even in court nobody will ask an attorney who signed him authorization papers to represent a failed bank. Because nobody actually knows who had the authority to sign for that bank on the first place. Most of the banks had thousands of employees with signing power, and their lists were not public information.

So these attorneys go to the court and for the price of 2000 dollars, that is the price to file a foreclosure, files a foreclosure against a property of non existing any more bank and this way steals the property. He is not usually a solo player. He acts for a mafia group of big landlords, big real estate companies, like Douglas Elliman or Corcoran, or you name it. They are the people who rent and sell these properties further, and nobody could check what is their authorization to do so, when they have big names in the industry that nobody challenges. They put their lock on the door and start operating an abandoned property on their own. The bank is not existing any more and nobody will challenge them. Only the person who bought the property with the mortgage, and couldn’t pay that mortgage and also had no one to pay to any more after the collapse of the bank.

With the collapse of new banks and the biggest mortgagee on the market in NYC First Republic Bank the scenario will happen again. That is what the legislation is worried about.

?First Republic Bank operated the mortgages paid with money from the city of New York, which was paying the down payment and the closing costs of the mortgagors (the people who borrowed the money), that could actually goes to up to $500,000 of the price of the property in city money. Clear theft of city money by bankers, investors and other monopolists. For the price of $2000 foreclosure filed, the big players will get $500000 from the city budget. As economist I couldn’t have thought it better. The collapse of new banks could trigger new wave of theft of properties. The people will continue to stay in their properties after the collapse of their mortgagee, while the biggest players will try to take these properties from them. The people will no longer be able to pay their mortgages with the rising prices, but there won’t be anyone to pay to either.?Sooner or later will appear a bigger landlord “investor” who will try to steal it by fake foreclosure and fake eviction.

This game could not have been done without corrupt judges, and corrupt prosecutors, who are part of the game. That is how the new legislation is stopping only some small players from entering the game of the big ones. They don’t stop the big real estate companies, attorneys and judges to steal the properties as they have done successfully even before the collapse from 2008.

It is the same as the retail theft that the city now started to experience in big amount and the district attorney is worried about. The city started to follow the small thieves but who can stop big chains like Walmart and others from stealing from their customers. They are rising every day their prices and there is nobody to stop them.

Why the bread of 450 g is 7 dollars in NYC? Just calculate how much bread people can afford with their 20 dollars an hour salary or 250 dollars food stamps a month. And this is a question for the mayor to answer: why nobody is controlling the rising prices of the rent and the products. Even the affordable housing declared they would rise the prices with 7 to 14 percent next year. It is outrageous. Just calculate how much food people can afford with the 250 dollars.

Stop preventing crimes that you create the conditions to happen. Like the chasing of the thieves of laundry machines and fridges in Brooklyn. Spending much more police resources and tax money to prosecute a person who stole bread from the store, rather than give people more money for food stamps. Give these people bread and laundry machines to take care of their families and provide decent conditions of living. This city is not only for the elite of 1%. It can’t function normally without the millions that provide the services for the elite.

And at the end start to follow the real criminals. Why schemes of fraud are never investigated against judges and prosecutors and other fraudsters involved in the real estate theft. I reported many times theft committed with the participation of these groups. Nobody ever investigated. "Crimes are not committed", was the response of the AG office that now boasts with the new legislation. At the best case against them is organized a civil lawsuit, but against a small group of black people were organized noisy criminal charges for deed theft. That is who is targeting the black people and poor people, this legislation is not protecting them, it is targeting them.

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