NY State Mobile Park Rent Control

Looking at a park in NY State. I have single family rentals and some of the rules are crazy. Now I just read up on the MHP rules in NYS. I can say without reservation then laws for MHP are a lot worse compared to brick and mortar rentals. The rent cap of 3 percent is very low (6 percent with exceptions). The lot rents can be $400 and an increase of 3 percent would equate to $12. A park of 40 units would equate to $480 per year increase. How is this possible during periods of inflation? It appears you are better served by parks that are empty instead of a park who has rents under market. Any feedback from NYS park owners?

I put a comment in on another thread where everyone is bailing on NY MHP’s and my 2 cents was towards the taxes involved. Obviously there’s more political issues driving this as you’ve noted here… none of it adds up to make NY a very friendly place to invest in MHP or most likely any CRE due to taxes and regulations.

I work with one of the largest syndications where you can get MHP ownership and the losses on the books for bonus depreciation without concern of recapture like most operators. Love to connect to discuss further if you’re interested drop me a line. 843-568-4057, thanks. Ryan