03-16-18 The judge said “you should build an app”
Yale Fox lives in NYC and has been burned many times through the years renting apartments. One of his landlords was Steven Croman who is in prison for 20 felonies committed against his tenants. Another apartment resulted in his dog getting sick from toxic mold.
He took the owner to court on the toxic mold and as part of his case he made a chart to show how bad his landlord was compared to other landlords in NYC based on data released by the City on building inspections. The judge apparently laughed as he literally told him he should build an app.
So he did...
Since 2013 his project has progressed from a look-up style site to a full listings site and now a Chrome browser extension where you can see a buildings grade (A-C & F) . The beauty of the browser plugin is regardless of whether you are on his Rentlogic.com site or StreetEasy, Craigslist, Zillow, or a local brokers site you can see the grade.
The ratings system isn't totally without its issues and this is very local to NYC but an interesting concept none-the-less. Building owners with higher ratings will be able to charge more and those with lower ratings potentially have motivation to improve as a way of growing their valuation through increasing the rent over time.
Though not Fox's intention, this would be an interesting tool for investors as well to easily spot targets for buildings in need of stabilization.
What do you think? An idea that could catch on at a bigger scale or something that really would only work in NYC with its particular brand of density?
Want to buy a building in NYC? I can help you get that funded too...there's only a few states where I don't have lending sources due to regulation. Let your friends out of state know that "you've got a guy" and have them drop me an email at email@example.com