My Dear Friends & Neighbors:
Please hear me out, don’t throw this away – I realize there are many papers arriving at your door daily nevertheless I ask PLEASE HEAR ME OUT?
Several people in this community have caused housing to skyrocket by FLIPPING real estate!! They buy houses from long time residents and flip the homes for astronomical profits. They compete with other members of the schunah for the sole purpose of flipping for a huge profit! Years ago when a friend or neighbor was looking for a house and we knew of one we were thrilled to pass on the information. Today unfortunately there are yungelight canvassing the neighborhood for available homes so they can FLIP for profits ranging from $50,000 to $380,000. Once ‘Mr. Roberts’ becomes aware of the price his new neighbor paid he will seek the same or more.
There is NO excuse for this shameful greed!
This is not like selling a container of milk for a higher price. This cannot be considered “regular business practice”.
If one merchant in the neighborhood sells an item for a higher price then there is always an option of going to another shop. The same is not true with housing. If a Lubavitcher wants to buy a house in his or her schunah there is no other schunah to shop in. Obviously not the same as the guy selling milk or potatoes.
Therefore to excuse oneself with the warped logic that it is business like any is totally unacceptable.
Some of you are reading and thinking “oye, what’s it my business” either because you already have a house or you have no intention of buying one. You are so wrong! It is your business! Yungelight are buying houses at these inflated prices because they have growing families and need a place to live. However, they can hardly make the monthly payments. Each mortgage payment becomes a huge struggle.
Eventually this filters down to many of you. The one struggling cannot pay tuition for their kinderlach. The grocer, butcher, baker etc are not getting paid so they in turn cannot pay their tuition and suppliers (many of which are from this schunah also). This financial drain and strain filters into many more areas than you can imagine. Marriages are suffering and children are not getting the attention they NEED and DESERVE! THAT IS WHY YOU CANNOT SAY “WHAT’S IT MY BUSINESS”!
Years ago Machne Israel wanted to buy three private houses behind 770. They offered between $200,000 and $300,000 to the owners – then a well known gevir with the best of intentions offered more money and the Rebbe did not allow it. The Rebbe did not want to start this trend of paying exorbitant prices for housing. Not because the Rebbe was overly frugal ch’v, the Rebbe was very realistic and practical. Now we have the so called Chassidim causing the very difficulties the Rebbe looked to avoid. The FLIPPING must stop and each one of you should shun those committing this selfish -disgraceful practice!
Ask the flippers if they have been donating some of this BLOOD MONEY to the Mosdos that are all suffering as a result of their selfishness.
Remember – the Melamdim and teachers who are with your kinderlach for many hours each day are suffering from this and their money worries detracts from their quality of teaching. If teachers get paid – their worries are eliminated and in turn this filters down and benefits the students.
The flipping problem IS YOUR BUSINESS and BUYING from FLIPPERS must be STOPPED!
My best regards,
593 Montgomery Street
Brooklyn, NY 11225