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No Tears for Landlord Couple

March 22, 1994

Subject: the March 8 article by H.G. Reza, "Some Apartment Owners on Shaky Financial Ground."

Really, my heart bleeds for Sally and Jack Nissenbaum for their apartment problems. Reza should have done his homework. I would like to be in the same place as these "unfortunate" landlords.

With 50 units at approximately $600 per unit, their return is $30,000 per month. With a mortgage of $12,000 per month, not a bad return.

They bought the place in 1979. So tell me, with all the profit they have made since 1979, why should I bleed?

Don't get me wrong, I do not like to see anyone suffer. However, there are individuals that have never had that kind of an income, or will ever have it. A payday-to-payday existence for most.

For 15 years the Nissenbaums have had a very nice, secure return on their units. Nothing is forever.



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