Democratic Socialists' calls to freeze rents and reject double-digit investment returns for landlords are fueling fears among some New York City property owners, who say years of rising costs and restrictive housing policies are pushing family-run businesses to the brink."It shows how flawed the system is in its entirety and how inefficient everything is here," New York landlord Jose Tur told Fox News Tuesday.Tur, whose late grandfather spent decades building the family's New York real estate business after emigrating from Cuba, said the debate over landlord profits overlooks the hardships facing many small property owners.NYC RENT BOARD DISSENTER WARNS MAMDANI-BACKED FREEZE COULD HURT AFFORDABLE HOUSING OVER TIME: 'SLOW BURN'Members of the Democratic Socialists of America gather outside of a Trump owned building during a May Day rally in New York City in 2019.(left); Gustavo Gordillo sits in-studio on "The Story With Martha MacCallum (right) (Spencer Platt/Getty Images)He recalled how his grandfather, who purchased his first apartment building in 1979, spent decades growing the family business before he was reportedly mugged at gunpoint by a tenant who had not paid rent in five years.
Tur said his grandfather suffered a stroke and died two weeks later at age 99.Fellow New York landlord Natalia Bonanno also relayed her family's struggle amid what she characterized as growing attacks from the far left: mounting operating costs that have made it increasingly difficult to keep rent-stabilized buildings financially viable.She told "America's Newsroom" that her father came to the U.S.as an immigrant with a dream.
He became the first in his family to earn a college degree and later became an engineer before deciding he wanted to own property."He started to invest also in the '70s and buying properties in Brooklyn and then passed them down to my sister and I," Bonanno recalled.Today, Bonanno said that dream is becoming increasingly difficult to sustain.She disputed clai...