ID: A Sophie Labelle 4 panel comic featuring Stephie in different poses, saying:
Landlords do not provide housing.
They buy and Hold more space than they need for themselves.
Then, they create a false scarcity and profit off of it.
What they’re doing is literally the opposite of providing housing.
No one should get a second home until everyone’s had their first.
The policy issue to overcome here in America is a robust pension system. Home values are obscene for a lot of reasons but one of the biggest reasons no one does anything about it is because for most non elite Americans the home they own is their most valuable asset and the growth in equity ends up becoming a significant contributor to retirement
Even with that the dream is over; the days of baby boomers buying houses and seeing explosive growth of 12-20k in 1960 to 200ish-k in 2010 or even gen x buying a house for 100k in 1995 and seeing it mature to 400k in 2020 are unsustainable. The people buying 250-400k houses now (like me) would be foolish to expect their homes to be worth millions in 30 years outside of hyperinflation.
But I bet money we will cling to it. It’s difficult having seen the past several generations retire very comfortably via the equity in their home, while we make the $2000 mortgage payment that will get us housing but not this benefit. Another way millennials get fucked out of something that every modern generation before them had. To be fair this one had to die but it just sucks all of this gets saddled on us because it’s not like there’s a strong likelihood social security is getting fixed in time
The woman I toured a few houses with last week is in her late 60s and I was telling her how frustrating it was to have lost so many houses to people offering cash deals 30k over list. She decided to tell me a long story about how she reconnected with a lost love and moved down to Florida with him. But being far from family was tough so they decided to buy a second house out here for when they travel. They got “an amazing house” by offering cash, 30k over asking. She lamented how it felt like they were taking someone’s starter home but her now-husband reassured her that whatever family they outbid just has to wait 20 years.
All I could say was, “you probably did buy a young family’s starter home. Maybe it was even mine.”
Congrats on owning two houses, I guess.
With homes i agree and with apartment buildings over 10 units it should be mandated to maintain 95% occupancy year round across ALL owned buildings. Only reason I say 95% is because there’s gonna be highs and lows so I think 5% is very fair for unoccupied space. This would also cover the in-between of someone moving out and needing to get the unit ready for another person. If a land owner can maintain that then I think it’s fair to let them continue growing and should they fail to meet the requirements then they can’t buy any more properties. I would recommend also that 1 single year of 95% doesn’t immediately qualify you for growth. A penalty of 2 years consistently having 95% must be required.
Not sure you thought through your numbers if only because 95% of 10 means you can only have half a unit unoccupied.
Corporate landlords specifically.
Single Family Houses – The 5 Biggest Buyers In America
As SFH investors and property managers we may find ourselves bidding on the same property as a major fund. You might get a call from a fund that wants to buy your portfolio. You could end up partnering with a fund as its local operator. You never know.
Phoenix was the first city that had just about all the major private equity firms investing in single family houses. Private equity helped drive prices in Phoenix up by 34% as you can read about in this Bloomberg article here. The next city that attracted just about all the major private equity firms was Atlanta GA. Other popular markets are CA, Chicago and Florida. PE firms are looking for markets that have experienced the biggest bubbles that have resulted in the biggest swings in values.
We call those non-linear markets. The goal is to hold properties as rentals and wait for a housing recovery. These funds are averaging about an 8% return on investment where most major multi-family / apartment funds return about 5 or 6%. Linear markets like Tulsa OK, Louisville KY, Indianapolis IN, Fort Worth TX, Columbus OH, and Kansas City have been some what over looked by the biggest players. However, there are plenty of funds coming into the linear markets with up to $50 million (which is considered a small fund) to spend on houses.
But a good landlord with fair prices will prevent evil landlords from price gouging tenants! /s
I mean this can happen, but nobody should have to rely on the good will of some random person. Thats one thing i learned as a kid, never trust people with money amounts of that order unless they are legally obligated to fullfill their promises. People can be super cool and nice right until they need money.
so are you advocating for zero private ownership of houses?
like what’s the policy proposal?
I do kind of like that other comment, " nobody gets a second house until everybody gets their first".
I have a house. My parents have a house. At some point they die. I now have 2 houses…?
And how do people pay for that? How would it be different from today? What stops people from buying one now that would not stop them in that case?
100% tax on the value of land is the policy proposal. It makes economic sense, would let us abolish regressive taxes on labor and sales, would incentivize more abundant housing. Seriously. This is the solution.
how?
a one-time 100% tax on the value of the land?
how does that change anything except make landowning less accessible to everyone except those born wealthy.
or is that the point, that you want nobody to own land at all?
I think I need some more context here
Sorry if I was unclear. It would happen continuously, over time. So like monthly or yearly, just like rent to a landlord.
I don’t really want to pay for a house and experience all the expenses that come with it. Owning a house involves paying out of pocket for maintenance whereas when renting, you can have the landlord take care of that for you, and it doesn’t involve paying whoever comes to fix your stuff.
Additionally, owning a house would basically anchor me to one location, which gives me less flexibility as a digital nomad.
If you value home equity then buying a house is definitely ideal. But this isn’t the case for everyone.
…oh, sorry. I forgot this is Lemmy and that you can’t have a different opinion under any circumstance. My bad!
Correct, how dare you! Landlord bad! They want something in return for providing something, how dare they!
Yes, landlord bad for invariably doing a low quality repair job repeatedly, the money they make off multi tenant units is way more than they pay for a lowest bidder service call.
That’s some low quality thinking, @Eheran@lemmy.world
You don’t need landlords for non-ownership and temporary housing solutions to exist.
The problem isn’t Lemmy, the problem is your insistence on remaining under a boot, and clear unwillingness to explore options beyond your existing and narrow (E: and indoctrinated by capitalism) view of the world.
For what its worth, they are not speaking on the same subject as you and I doubt they have even thought about material relationships in the same way you have. They just see buying vs renting and the practicalities of each, but not the implications on the relationship between renter and owner.
I doubt they see themselves as under a boot (I mean, I know I didn’t think that when I started renting) or that they are indoctrinated by capital. We all gotta start learning this shit somewhere. I mean I get it: Once you realize that the rat race is bullshit, it’s easy to get upset at others who are still running as if it is legitimate. But most of us were running at one point. When you lead people out, it’s gotta come from a softer place than “you are indoctrinated and live under a boot.”
or that they are indoctrinated by capital.
We all are, and that you think some people aren’t is something you should really consider with yourself.
And while I can agree with the first part, you’ve really got to check your privilege on the second.
I have all the time in the world for people who actually want to learn and know more, this person doesn’t strike me as being there, and I currently have better things to do with my time and emotional labour than spoon feed them information they’re not interested in hearing. I have no issue being blunt with people who need a slap in the face from reality.
If you have the free time and energy to bang your head against a brick wall, you be my guest, but you don’t get to decide how I spend mine.
It’s okay that you don’t want to own a house. Those are legitimate practical concerns that you bring up. Certainly renting comes with some conveniences, like being able to move, not having to worry about utilities, repairs etc. (although, if you have a bad landlord, you may still have to worry about that stuff)
But at the end of the day, you are still paying for someone else’s ownership of an asset and thereby increasing their wealth at the expense of your own. They are leveraging your need for shelter to increase their own personal wealth. It’s not about the pros and cons of renting vs buying. It’s about the inherently unequal material relationship between you and your landlord.
If there are alternate options for renting a place, then I’m open to hear it. As of now, though, simply walking up to someone and asking to rent their place seems like the easier and more straightforward option.
I am only speaking from experience here. I understand the situation varies from person to person. I’m not personally concerned with my own wealth. I have found apartments with comfortable monthly rent, and I have found places that don’t seem to have a fair rent that I’ve quickly moved out of. I can afford groceries and save a bit for some personal expenses. So far, I have had no negative experiences with any landlord I’ve rented from despite the rent pricing.
If it’s the idea of landlords owning places and offering them for rent that people here are bothered about, then I’m not sure I understand their perspective. I respect it nonetheless, but I suppose I am just not as frustrated as most people are with the situation
Yeah, we’re speaking on different terms here. I have also had a good overall experience renting, but that doesn’t really have anything to do with crux of the issue, which is that landlords exploit a renter’s need for shelter at their own personal gain. We rationalize this by claiming things like “well, the landlord offers a service,” but not really, because for the most part the landlord does not need to do any work, they just need to invest money, which in turn increases the value of their property, anyways. Everything they do increases their own personal wealth. That’s not to mention the concentration of wealth and power that landlords perpetuate.
This isn’t to say all landlords are bad people. We are all taught to make our money work for us, to try to achieve passive income, etc. in order to get out of the rat race. That doesn’t change the fact that the relationships that landlords and renting creates are inherently unequal and therefore wrong.
If there are alternate options for renting a place, then I’m open to hear it.
Public housing. Well funded, well run, public housing. Rip out the profit motive.
You probably have to remove all the conservatives from power first because they ideologically do not want a government that does good things.
Also probably repeal faircloth, which arbitrarily limits how much public housing there can be.
You’re not wrong, you’re just not participating in the same conversation.
Like if someone says “Hey, Disney World is an abusive and corrupt enterprise” and you reply “But I like going to Disney World and I don’t want to close it down”.
There should be a way to address the problems without abolishing the whole thing.
But if we can’t even admit the problems because we’re afraid of where it will lead, we’re never going to improve anything.
You’re right. I suppose I should just read into it more. I was just frustrated that I’ve been seeing these frequently on my homepage and felt like I had to comment
I can understand that.
There are very real problems with the rental situation in the US, even for people who prefer renting, but the news seems to only talk about the frustration of home-buyers-in-waiting constantly getting scooped by corporate investors.
There’s significant overlap in these problems, of course, but it’s not fair or productive to paint all renters as “failed home-buyers”, even if it seems like it should bolster the movement by inflating the numbers.
Owning a house involves paying out of pocket for maintenance whereas when renting, you can have the landlord take care of that for you, and it doesn’t involve paying whoever comes to fix your stuff.
Those costs are almost certainly built into your rent. It’s not free. You also risk the landlord just not fixing things.
True, although likely spread over a longer period of time and over multiple tenants. You’re not paying for the new roof after just renting a couple of years for example.
Where I live, the break-even point is about 3 years last I checked where it’s cheaper to rent assuming you could buy if you wanted to (realtor fees are a part of this since they essentially run a cartel, speaking of parasites…). That’s assuming no major maintenance needed otherwise that changes the math.
however if a pipe freezes it’s (generally) on the landlord to fix and pay for the repairs.
Really depends, either insurance fully covers it, or the resident is at fault in most jurisdictions. The landlord would only cover it if they had no current renter and they had terrible insurance. Pipes freezing is an entirely predictable and easily preventable thing outside an act of God.
If the landlord doesn’t fix things you stop paying rent. At least in countries with strong regulations (Mietminderung in Germany).
They’ll probably start eviction proceedings if you stop paying rent. They may also do other unpleasant things to make the apartment unlivable.
In the US the law is generally not cheap and not on the side of the poor.
Owning a house involves paying out of pocket for maintenance whereas when renting, you can have the landlord take care of that for you
Your rent is quite literally paying for the maintenance. You think landlords are just losing money on maintenance out of the good of their own hearts? Of course not, it’s just all bundled up and averaged out into one price with your rent.
owning a house would basically anchor me to one location, which gives me less flexibility as a digital nomad.
Cool, that’s one of many benefits of housing cooperatives. They can act similarly to a landlord in terms of you sharing the cost of repairs with the whole building, which reduces risk, and they don’t have a profit motive, since they’re non-profits, so rent is lower than with a landlord. Some even let your rent buy you equity in your unit, which you can then sell later to get some of your money back if you decide to move, much better than the for-profit landlord that will give you nothing. The only issue is, these cooperatives are repeatedly outbid by corporate landlords, which means there’s far fewer of them than would be ideal.
Additionally, I’ve seen some startups like Cohere that seem like they’ll eventually be able to give you even more flexibility, allowing you to move between units in various locations without having to sell the old one or file annoying paperwork to start a new lease, with at least somewhat cooperative ownership. (although, of course, this is a for profit company, which isn’t as ideal)
I can definitely understand wanting flexibility, but there are ways to get that which don’t involve overpaying to a for-profit landlord. I can understand not caring much about equity, but of course, that’s why non-ownership housing cooperatives exist.
But to actually make those things more widely available, you need to reduce the market power held by for-profit landlords. If they did not exist, these alternatives, primarily the cooperatives, could fill back in the gaps, but provide lower prices, better service, actual equity for those who want it, and still keep the flexibility you get from renting.
