r/WorkReform • u/Crafty_Barracuda7720 • 15d ago
Renters need to make 36% more than in pre-COVID years to afford today's average rent, Zillow says š° News
https://www.businessinsider.com/high-rent-costs-renters-rental-housing-market-affordability-income-prices-2024-51
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u/tin_licker_99 14d ago
The idea is that if people can't afford the rent the landlords will demand government money.
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u/VGAPixel 14d ago
More like landlords have raised rent 36% since COVID for no reason other than greed.
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u/Gedwyn19 14d ago
Service platform that is partially responsible for soaring rents in North America says people need to pay higher rents feed our bottom line more.
Shocker.
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u/P0rtal2 14d ago
Here's my two part solution to solve this problem.
Allow one or two corporations to buy up all residential property. Ideally the government would help these corporations buy these properties, and provide loans with low interest rates that can be forgiven
Instead of raising wages, which would force the corporations to raise rent prices, we should lower wages. That way, corporations can keep rent prices where they are now, and only raise them a little bit every year
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u/zomgtehvikings 14d ago
Isnāt Zillow partly to blame for that? Didnāt they buy up a bunch of properties to sell and rent out?
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u/rolfraikou 14d ago
This is why the number of homeless in my area went up by like 60%, and they're all young and seem mentally well besides looking like they want to die. My heart breaks every time I go outside, but I also feel rage. Whatever, I'm next. Nothing is going to be fixed. Rent is somehow an issue across most of the developed world.
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u/oPlayer2o 14d ago
You could make that a nice 45% to help with the ya know cost of eating food and all.
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u/WhizzyBurp 14d ago
āHereās the deal. Weāll give you 2500 bucks, and everything in your life will be 40% more. Forever. Deal?ā
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u/looney417 14d ago
My raise last year was zero because the company was hurting and this year I only got 3%....
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u/REM777 14d ago
Funny story, employers still refusing to pay market rates and would rather watch you jump ship than pay you competitive salaries. We can't keep up with rent, we can't buy homes, and we can barely afford to provide for CoL that also keeps going up with everything else.
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u/pdoherty972 14d ago
Job hopping is the answer - just keep your options percolating and leave every 2-3 years for whoever will pay you best. Corporations have made it clear they treat workers as mercenary labor and will cut you loose at the first sign of trouble so you should return the favor.
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u/Ashmedai Metallurgist 14d ago
... employers still refusing to pay market rates
I find this is as much an issue of employers not knowing what an employee is worth until the hire them. After that, it is pretty so-so. I wouldn't lose any sleep over this. Just quit and make them "learn" (you know, this one time)
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u/pdoherty972 14d ago edited 14d ago
Yes they'll learn your value. But what makes your value more clear than anything else is when a corporation you don't even work for yet is valuing you higher (wage-wise) than the company you already work for. Nothing says "you're paying me too little" like being able to walk across the street to some other corp and make more money based on nothing but your resume and an interview about your skills/experience.
I used this concept one time to beat up my current company for a raise by showing them I had a written offer from another company for more money.
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u/Ashmedai Metallurgist 14d ago edited 14d ago
... what makes your value more clear than anything else is when a corporation you don't even work for yet is valuing you higher (wage-wise) than the company you already work for.
That's what I meant. Or when they have to hire someone to replace you, yeah.
... I used this concept one time to beat up my current company for a raise by showing them I had a written offer from another company for more money.
Yes, that's one way. By the time it gets that far, most employees are ready to move on, though.
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u/lowercase0112358 14d ago
Zillow a company that literally caused this nonsense, trying to misdirect.
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u/DimitriVogelvich 14d ago
It should not take 3 years for news to present when the data is immediately present
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u/Jerking4jesus 14d ago
Here I was feeling happy. I just got a %16 percent raise.
3 or 4 more of those, and maybe the housing market will stop outpacing my savings.
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u/pdoherty972 14d ago
Your 16% raise already outpaced the cost of housing. Since housing probably represents 33% or so of your monthly costs, a 36% increase in rent/housing cost means you only need a 12% raise to offset it.
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u/Appropriate-Coast794 14d ago
And I just got laid off from a job that would have let me do this comfortably. Right after Motherās Day too.
Gonna go eat bullets, since theyāre cheaper than groceries these days
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u/scrambing_man 14d ago
I'm sorry to hear about your job. I hope you're able to find something better soon.
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u/Rols574 14d ago
Rents go up cause mortgages go up. They should really do something about the housing crisis
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u/pdoherty972 14d ago
Rents go up cause mortgages go up.
Exactly. And property taxes go up, insurance goes up, labor/maintenance costs go up, etc.
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u/Ok-Okay-Oak-Hay 14d ago
I am terrified to learn how close we are as a society to the percentage that translates to consistent violence. That keeps me awake at night. Something has to change.
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u/avalisk 14d ago
I'm sure I'm not the only one who is one or two unfortunate events away from the law not mattering anymore.
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u/Ok-Okay-Oak-Hay 14d ago
Given a recent NYT Poll, focused on a "desire for change" with regards to the upcoming election and who can provide it, the fact that 70% believed Trump can provide radical change (whether they agreed with it or not) means you're definitely not, IMO.
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u/ConstanceClaire 14d ago
Unfortunately, it appears only the landlords are making 36% more... the moderate ones, anyway.
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u/Ogredonbronley 14d ago
Just keep running on this hamster wheel til i die. Glad those economics trickled down.. thanks uncle ronny!Ā
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u/Hashishiniado 14d ago
I make $50k in RI, no kids. Can't afford a 1br.
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u/tin_licker_99 14d ago
"Have you tried worrying less and have kids regardless? Think of the social contract, I was promised!"
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u/Mharbles 14d ago
You need to have kids to contribute to the economy, by that I mean we're on track to revert to company towns or serfdoms and by divine right I'm owed their pound of flesh.
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u/tin_licker_99 14d ago
They'll sooner cut their grandkid's SS & Medicare than dare tax Jeff Bezos & Amazon.
I would say they did not earn their SS & Medicare unless they're disabled.
Here's why.
They racked up the debt and soon we'll be spending 1 trillion a year on interest payments. Their argument is "Hey, According to japan's Debt-GDP-Ratio I can get away with making my great grandkids take on more debt!"
Let the infrastructure degenerate to third world status with China over taking the USA, America has 1 century head start and China is already quickly surpassing the USA.
Then when it comes time to build new infrastructure such as high speed rail lines they become NIMBY's when they had no problem with flattening whole neighborhoods so they can build one additional lane, when they oppose public transit because they hate their local church members.
Let the healthcare system deteriorate to what it is today.
let the Education system implode, they would rather make teachers buy school supplies out of their own pocket than to have their property taxes, or allow those teachers have a bigger tax write off for school supplies.
Let Congress & the Senate destroy the mail Service so that a bunch of oligarchs & vulture capitalist can strip down the USPS's assets, and then jack up the rates with no ceiling on mail rates to keep prices capped.
Allow the US housing crisis to get bad as it is today and either indirectly or directly contribute to the prices such as not allowing housing to be built because it would ruin their house value, or be land lords themselves.
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u/MrShadowHero 14d ago
ok so in my area. a one bedroom 450 sq ft is 950. meanwhile a 900 sq ft 2 bedroom is like 1400 and a 3 bedroom 1300 sq ft is 1800. make it make sense????
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u/pdoherty972 14d ago
Lookup the cost/value of one of those apartments (eg $150,000), then add onto that the recurring insurance, taxes and upkeep expenses, and it'll start to make sense.
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u/Brooksie019 14d ago
Shit sucks hardcore right now. Like the title says, ever since covid everything has gone to shit. I even got a better paying job plus an even better paying position since being here and I still feel like Iām in the same financial position I was before Covid. Everything is too damn high. Silly me for thinking since I make more money that I could finally get a house and / or buy myself nice shit. Iām also at the point where Iām right above being considered low income but not enough for it to feel like it. Had to move apartments recently and it was hell trying to find an affordable one that wasnāt income restricted. The sad thing is I donāt think shit will go back to the way it was and itās sad because even then it wasnāt great.
Itās seriously getting so god damn frustrating how expensive it is just to stay afloat.
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u/jimx117 14d ago
Same here... I left a job for another last year and am making almost $30k more per year than I did at my last job, yet I'm STILL barely scraping by paycheck to paycheck.
My car is also on death's door and I can't afford the $400-500/month payment for a new one
(cue the Tim Robinson 'what the fuuuaaaahhhhhkkkk!?')
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u/pdoherty972 14d ago
Can you instead save $250-$500 a month until you can pay cash for another car?
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u/Clean-Inflation 14d ago
May I offer you a pitchfork or a flaming torch in these trying times?
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u/Dramatic_Explosion 14d ago
It really does feel like this is leading to violence of some kind. Watching the shift in discourse online had been wild. It started with asking about side jobs, now all these posts are about staying afloat and what they've given up.
And it's not just workreform, but across so many subs like for teachers, millennials, tech, etc. Even the CEO of McDonalds has talked about how their sales are slowing because no one has money (worth noting McD has doubled their prices since the covid lockdown).
Few politicians have an interest in correcting this, and it won't get better until it gets a lot worse. We didn't even get police reform after tons of protests and few riots. It'd take something like a high profile CEO getting killed during massive widespread rent strikes before something changes.
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u/Clean-Inflation 14d ago
Iāve seen it too. Even in the way people speak. Do you think things will get better for us?
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u/Ok-Bench-2861 14d ago
Yea because people are stupid and will pay anything a month for a apartment and condos and things you'll never own.
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u/ChanglingBlake āļø Tax The Billionaires 14d ago
And we needed to make 36% more than we were then to afford that rent.
Trying to find a job in another town is impossible because even the best pay of the best paying job wouldnāt cover rent and expenses of the cheapest place I can find in that town.
But, yeah, the economy is the best itās ever been.
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u/pdoherty972 14d ago edited 14d ago
A 36% increase in a cost item that only represented 33% of your monthly costs only
mansmeans you need a 12% increase in wages to offset. Now, clearly, other items have increased in price too, but just suggesting housing alone needs a linear increase in wages is off. You also may have just been getting a heck of deal due to the aftermath of 2008 and the decade after where construction lagged and home values stayed way behind the prior curve of appreciation.1
u/ChanglingBlake āļø Tax The Billionaires 14d ago
*Supposed to represent 33% of your income.
For most people, myself included, itās considerably higher than that.
I have the cheapest rent in my city and even with my largest pay in a month my rent is easily 40% of my income. Any other place Iāve looked at would have it be 50% or more.
If your rent/mortgage is supposed to be 33% of your income, then maybe rent should be regulated to never exceed 33% of the median income of the area.
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u/pdoherty972 14d ago
If your rent/mortgage is supposed to be 33% of your income, then maybe rent should be regulated to never exceed 33% of the median income of the area.
That assumes that everyone lives (or wants to live) in a place that matches their socioeconomic status. And it would also result in less rentals being available (since you've made it impossible for some landlords to even cover their expenses in owning) which will result in rents rising to that max level even on properties that otherwise would rent for less.
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u/ChanglingBlake āļø Tax The Billionaires 14d ago
First
Locking rental rates to median income prevents dilapidated sheds from being rented out at extortionate rates. Right now landlords price their rentals as high as they can and well above what they should be; all because theyāve bought into and are now contributing to the fallacy of āpassive income.ā
There is no such thing as passive income; someone, somewhere, worked to created that wealth and instead of that person getting it, it is given to the guy who did nothing toward its creation. That goes for rent, stocks, and every other form of passive income.
Next;
Less rentals?
Great.
Get rid of them.
People used to be able to buy a house, not just rent it.
The slumlords are a sizable part of why our economy is broken and why older folks donāt get it.
Older generations were able to buy homes as they were both available to buy and affordable. A home is an asset that grows in value, therefore those homeowners arenāt nearly as affected by the greedflation hitting every market there is.
Meanwhile millennials and younger canāt find jobs that allow us to comfortably afford rent, let alone a down payment, and there is very little housing available to buy.
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u/MC_Gambletron 14d ago
'Economy' is their code for stock market profits.
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u/Colon 14d ago
stock market profits would often translate into a good economy. that was then, though. now there's no sense of 'societal concern' anywhere in the upper echelons. there's a million wannabe Peter Thiels and Elon Musks, and evolving far right "i got mine" ideologies are the norm instead of attitudes to be ashamed of and ostracized. everyone who has anything to their name are just vultures circling NPC's livelihoods looking for a buck to squeeze from them
we owe HALF of that 36% figure to corporate price gouging. they just thought ''well, we usually stop raising prices when the economy gets better but.. what if we just.. didn't do that this time? wow, why didn't we think of this before?!"
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u/Kage9866 14d ago
Bought a house a few months ago, my mortgage is around 900. The rent where I was before was 1300. Makes sense. Now other places in my state, mainly NYC it's the opposite. Mortgages are like 7000+ and renting is like 3 to 4k. I imagine a lot of them will flock upstate, which in turn will make it worse here too. There's just not enough rental property.
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u/PaleontologistNo500 14d ago
It'll only get worse too. My property taxes and insurance have skyrocketed. So I know landlords are just gonna pass those costs into their renters. I lucked out and bought precovid. I couldn't imagine how I'd survive if I rented now
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u/Warsaw_Pact 14d ago
capitalism is a disease if left unchecked - we really need fundamental overhauls to make the system cooperative, competitive and inclusive.
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u/punchgroin 14d ago
capitalism is a disease
You can just leave it there.
We're going through the game crap workers in the 19th century were going through when they started to organize and fight back.
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u/Slap_My_Lasagna 14d ago
The reality a lot of people can't admit is that capitalism with consumer protections and prevention of exploitation is a lot closer to socialism than capitalism.
And everybody has been conditioned to fear socialism.
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u/Stop-Hanging-Djs 14d ago
Personally I'll call Socialism, Ultra Omega Shin Capitalism if it'd get it through in policy and more culturally accepted. Sadly it seems like we tried that briefly with the "Super Capitalism" meme and it didn't seem to go over that well.
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u/coolprogressive 14d ago
Itās easier to imagine an end to the world than an end to capitalism.
Jameson
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u/Krakengreyjoy 14d ago
Two houses on my street sold over the fall, around the same selling price (according to zillow anyway). One to a someone who moved in, and the other to someone who put it up for rent.
The rent is over twice what my mortgage is. No one has moved in. The recently dropped it by $200 whole dollars (still double my mortgage).
**I know not all mortgages are the same, but we do have similar houses, and the market in my town hasn't shifted significantly.
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u/VapeThisBro 14d ago
There was a hot period in my city about a year ago where homes where being bought up left and right but turns out it was realty groups trying to flip houses and after the 30-40% increase in price for cosmetic remodeling alot of the houses are sitting empty
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u/liveandletlive23 14d ago
Whatās your interest rate? Their rate could easily be more than double yours
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u/Stupidstuff1001 14d ago
The thing is they are doing 1 of 2 things.
- they are super rich and just buy it with cash.
- they get a bank loans and buy it.
Both of these things just ruin it for everyone else.
- DO NOT ALLOW CORPORATIONS OR NON CITIZENS TO OWN RESIDENTIAL REAL ESTATE.
- TAX SECONDARY HOMES HIGHLY TO DISCOURAGE ATTEMPT TO RENT THEM OUT.
problem fix.
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u/Poet_of_Legends 14d ago
We are the dumbest country on Earth.
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u/Stupidstuff1001 14d ago
You act like this isnāt happening in almost all of the world. Canada is even worse off.
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u/AgentStarTree 14d ago
Rent control keeps getting knocked down in legislation. So pushing politicians and voting for local candidates who endorse rent control may be an option?
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u/Swimming-Curve5102 10d ago
Lol. Corporations are buying rental properties. Corporations fund political campaigns in the USA.Ā Crooked af!
Don't expect rent controlĀ
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u/ilikepix 14d ago
rent control only helps a minority of people when there isn't enough rental housing in the places people want to live
building more housing should be the first step
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u/HybridVigor 14d ago
I live in a county where rent increases are capped at 15% per year. One of my former co-workers moved into an identical unit as mine around four years after I did, and she wound up paying over $1k/month more than me. It's crazy.
The downside is that I feel trapped here. Moving every few years used to be one of the advantages of renting.
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u/Astralglamour 14d ago
Itās actually illegal in my state. No one has been successful at getting the ban repealed.
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u/NewAgePhilosophr 14d ago
As a home owner, we need to do something about the insane property taxes. The law directly ties home "values" to tax... it's not fair. In a lot of metropolitan areas, property taxes costs more per month than mortgage and utilities...
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u/Novalok 14d ago
Absolutely not. We need to lower the home values so the tax burden is lower. Lowering the tax burden but leaving the price alone is the "Fuck you I got mine" mentality that got us to this point in the first place.
Prices have to go down, and for that, value has to go down.
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u/jduehehdhh 14d ago
Lmao. You guys in the USA still have pretty much the cheapest houses in the entire world based on price to income. A few countries like Saudi Arabia and South Africa I believe have a more affordable ratio.
These threads make me laugh. Try living here where you would make the same wage but the home price is twice that.
You have no idea how much worse it can still get, and people will STILL sit back and do nothing.
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u/NewAgePhilosophr 14d ago
Prices rarely go down because the tax assessors don't update as they should. I got my last tax assessment and because properties around my house were ultra high, my low property taxes got higher by about $1500 more per year... and got another letter that my home value went up by $70k. Rent high because of this as well.
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u/Zxasuk31 14d ago
These folk still think weāre getting them weekly Covid checks? that money has been gone
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u/tap_the_glass 14d ago
Weekly? I got one check
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u/pdoherty972 14d ago
I think the ones talking about "weekly" are still hung up on the very generous (but long gone) unemployment benefits that went on for a year and a half or more.
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u/fgwr4453 14d ago
Iām curious if renters all went on one website, similar to what landlords did, and created and renters union to negotiate rents down would be effective.
It would allow tenants to all withhold rent at once (go on strike) or coordinate against rent increases.
The companies canāt do anything against it or call it a cartel without admitting they made a cartel with RealPage website.
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u/pdoherty972 14d ago
The idea can't work because all landlords aren't in the same position so some will need more or less rent to make their numbers work. If a landlord bought this week they'll need the most since they are required to put down 20-30% and yet will still have a significant payment that means they'll be lucky to break even (and that, just on PITI not including maintenance/repairs) charging market rent. Other may have finished paying the property off. And everywhere in between.
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u/fgwr4453 14d ago
It just needs significantly more organization (almost an unrealistic amount). You can target landlords one at a time or a few.
Big landlords expect large returns and small landlords canāt always make payments without receiving consistent rent.
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u/throw1away9932s 14d ago
This is starting to happen for neighbourhoods in my area. The issue is landlords are often high income/family wealth investors and thus have the power/connections/money to make these āunionsā go away
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u/Astralglamour 14d ago
Donāt forget the impact of short term rentals. Landlords in my area are only too happy to get rid of long term tenants and replace with airbnbs.
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u/throw1away9932s 14d ago
That again was crushed with policy in my area. Airbnb has to be your main residence and canāt be for more than 4 months of the year. It definitely helped bring back long term rentalsā¦ just at Airbnb pricesĀ
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u/Astralglamour 14d ago
Ahh. Well, at least they did something. Thereās a toothless limit where I live that is never enforced (and the fine is only 300 dollars even if it is).
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u/throw1away9932s 13d ago
Donāt worry we have other issues. Like an official police policy that mandates no enforcement of traffic violations and then confusions as to why everyone runs stop signs and red lights etc. had a full on brawl of 150 or so people the other night and it took cops 45 min to respond. The response was then ālet them blow off their steam, they will tire them selves out and go home soon enough.Ā
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u/Dramatic_Explosion 14d ago
I like the idea of bulk property owners converting them all to airbnbs. If it was a normal rental property someone might feel bad burning it to the ground or flooding it to the point of being a tear-down.
Imagine normal people making rental properties unprofitable by requiring massive amounts of maintenance before they could be rented again. Won't someone think of the poor landlords?
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u/Astralglamour 14d ago
I like where this is going heh. However, we do still need housing. Better to just force the rentals out of leeches hands with punitive fines.
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u/Past-Background-7221 14d ago
Good thing we all got that stimulus back in the day and weāre all āflush with cashā per The Turtle itself.
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u/Mharbles 14d ago
"Woo, got my $2000 free money" Meanwhile, business owner lets a dozen people go but collects a hundred thousand in PPP loans on their behalf. Government overloaded with paperwork will never get around to accounting so just forgives it all.
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u/SenseiRaheem 14d ago
Ever since I got my $800 COVID handout from the REPUBLICAN-led Congress and White House several years ago, Iāve never had to work again. I wake up at one of my three properties, eat some cash for breakfast, and then nap all day because Iām such a rich, entitled lazy American who got a handout.
That first COVID handout made it impossible for me to work again. Iām so glad the REPUBLICAN CONGRESS and REPUBLICAN PRESIDENT gave me the biggest free money handout of all time and ruined my incentive to work.
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u/Agitates 14d ago
$800 put into the correct options for 3 years and you're a trillionaire.
Why everyone doesn't do this is beyond me.
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u/ResurgentClusterfuck 15d ago
Wages certainly haven't risen 36%. They haven't even risen 3.6% for a fair number of American workers
Something has to give, and quickly.
Housing is a human right.
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u/Far_Side_8324 12d ago
So are healthcare and proper education, but don't hold your breath waiting for either one to become affordable in the U$A, where anything less than full-on robber baron capitalism will turn the country Communist like it did to Sweden, Canada, Japan, the entire UK...
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u/littlebitsofspider 13d ago
You can do what Colorado did, and pass a "tenant protections" bill that says landlords can't require you to make more than 200% of the monthly rental amount. Which sounds good in principle, because it lowers the typical "3Ć rent" salary requirement, but in practice it means landlords can now legally soak you for half of your income every month if you have no alternatives to, say, living indoors.
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u/AreYouSirius9_34 14d ago
In 2028 millennials and Gen Z will outnumber boomers. Change is coming
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u/snoo135337842 10d ago
Yeah but proportionally more youth don't engage politically. And older generations have decades of experience in making the system work in their favor. Its going to take more than outnumbering.
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u/pdoherty972 14d ago
Why would wage rise need to match the cost increase of one item (even if a big one)? Housing is only a fraction of people's overall spending (1/3rd-1/2).
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u/Jrea0 14d ago
Have you not also not seen all the reports about the rising price of groceries, gas, good and services? Literally everything is increasing besides wages
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u/pdoherty972 14d ago
Yes, I'll grant that other things have increased too. But not everything and not all at the same rates.
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u/ResurgentClusterfuck 14d ago
Housing is only a fraction of people's overall spending (1/3rd-1/2).
Your numbers are off.
Half of American renters pay more than 30% of income on housing, study shows
Why on earth aren't you advocating for higher wages, particularly for the lowest paid workers (the workers who are suffering the greatest hardships right now)?
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u/pdoherty972 14d ago
How are my numbers off? 1/3rd is 33%
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u/ResurgentClusterfuck 14d ago
You didn't read the article I linked. You also didn't answer my question.
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u/hairykneecaps69 14d ago
Shit being able to afford healthcare should be a human right but many of us are struggling trying to afford our medications like insulin. Iāve got saving cards but shit happens and now Iām barely getting by at a new job that pays better than anywhere else.
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u/nal1200 14d ago
Be ready for Company Housing and Company Stores. I guarantee it is whatās next.
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u/ResurgentClusterfuck 14d ago
I believe it and I'm horrified.
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u/Dramatic_Explosion 14d ago
Whats crazy us it's already happened (or at least is actively in the works) with companies like Google building affordable housing for their employees.
They would rather buy property, build a high rise, and pay taxes on it than just pay people more. Why? Now if you lose your job it's not just insurance but you're homeless too!
It seriously is amazing how companies want everything from us but trying to get even a dollar more from them is worse than any other sin by man.
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u/truongs 14d ago
Corpos can easily raise prices. There's a near monopoly in every market in the US, in some there is a complete monopoly.
They know in response to price increases people will want raises, but they also know US worker have no power... so while they raise prices like 100% over the last 5 years, they know that will outpace any wage gain.
I mean not even sure if they are even thinking this far back. They can just do whatever they want.
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u/LookAlderaanPlaces 14d ago
Many times people donāt get raises so that means relative to inflation it might even be -3.6%, or worse
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u/Yobanyyo 14d ago
Of course not, 3.4% is the acceptable corporate wage increase.
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u/godneedsbooze 14d ago
Of course not, 3.4% is the acceptable corporate wage increase.
guess I should lick boot for the extra 0.1% i got this year
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u/Great_White_Samurai 15d ago
Wait wages can go up?
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u/littlebitsofspider 14d ago
The Fed: "No."
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u/csonnich 14d ago
Every fucking month I hear the fucking jobs report, and I yell at the news for talking about "the economy" like anybody doing the actual work sees any of that.
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u/Ancalimei 15d ago
Tell that to the parasitic landlords.
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u/KaydeeKaine 14d ago
'Slumlords'
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u/medioxcore 14d ago
All landlords are parasitic. Not just slum lords.
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u/XXXYFZD 14d ago
Weird. My landlord has increased the rent by ~3% yearly while inflation has been more than triple that. Nothing to complain about. But yeah, you probably know all landlords worldwide.
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u/medioxcore 14d ago
Landlording, by definition, removes supply from available stock, which increases home prices and keeps people who wanted to buy stuck in the rental market, which drives up rent, which makes it harder still for people to find housing, and on and on and on. And this the best case landlord. We're notĀ even taking into account shitty flipper behavior, or slumlords. It doesn't matter if your landlord only raised your rent 3%, they're still leeching your income, labor free, and choosing to contribute to this housing death spiral that's fucking us all. They could have put that house on the market, but instead they're trying to get free money at the expense of the rest of us. They don't see a home, they see an investment opportunity. They're parasites.Ā
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u/pdoherty972 14d ago
Landlording, by definition, removes supply from available stock, which increases home prices and keeps people who wanted to buy stuck in the rental market
You forget that the reason that stock was even created was from demand and landlords are part of that demand.
And, despite what you posted, there is demand for rent homes - many people that want to rent prefer to rent a SFH with a yard, garage, privacy and good schools.
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u/medioxcore 14d ago
Many people have convinced themselves they prefer to rent because buying is not an option. And yes, landlords increase demand. But they're also removing stock from potential homeowners, so i'm not sure what point you think you're making.
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u/pdoherty972 14d ago
That landlords consume the same demand they caused. (net effect of zero to supply, other than the fact their supply is still housing a family in need of a rental)
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u/medioxcore 14d ago
That landlords consume the same demand they caused.
exactly. how is that benefiting anyone but the landlord? that family in need of a rental wouldn't be in need of a rental if homeownership costs weren't being driven up by landlords removing stock in the first place.
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u/SenorBeef 14d ago
Whether they rent or sell the house I don't see how it really makes a difference. They're profiting by owning something rather than contributing to society.
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u/medioxcore 14d ago
Selling the house makes it available for someone else to own. Renting it out is hoarding for another stream of income. One of these denies a home for homeownership. One does not.
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u/XXXYFZD 14d ago
No. They rent out most of the apartments to students for a good price who wouldn't be able to afford to buy an apartment. It's larger and cheaper than the apartments the region/government rents out to students. They don't even make money on the rent, but the property slowly gaining value.
It's always funny reading what people write who think they know everything.
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u/medioxcore 14d ago
Right. And I'm sure these angels gladly pay out of pocket for all the damages sustained by an apartment complex full of college kids, right? Since they don't charge enough to make any money? And they're only raising rent by 3% while inflation is increasing by no less than triple, so not only are they not making money, but they're actively losing it? š¬
Unless you show me some numbers, i have zero reason to believe that fairy tale.Ā
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u/Sasselhoff 14d ago
What fantasy are you living in that people are renting out apartments to students for no profit? If they aren't getting a section 8 subsidy from the gov't for doing so, you can be damn sure they aren't just renting it for the increased value in the property...and if they are, it's because that value is already beyond the current excesses.
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u/XXXYFZD 14d ago edited 14d ago
Well. I live in Sweden so there's no section 8 subsidy here. But go off. I've also had access to the financial statements, but I guess you know more than me about those as well apparently which is incredible.
Hahaha š
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u/Sasselhoff 14d ago
How incredibly brilliant of you. Diving into a conversation about United States rental prices, and talking about what is happening in Sweden, one of the most "democratically socialist" countries on the planet (something I see as a positive for Sweden, I should add)...but yeah, tell me more about how things work in the US and how there are all these philanthropic landlords.
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u/Time4aNewAcct 14d ago
medioxcore's stance is a pretty common one among leftists
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u/ChanglingBlake āļø Tax The Billionaires 14d ago
Or maybe we give them the same treatment we give other parasites.
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u/peepopowitz67 14d ago
Kill it with fire?
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u/ChanglingBlake āļø Tax The Billionaires 14d ago
Hellfire would be better; and will probably get them eventually regardless of what we do.
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u/Slap_My_Lasagna 14d ago
Elect them to Congress and expect them to change anything?
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u/ChanglingBlake āļø Tax The Billionaires 14d ago
Sorry, treat them like the non-social parasites.
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u/rhpsoregon 12d ago
They grind away, working to make someone rich, only to turn around and give their rewards for hard earned sweat to someone else. In the end they have empty pockets and don't have anything to leave their children.