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I think in this case contemplating preferences might be more important than rights. How much do tenants actually value a guaranteed right to live in a given co
by JamesBarney 8y ago
I think in this case contemplating preferences might be more important than rights.
How much do tenants actually value a guaranteed right to live in a given community? When we look at anywhere in the U.S. that isn't rent controlled, we figure out, it's not much at all.
There is nothing illegal about signing a very long lease with a landlord. Commercial real estate contracts routinely include a a clause which allows tenants to extend a lease at a very similar price for many years in the future.
Landlord would absolutely love to do leases like this. But the reason this doesn't exist in the non-commercial settings is because no one cares enough about living in a place long enough to actually pay for that option.
Rent control only exists because its a a popular transfer of wealth, and is emotionally appealing, not because it actually makes people better off.
- bradleyjg 8y agoIt’s only a transfer of wealth and the time it is enacted. The landlords that owned NYC real estate in 1974 lost the then net present value of the difference between the units they owned under a market rate regime and under the rate stabilization regime. Any landlord that acquired his property since then has lost nothing, and indeed would garner a windfall if rent stabilization were to be abolished.
- JamesBarney 8y agoYou're right. I wasn't super clear.
- gowld 8y agoWhere can I sign a 20-year transferable lease?
- JamesBarney 8y agoIf you're in Houston I know plenty of landlords that would love to sign a lease like that with you.
- Spooky23 8y agoI’ve never seen such a landlord, ever, other than a few individual landlords worried more about the next tenant more than losing money. Tenants with kids value continuity of school districts. It’s a major reason why buying a house is so important. Tenants don’t seem to care because most tenants are high-income-no kids, old, or poor.
- usaar333 8y agoDo tenants with kids actually try to get very long term contacts? Are owners willing to deliver? (They lose move in rights!)
- Spooky23 8y agoMost people don't look forward to instability. You don't want your kids bounced from school to school, and moving sucks. For older folks, moving literally kills them. Usually bigger developments require no-negotiation, ironclad leases to make sales and financing easier. Smaller landlords and public housing are sometimes more flexible.
- deleted 8y ago[deleted]
- JamesBarney 8y agoThat's why they are no-negotiation. But if there was significant demand for 5 years leases they would offer them. Turnover is one of the largest controllable expenses in real estate.