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Wild that landlords having to deal with their investments losing value and having to negotiate a commercial transaction is "grim" The market dynamics shifted.
by nimish 6y ago
Wild that landlords having to deal with their investments losing value and having to negotiate a commercial transaction is "grim"
The market dynamics shifted. No big deal.
- throwanem 6y agoYeah, no shit. You were careless with your capital and lost some or all of it? My heart bleeds.
- nimish 6y agoThey don't lose any capital until it's re-valued or sold. It's purely a short-term loss in income. Eat the loss, move on -- that's what most landlords would tell their tenants in the opposite situation. I am playing the world's smallest violin for them as a class.
- refurb 6y agoYou have the same attitude when prices go up? “Wild that tenants having to deal with rent going up and having to negotiate a commercial transaction is “grim””. “The market dynamics shifted. No big deal.”
- techsupporter 6y ago> You have the same attitude when prices go up? No, but the people on the opposite side of the transaction (the landlords) for damn sure do. "Market price has gone up, what can you do" is something I've been told when trying to negotiate lease renewals, and I'm outside the Bay Area. Landlords could, as a group, have pushed to help make pricing stable and make their investment a long-term, very secure asset. Instead, just like virtually every other part of this fire-encrusted economy, they grabbed for the short-term gains at the expense of plodding consistency. Landlord groups are pushing back on the idea that tenants should do anything except blithely pay whatever duly-increased price is passed onto us and we should thank them for the privilege besides. My heart bleeds.
- refurb 6y agoThey could have pushed to stabilize the market? The only reason it’s dropping is because of Covid. How could they have avoided a mass exodus due to a pandemic?
- techsupporter 6y agoIf the cost/benefit ratio was more in line with "reasonable living" versus "I'm putting up with this for three years to make bank and then getting the fuck out," that's one way. Could landlords have completely forestalled people leaving? No. Could they, as a group, have done a lot more to actually agitate for--versus opposing--things like new housing to keep market prices stable (rather than a hockey stick) and worked with tenant groups to aim for a tenancy system that balances each group's needs more directly, rather than "rent consumes almost all available resources?" Yes. Had landlords tried to work in concert with the people who provide the source of income for landlords, rather the opposing them at almost every turn, the "exodus" might be a rather expected "trickle." They made their bed of housing scarcity in these possibly-former-hot markets...they can lie in it.
- 8note 6y agoI think there's a difference between needing a roof over your head vs needing to protect your investment portfolio.
- refurb 6y agoWell, my landlord in SF was an old lady whose husband died suddenly at 50 and their retirement portfolio was their apartment building. But screw her right?
- pkaye 6y agoA retirement portfolio should be more diversified. It would be like investing all your 401k on company stock.
- fleshdaddy 6y agoI'm sorry but most Americans retirement portfolio isn't an apartment complex in the most expensive city in the country. I'll find a bit more sympathy for them.
- koolba 6y agoWhen it comes to human interest stories “most“ doesn’t matter. It’s all about the individual.
- ABCLAW 6y agoHow exactly is she screwed? She owns an apartment building. She can likely liquidate for multiple millions even in a down market and live in luxury for the remainder of her life AND pass on a ton of money to her heirs.
- pkaye 6y agoLandlords are investing so they have to accept some risk and downturns. I have much more sympathy for the tenants.
- bobthepanda 6y agoThe landlords have used this kind of rhetoric for years, but now it's bad because landlords have gotten entitled to a market on the up and up.