6 ms·
Saw friends of friends leave sf and together rent a mansion in Hawaii. If the bars, clubs, gyms, and even beaches shut down why stay if you are renting at mark
by baskire 6y ago
Saw friends of friends leave sf and together rent a mansion in Hawaii.
If the bars, clubs, gyms, and even beaches shut down why stay if you are renting at market rate. It’s literally cheaper to move your belongings into storage and move into a vacation home with friends.
Also most sf apartments don’t have office space for all the tenants.
- cft 6y agoIf there was no rent control, prices would drop even more. Firstly landlords are afraid to permanently lock down at a lower price, offering free months of rent instead. Secondly rent controlled tenants are afraid to lose their apartments, that are still below the market rates.
- ahoy 6y agoIf there were no landlords prices would drop further still!
- colinmhayes 6y agoIf there were no landlords there would be no price because there would be no rentals.
- mancerayder 6y agoWho would do the maintenance?
- joosters 6y agoThat makes no sense. Rent controls don't specify a minimum rent, all your reasons apply equally to rent controlled and uncontrolled rentals.
- zests 6y agoRent controls do sometimes specify how much rent can be raised year over year. Drop it too low one year, be stuck with relatively low prices in the short term.
- neltnerb 6y agoThey regulate rent increases in Oakland at least. Of course our landlord took the maximum allowed rent increase each time, as if it were the required increase rather than the maximum. I don't live in the bay area and pay half the rent for three times the space in Boston... not exactly a small town... the Bay Area was already unattractive for me financially and I have an advanced degree in an engineering field.
- drewmate 6y agoI, like many of my peers, moved out of Oakland this year over the summer. For a while, I was considering staying around and trying to lock in a lower rent on a larger space, but rents really didn't budge. Your effective rent _did_ drop, but landlords did it by offering 2-3 months of free rent on a one-year lease (with old rates applying.) It doesn't take Nostradamus to see what happens in 12 months: maximum allowed rent increase and no more sweetheart deals, meaning an effective increase of like 35% (or move again to try and get another deal somewhere else.) It wasn't worth it to me, so now I'm paying less than half my previous rent for around 2x as much space in SLC.
- llampx 6y agoI don't recall non rent-controlled apartments dropping rents all that much in the Bay... ever.
- plorkyeran 6y agoRent control means that renting at a low price this year means you're also renting it at a low price next year. Without rent control you could give a discount this year and then jack the rate back up to normal next year.
- sumtechguy 6y agoAlso not all property management is about renting out. Sometimes it is just about parking wealth and extra rent is gravy. So if you are just parking, moving to the max rent possible can be a desirable effect. As you may price people out and you do not have to have someone to 'manage' that property as intensively (broke AC, leaky sink fix, etc). Which would be an annoyance on a passive property.
- asdff 6y agoRent control has a miniscule impact on housing prices according to the latest economic research (1). You won't hear that from people still reading 60 year old neoconservative economic theory, though. https://dornsife.usc.edu/pere/rent-matters https://dornsife.usc.edu/pere/rent-matters
- seanmcdirmid 6y agoDoesn’t much of Hawaii make SF look reasonable?