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One factor in vacancy rates at least in SF / NY - rent control. You really CANNOT rent to someone without a big risk - so if you have an elderly parent who migh

One factor in vacancy rates at least in SF / NY - rent control. You really CANNOT rent to someone without a big risk - so if you have an elderly parent who might want to move in in the future, you have kids who might want a place - and are wealthy - you really need to keep place empty. So yes, the rich do leave I think more places empty in some places because they can afford to and because the economic calculation is not simple. If you rent and want to end the rental later you end up in a bad spot.

stale2002 5y ago
> more places empty in some places Ok, this is a nice story that one could make up. But once again, my point is that vacancy rate is something that is already tracked. In San Francisco, the vacancy rate is about 3.5%. So, in other words, regardless of whatever story you are making up about parents, or rent control or whatever, the actual data shows, that the vacancy rate is very low, and therefore not much of a problem.
- whoknowswhat11 5y ago
  I'm not disagreeing at all. But I know of enough unusual vacancies in SF among the rich that it strikes me as a small corner factor. In another city (smaller, parents live there) EVERYONE rents when they are not in their space. I mean, even just for summer if traveling. But when you come back, the tenant must leave (and does). I know someone who sublet an extra room to someone, a year later her wonderful lease was destroyed, landlord sued her and the women never paid a dime, could not be evicted, claimed she felt unsafe and got a restraining order against the person actually paying rent etc so they ended paying rent on two places, one to live in and one for the women. I mean - this stuff does turn you off renting a small bit. That said, supply is REDICULOUSLY constrained around here, red tape is nuts, minimum requirements crazy, affordability payments high etc. So yeah, no question that there is artificial scarcity.

stale2002 5y ago

> more places empty in some places Ok, this is a nice story that one could make up. But once again, my point is that vacancy rate is something that is already tracked. In San Francisco, the vacancy rate is about 3.5%. So, in other words, regardless of whatever story you are making up about parents, or rent control or whatever, the actual data shows, that the vacancy rate is very low, and therefore not much of a problem.

whoknowswhat11 5y ago
I'm not disagreeing at all. But I know of enough unusual vacancies in SF among the rich that it strikes me as a small corner factor. In another city (smaller, parents live there) EVERYONE rents when they are not in their space. I mean, even just for summer if traveling. But when you come back, the tenant must leave (and does). I know someone who sublet an extra room to someone, a year later her wonderful lease was destroyed, landlord sued her and the women never paid a dime, could not be evicted, claimed she felt unsafe and got a restraining order against the person actually paying rent etc so they ended paying rent on two places, one to live in and one for the women. I mean - this stuff does turn you off renting a small bit. That said, supply is REDICULOUSLY constrained around here, red tape is nuts, minimum requirements crazy, affordability payments high etc. So yeah, no question that there is artificial scarcity.