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The ability to transfer property quickly thanks to investors does provide some value. However, sitting on property and collecting rent is essentially theft. To
by jspaetzel 5y ago
The ability to transfer property quickly thanks to investors does provide some value. However, sitting on property and collecting rent is essentially theft. To fix this we need more incentives that reward the use of property more then the ownership of it.
- sokoloff 5y agoProperty being rented is being used.
- carom 5y agoI have a 4 unit apartment building. I live in one unit and make the others available for people to rent out. My alternative, which I am strongly considering due to what a pain in the ass this is, is to convert it to a single family home. Would you prefer me to take these units off the market? I can afford the mortgage by myself. I won't have to deal with the city over problems $600 / month rent control tenants create when they were mad at the last owners. I won't have to pay $6k going on $20k to evict a tenant who requests a jury trial, not to mention house them for free for 6 months. My city already has a housing shortage and I am strongly considering just having an awesome SFH instead of this. Every incentive seems to be against the use of this property. Rent control causes individual landlords to subsidize the poor societal zoning policies. Legacy rent control tenants also distort the market, raising the price of other units at market rate. It also lowers the income that would be put toward building more units. This property is zoned for 15 units and I would love to build those. Any extra income would be going toward that (as is my personal income). Instead the incentives are for this property to limp along so no one has to move ever.