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Converting more properties to rentals is bad for rents? Increasing the supply...of rental housing...makes the rental market worse for renters? It doesn't prov
by vba616 4y ago
Converting more properties to rentals is bad for rents?
Increasing the supply...of rental housing...makes the rental market worse for renters?
It doesn't provide value to NIMBYs who don't want those people in their neighborhoods.
I know whereof I speak because I live in a neighborhood, where most properties are not rented out, but they resemble apartments, and there was an ongoing soap opera about a vacant lot which was developed to be a rental property.
And there probably were unscrupulous things that went on, in terms of permits and zoning and stuff. There were allegations about a retaining wall not being properly constructed to prevent erosion.
But people are basically against it because it "looks different" and will bring lower class people in.
Personally, I don't care about property values because I'm not in the business of flipping houses, whereas I would rather not pay a lot of property taxes.
Do you rent or own your home?
- feet 4y agoYou must have missed my point. The supply is restricted due to lobbying by home owners and landlord associations, this leaves people with no choice. If you watch the video on the article I cited you can see how the investment firms operate in their own words. This restriction of supply takes housing off the market which raises prices on what's left due to actual humans who want to own a home have to pay more. If the amount of actual people who want to own homes remains static and suddenly we have investors buying up a ton of homes reducing the supply, prices on the remaining homes shoots up. This leaves people with little to no choice, if they were previously able to afford a home then they no longer can and are forced to rent. Is this good for renters? It's only good for the profits of investment firms.
- vba616 4y ago> The supply is restricted due to lobbying by home owners and landlord associations The supply of rentals is restricted due to lobbying by home owners. Not sure if you are agreeing. Have you ever rented an apartment under your own name or had a mortgage?