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>multinational firms that take possession of their former houses often let them sit empty to accrue value Citation needed. Unless the house is a total dump, wh

>multinational firms that take possession of their former houses often let them sit empty to accrue value Citation needed. Unless the house is a total dump, why would said firms pass up on the revenue from renting the place out? >in 2021, [Seattle] had 33,100 vacant homes How many of these houses were vacant for legitimate reasons: in between owners/rental tenants, or under renovation?

klyrs 4y ago
> Unless the house is a total dump, why would said firms pass up on the revenue from renting the place out? Property management companies are colluding to jack the prices up: https://news.ycombinator.com/item?id=33224502 https://news.ycombinator.com/item?id=33224502
MattGrommes 4y ago
Here's an article on a similar topic in NYC. https://archive.ph/xKVMG https://archive.ph/xKVMG It doesn't go into a ton of detail but it shows it's very common. One reason is that there's a cost to renting a place out with maintenance and dealing with tenants. If you just let the place sit, it's an investment like the many paintings rich people own that they never see, it's just a place to park money for later.
- MontyCarloHall 4y ago
  That article specifically focuses on ultra-luxury properties (i.e. selling for >$10M). It is not generally true of most NYC apartments. The main example in the article, >the East Side bounded by Fifth and Park Avenues and East 49th and 70th Streets is literally the most expensive zip code in the US: https://www.nynesting.com/news/america-s-most-expensive-zip-code-manhattan-s-upper-east-side https://www.nynesting.com/news/america-s-most-expensive-zip-... Perhaps there is merit in taxing vacant $10M condo investment pieces, but it wouldn’t do anything to address housing shortages.
stjohnswarts 4y ago
In today's market the only reason they would be empty is because they are charging exorbitant rent compared to surrounding houses.

klyrs 4y ago

> Unless the house is a total dump, why would said firms pass up on the revenue from renting the place out? Property management companies are colluding to jack the prices up: https://news.ycombinator.com/item?id=33224502 https://news.ycombinator.com/item?id=33224502

MattGrommes 4y ago

Here's an article on a similar topic in NYC. https://archive.ph/xKVMG https://archive.ph/xKVMG It doesn't go into a ton of detail but it shows it's very common. One reason is that there's a cost to renting a place out with maintenance and dealing with tenants. If you just let the place sit, it's an investment like the many paintings rich people own that they never see, it's just a place to park money for later.

MontyCarloHall 4y ago
That article specifically focuses on ultra-luxury properties (i.e. selling for >$10M). It is not generally true of most NYC apartments. The main example in the article, >the East Side bounded by Fifth and Park Avenues and East 49th and 70th Streets is literally the most expensive zip code in the US: https://www.nynesting.com/news/america-s-most-expensive-zip-code-manhattan-s-upper-east-side https://www.nynesting.com/news/america-s-most-expensive-zip-... Perhaps there is merit in taxing vacant $10M condo investment pieces, but it wouldn’t do anything to address housing shortages.

stjohnswarts 4y ago

In today's market the only reason they would be empty is because they are charging exorbitant rent compared to surrounding houses.