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New Yorkers Never Came ‘Flooding Back.’ Why Did Rents Go Up So Much?
- deleted 4y ago[deleted]
- oxfeed65261 4y agohttps://archive.ph/mWVWL https://archive.ph/mWVWL
- EricE 4y agoWatching Louis Rossman (on Youtube) and all his adventures with NYC real estate - nothing would surprise me.
- photonbucket 4y agoEmpty apartment tax please.
- hyperliner 4y ago[dead]
- thinking4real 4y agoIt’s pretty dark how many people think taxes should be used as a means of social manipulation
- runnerup 4y agoPeople think taxes should be used as a means of ~~social~~ economic manipulation. We also need heavy default-YIMBY laws which make it easy to build lots of new high quality units. Taxes should be used to assure that assets get deployed toward productive gains. For the same reason that a nation doesn't want a deflationary currency -- capital should be deployed, not hoarded. Real estate holdings are moderately deflationary these days. Doing nothing with your real estate is often profitable. That's an actual problem that taxes can address.
- andromeduck 4y agoTax under utilized land please.
- armitron 4y agoPut realpage folks in prison, send a strong message.
- oceanplexian 4y agoIt’s pretty simple, and the same reason a lot of people don’t understand real estate. RE isn’t an efficient market. In this case they are hinting at collusion but ultimately it doesn’t matter. Prices can remain elevated without any form of collusion. Most of these properties in rich metros are being held by people as a place to park cash. Having tenants to deal with is an annoyance. If you want an effective but controversial solution, make it easier to evict people. With less risk of deadbeats, landlords would be more willing to open up supply and not hoard vacant units.
- adgjlsfhk1 4y agoor more simply, put a tax on empty units so there is pressure to rent.
- hyuuu 4y agoin order not to get rented, they will list high rent prices + 750+ credit scores. Easy eviction makes the market more fluid, thus higher competitions because the supply will be more readily available. What I just said does not really matter because politicians will put forth failed policies like rent control or empty unit tax that does not help with the supply at all, BUT, it does help them to get votes at the expense of long term damage to the housing market. Singapore solved housing, New Zealand solved housing, both times by increasing supply.
- jonfw 4y agoNobody will try to avoid finding renters if it costs money to not have a renter
- dh2022 4y agoI happen to own a couple rental properties. I can assure you that I avoided renters with low credit score and high rent / income ratio. Even if it took longer (months longer) to find a renter, is better to wait for someone solid than rent to someone who may trash the place, be late on rent, etc....
- rapjr9 4y agoI've had a vague suspicion that after 2021 companies/stores/landlords when faced with fewer customers are raising prices. This is counterintuitive since raising prices should drive away even more customers and low profits further. But it seems to be driven by shareholder value; if you can't make your numbers you fire people or raise prices to meet your numbers. If workers are already scarce then all you can do is raise prices. This seems destined to backfire, but for now it seems markets are not working the way they used to and the owners are getting away with it. In real estate in particular there are long lag times so it may take a while for competition to assert itself. I can't point to any data to support this conjecture (except some prices on Amazon have doubled, like for shelf stable milk), but it appears to me there is much less competition (and more silent collusion?) than there used to be. Maybe these companies are desperate and raising prices is their final attempt to save their themselves?