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I imagine this will result in a long, expensive lawsuit that the city ultimately loses. In the meantime, there will be fewer landlords willing to rent at all.
by prepend 4y ago
I imagine this will result in a long, expensive lawsuit that the city ultimately loses. In the meantime, there will be fewer landlords willing to rent at all.
- kevviiinn 4y agoGood, less leeches buying up property
- deleted 4y ago[deleted]
- yucky 4y agoIf there are no landlords to finance the purchase and maintenance of homes for the rental market, how would people who only want to rent a home do so?
- kevviiinn 4y agoThe social housing of Vienna seems like a good model https://www.huduser.gov/portal/pdredge/pdr_edge_featd_article_011314.html https://www.huduser.gov/portal/pdredge/pdr_edge_featd_articl... https://www.visitingvienna.com/culture/social-housing/ https://www.visitingvienna.com/culture/social-housing/
- yucky 4y agoCan you explain why? These blog posts don't make a compelling case, so maybe there is something missing?
- kevviiinn 4y agoAustria has a robust system of government owned housing for people to rent and they include numerous amenities. Their system has been stable for a long time and is loved by the populace because they're such great places to live. As opposed to peivate landlords owning rental property where their goal is to simply profit as much as possible and raise rents while doing bare minimum repairs.
- yucky 4y agoWe have that in the US too, it's called "The Projects". Not as good as it sounds.
- kevviiinn 4y agoThe difference is that it can be good when managed properly. US politicians have too much of a hard on for cutting corners Combine that with the systemic issues in the american system keeping people in poverty and there are problems. It can work if people actually try to fix things and it can even create jobs in the process
- yucky 4y agoThere no good projects in the US, so I disagree.
- fuzzems 4y agoWhy would they be less willing to rent? Wouldn’t 85% be better than nothing? If they want to leave the area, good. Maybe a local could buy a home instead of someone “investing” in property. More than 40% of renters in the area are rent burdened. Housing prices have more than doubled in some areas. Less than half of the houses are owner occupied. Part of the problem is that desirable parts of the city are having homes turned into airbnbs, NYC folks buying houses for prices locals can’t compete with, and the not so desirable parts are having rents jacked up. It’s happening all over Ulster County, not just Kingston. The mayor of one of the surrounding towns couldn’t afford rent in their town and has to couch surf. Having a median income of 30k and house price be over 300k is unsustainable.
- prepend 4y agoLandlords have costs and rates of return compete with other investments. So a lower rent will result in, in aggregate obviously as individuals differ, landlords selling their rentals and putting that capital elsewhere with higher returns. It’s more likely that an owner occupier would buy than a new landlord (for reasons above since rate of return is lower) so there will be fewer units available for rent. So it’s good news on people looking to buy, but bad news for people looking to rent. Sometimes renters are wannabe buyers but frequently renters have different desires and don’t want to buy. The solution, I think, to the 30k income/300k house is to build more affordable housing. So that means getting condos down to $75-100k. In my area double incomes are common so many houses are built assuming two incomes, so at 60k that means 150-200k for a home to be affordable. In the US the median salary per worker is $50k [0]. This will vary quite a bit based on geography but this means the “median affordable home” should be $150k or $300k for double income households. [0] https://www.thebalancemoney.com/average-salary-information-for-us-workers-2060808 https://www.thebalancemoney.com/average-salary-information-f...
- ashwagary 4y agoI imagine if it passes the knock-on effect would be massive amounts of rental properties flooding Airbnb, the oversupply eventually forcing prices down and destroying margins for many existing hosts. This could then lead to a dumping of unprofitable real estate back on the market and drop overall house prices in the area.