4 ms·

Well, in lots of parts of the country, that 'weird expectation' is the law.

by whimsicalism 3y ago

simonsarris 3y ago
Where in the US are perpetual rights to extend 1 year leases the law?
- whimsicalism 3y ago
  Where I live in California, for the large majority of rental properties, the owner cannot evict me unless they plan on exiting the rental market or I have somehow violated the lease. I think this covers flat out most rental properties in California as well. So the answer: California
  - sershe 3y ago
    Stuff like this, broadly, is why California is known for its affordable rents and sane housing markets :)
    - seanmcdirmid 3y ago
      Even if there is a right to lease renewal, how much the lease will increase is often not regulated or loosely regulated. So…you can always price out a tenant you don’t want to keep, but there are often some extra laws around that.
      - whimsicalism 3y ago
        Not in California, where the rent increases are limited in the vast majority of units (pretty much anything built before 2007) :) I agree that this has an absolutely massive chilling effect on leasing & building, given that, reasoning from the past, any new development is almost certain to be subject to rent control within 20 years at most. I've never lived in a state nuts enough to have state-wide rent control before, it's interesting.
        seanmcdirmid 3y ago
        Well, they have property tax control as well so it isn’t surprising. But ya, rent control sucks in that it picks a few winners to the detriment of everyone else. Great for stability if you win it, but getting in is super hard. California still could stand to lose a few million people, maybe that’s their intention.
hn_throwaway_99 3y ago
I fully understand that, and I think it's really bad policy, similar to rent control. It's just one factor among many, but it contributes to California's astronomical housing crisis - when you make it so distasteful for people to rent out their homes in the first place, people respond by being loath to add badly needed inventory and instead put their homes to other uses, including just letting it sit empty.
- whimsicalism 3y ago
  I disagree merely with it being a weird or wrong expectation in many cases, not that it is bad policy.
- Obscurity4340 3y ago
  That's where vacancy taxes should be kicking in. People need to get it through their heads: you don't have some god-given right to hoard property for any other purpose than for it to be legit occupied. It needs to be discouraged as an investment vehicle to the detriment of all the other productive and pro-social uses for it. Use it or lose it I say. You wanna invest? That's what the S&P and index funds are for. Go thusly

Well, in lots of parts of the country, that 'weird expectation' is the law.

simonsarris 3y ago

Where in the US are perpetual rights to extend 1 year leases the law?

whimsicalism 3y ago
Where I live in California, for the large majority of rental properties, the owner cannot evict me unless they plan on exiting the rental market or I have somehow violated the lease. I think this covers flat out most rental properties in California as well. So the answer: California
- sershe 3y ago
  Stuff like this, broadly, is why California is known for its affordable rents and sane housing markets :)
  - seanmcdirmid 3y ago
    Even if there is a right to lease renewal, how much the lease will increase is often not regulated or loosely regulated. So…you can always price out a tenant you don’t want to keep, but there are often some extra laws around that.
    - whimsicalism 3y ago
      Not in California, where the rent increases are limited in the vast majority of units (pretty much anything built before 2007) :) I agree that this has an absolutely massive chilling effect on leasing & building, given that, reasoning from the past, any new development is almost certain to be subject to rent control within 20 years at most. I've never lived in a state nuts enough to have state-wide rent control before, it's interesting.
      - seanmcdirmid 3y ago
        Well, they have property tax control as well so it isn’t surprising. But ya, rent control sucks in that it picks a few winners to the detriment of everyone else. Great for stability if you win it, but getting in is super hard. California still could stand to lose a few million people, maybe that’s their intention.

hn_throwaway_99 3y ago

I fully understand that, and I think it's really bad policy, similar to rent control. It's just one factor among many, but it contributes to California's astronomical housing crisis - when you make it so distasteful for people to rent out their homes in the first place, people respond by being loath to add badly needed inventory and instead put their homes to other uses, including just letting it sit empty.

whimsicalism 3y ago
I disagree merely with it being a weird or wrong expectation in many cases, not that it is bad policy.
Obscurity4340 3y ago
That's where vacancy taxes should be kicking in. People need to get it through their heads: you don't have some god-given right to hoard property for any other purpose than for it to be legit occupied. It needs to be discouraged as an investment vehicle to the detriment of all the other productive and pro-social uses for it. Use it or lose it I say. You wanna invest? That's what the S&P and index funds are for. Go thusly