in New York for 5 years, am I the only one being priced out?" cries the original gentrifier
https://old.reddit.com/r/Bushwick/comments/1cel6wz/is_anyone_else_getting_priced_out_of_bushwick/?sort=controversial
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Holy frick, progressives voting in policies that frick over these leaching landlords, developers, and management companies is exactly why rent keeps going up and so many units are sitting empty.
No one's going to spend the 100k to update an old butt tiny rental apartment to conform to the new lead paint requirements for a unit that's rent stabilized to 1,600 and it's impossible to sell it because no one who could afford it would ever want to live in it.
How are progressives this fricking r-slurred?
If you just let developers build and landlords compete prices will fall and stabilize on their own.
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I'd add a caveat that we should find some way to give landlords (and residential buyers) some economic advantage. You don't want real estate investment funds coming in and just snatching everything up to sit on, especially if they have a monopoly. Then they can charge whatever they want for rent, and since demand is inelastic, there is no impetus for prices ever to fall.
What you want is a lot of landlords who each have a few properties. You want people to have an impetus to compete, and you don't want one company with a massive war chest to be able to unilaterally control the market.
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Real estate investment funds are also just a side effect of progressives having r-slurred policies.
R-slurred renter protection laws like squatter rights and super long eviction processes puts way too much risk on independent landlords and further raises rents and forces them to sell to those who can shoulder the risk while our decade plus of low interest rates combined with the inflation and market instability from Covid and its aftermath made real estate possibly the safest and sanest investment option and it was way too blatant for investment firms to ignore even if they didn't want to be landlords. Now that a bunch of major firms have the infrastructure and systems in place for buying and managing single family homes I'm not really sure how we could put the genie back in the bottle without gutting zoning laws nationwide and just building enough everywhere to start crashing the market.
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Squatter rights did at one point make sense for a nation which wished to expand. They no longer have any place in modern society. Eviction processes could take some sort of middle ground such as only allowing for cause eviction but streamlining the process for landlords.
Why should we not shoot down zoning laws and build enough to crash the market? I don't think we can necessarily enforce the latter but we can definitely make it easier.
I do not know if we can just prohibit large companies from owning a lot of real estate. I don't know if there's any realistic or fair mechanism to do that.
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Realistically there's not.
We should, it's just effectively impossible unless we scrap our democracy and somehow end up with some benevolent God king that understands economics.
You'd need to convince a ton of shitlibs and neocons nationwide that completely destroying their equity and net worth is actually a good thing while simultaneously convincing progressives that developers making a shit ton of money and passing a bunch of laws that they'll see as gutting tenant rights is actually a good thing.
The unavoidable problem is that a very small minority of people simultaneously want housing to cost less while being able to stomach that it necessitates that developers and landlords make money sufficient to their risk.
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Why couldn't county officials just strike down zoning policies? I don't think they're voted on usually.
It is unfortunate that we cannot be realistic about the fact that housing prices are too high and that the solution isn't Maoism. One side thinks the current arrangement is fine and the other side is frothing at the mouth to kill anyone who owns a closet.
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Short answer is because they don't want to lmao.
It's not like county officials aren't just people too with the same flawed views as regular butt voters and politicians.
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The best way to counter inelastic demand ruining fair market principles is through organic incentives, not through fiat measures like rent control. Massive unoccupied unit taxes are a great way to force these corporations to compete in pricing wars, as they would force real estate investment funds to either lower rents or even divest of the property to a residential buyer.
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Why is there no will for second home/real estate investor taxes and plenty of will for rent control?
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I saw this one particular young couple that stood out from the rest only because the girl looked absolutely perfect. She was tall, blonde, and sexy. She would have towered over me in height, and her boyfriend of course towered over her. They were both wearing beach gear, and the girl was in her bikini, showing off to everyone her sensual, erection-causing body. Her blonde hair was wet from swimming in the ocean, and it only made her look more arousing. The two of them were holding hands, and it was clear that they were in love. I saw the boyfriend place his hand on the girl's butt, and when he did this the girl looked at him and smiled with delight. That guy was in heaven. I can only imagine how amazing it must be to have s*x with a girl like that. I had to witness everything I wanted but could not have. It made me feel dizzy with anguish.
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