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Rising Rents Are Pushing More Tenants Past the Breaking Point

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Re: Rising Rents Are Pushing More Tenants Past the Breaking Point

#181

Post by elchief »

Same in Vancouver

http://www.cbc.ca/news/canada/british-columbia/census-data-r...

It's the Chinese purchasing places (to dump their laundered money at any price), then leaving them empty, so they don't get worn down from use.

And Canadians paying those same insane prices and they trying to get renters to pay their mortgage.

And everyone renting on AirBNB instead of to locals

Re: down-votes, you think I'm being racist but this is what is actually happening:

http://vancouversun.com/news/national/exclusive-how-b-c-casi...

Re: Rising Rents Are Pushing More Tenants Past the Breaking Point

#182

Post by tehwebguy »

_wc0m wrote: post #9

Rent is an amazingly effective means of redistributing wealth upwards. I have easily paid over £100k rent in my life, always to people substantially richer than I am. Always enjoyed this Churchill quote - from 1909! Roads are made, streets are made, services are improved, electric light turns night into day, water is brought from reservoirs a hundred miles off in the mountains -- and all the while the landlord sits s…

Did they not have property tax in England?

Re: Rising Rents Are Pushing More Tenants Past the Breaking Point

#183

Post by lend000 »

beebmam wrote: post #36

In large cities across the US (and probably most of the world), there is some very large scale foreign speculation in the housing market going on. This is leading to rising rents and rising home prices. In Seattle, for example, many (newly) wealthy Chinese people are buying houses purely for investment purposes. I know some of them. One of them has purchased 10 houses, and lives in only one of them (when they are in…

Foreign investment is not the root cause of a growing population being drawn to city centers with limited land.

Re: Rising Rents Are Pushing More Tenants Past the Breaking Point

#184

Post by rsync »

_wc0m wrote: post #9

Rent is an amazingly effective means of redistributing wealth upwards. I have easily paid over £100k rent in my life, always to people substantially richer than I am. Always enjoyed this Churchill quote - from 1909! Roads are made, streets are made, services are improved, electric light turns night into day, water is brought from reservoirs a hundred miles off in the mountains -- and all the while the landlord sits s…

"Always enjoyed this Churchill quote - from 1909!"

(long quotation from 4 years prior to the 16th amendment[1])

This is not an accurate assessment of the present state of affairs. Rental income in the United States is taxed at the federal and state level and rental licenses (as well as other licensing) is levied at the local level.

This is not to mention the property taxes that are paid by the landlord - which can be significant.

Your landlord is contributing to the general welfare in a great many ways.

[1] https://en.wikipedia.org/wiki/Sixteenth_Amendment_to_the_Uni...

Re: Rising Rents Are Pushing More Tenants Past the Breaking Point

#185

Post by lend000 »

These comments underscore the fact that real estate is increasing everywhere, not just city centers. However, it is magnified in city centers, and here are the (apparently not) obvious primary causes:

- A higher proportion of people want to live in small city centers.

- There are more people, and the same amount of land.

This is one of those things that can never truly be solved, without questionable eugenics programs, some other rate-limiter on population (like famine), or expansion into space.

Please, tell me I'm wrong and continue to blame it all on foreign speculators, corporations, and landlords, like most of these existing comments do.

Re: Rising Rents Are Pushing More Tenants Past the Breaking Point

#186

Post by ryandrake »

beebmam wrote: post #36

In large cities across the US (and probably most of the world), there is some very large scale foreign speculation in the housing market going on. This is leading to rising rents and rising home prices. In Seattle, for example, many (newly) wealthy Chinese people are buying houses purely for investment purposes. I know some of them. One of them has purchased 10 houses, and lives in only one of them (when they are in…

10% (of assessed value) yearly tax on homes not occupied by someone for more than 50% of the year.

Re: Rising Rents Are Pushing More Tenants Past the Breaking Point

#187

Post by jdavis703 »

rsync wrote: post #180
beebmam wrote: post #36

In large cities across the US (and probably most of the world), there is some very large scale foreign speculation in the housing market going on. This is leading to rising rents and rising home prices. In Seattle, for example, many (newly) wealthy Chinese people are buying houses purely for investment purposes. I know some of them. One of them has purchased 10 houses, and lives in only one of them (when they are in…

"To me, this is absurd. This is a human rights issue (homelessness is growing by a large amount)." Homelessness is a mental health issue. Nobody is homeless because of foreign speculators. Yes, people are indeed incentivized to relocate to housing markets that Chinese people have never heard of like, for instance, Tacoma . If those people spent half their time working and saving (like their parents did) as they spent…

What about people who have lived in neighborhoods for decades, but were since evicted (i.e. their SRO was converted to luxury whatever)? Sure they may be near the economic fringe, but the poor will always be with us. How can we enable the poor to participate in the rich economy that cities create? Or should cities become only playgrounds for the upper middle class and wealthy?

Re: Rising Rents Are Pushing More Tenants Past the Breaking Point

#188

Post by linkregister »

elchief wrote: post #181

Same in Vancouver http://www.cbc.ca/news/canada/british-columbia/census-data-r... It's the Chinese purchasing places (to dump their laundered money at any price), then leaving them empty, so they don't get worn down from use. And Canadians paying those same insane prices and they trying to get renters to pay their mortgage. And everyone renting on AirBNB instead of to locals Re: down-votes, you think I'm being racist…

That article describes the process but it doesn’t actually say how much property was purchased or whether this affected the real estate market.

It might be other Canadians performing the real estate purchases. Until BC actually publishes some stats about what percentage of places are foreign-owned, we won’t really know.

Re: Rising Rents Are Pushing More Tenants Past the Breaking Point

#189

Post by jdavis703 »

rsync wrote: post #184
_wc0m wrote: post #9

Rent is an amazingly effective means of redistributing wealth upwards. I have easily paid over £100k rent in my life, always to people substantially richer than I am. Always enjoyed this Churchill quote - from 1909! Roads are made, streets are made, services are improved, electric light turns night into day, water is brought from reservoirs a hundred miles off in the mountains -- and all the while the landlord sits s…

"Always enjoyed this Churchill quote - from 1909!" (long quotation from 4 years prior to the 16th amendment[1]) This is not an accurate assessment of the present state of affairs. Rental income in the United States is taxed at the federal and state level and rental licenses (as well as other licensing) is levied at the local level. This is not to mention the property taxes that are paid by the landlord - which can be…

The renter actually pays the property tax, it's included in the rent that is charged. There are very few landlords who rent out their property for less than the cost of property tax.

Further many residential properties are owned by LLCs and other corporations that allow them to lock in low taxes by never selling the actual property, but merely the holding company of the property.

Re: Rising Rents Are Pushing More Tenants Past the Breaking Point

#190

Post by ryandrake »

panda88888 wrote: post #177
gowld wrote: post #138

Earlier quoted context omitted.

Econ 101 supply and demand. Why haven't you _already_ raised rent $X? Because you love your tenants? If landlords kept down rents out of _charity_, we wouldn't have a rent problem in the first place.

Except all rental properties in the region would have to pay similar amount of land tax, so they would all raise the rent and the renter would have to choose either pay the higher rent or move to a cheaper area.

If all landlords could suddenly raise the rent, why wouldn't they already, regardless of the existence of the land tax?
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