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Rents are dropping across the US

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Re: Rents are dropping across the US

#321

Post by lotsofpulp »

acidbaseextract wrote: post #293
doh wrote: post #153

Earlier quoted context omitted.

We renegotiated 3 times a significant discounts as more supply started seeping in. In our last renewal we got 3 months free and 1 parking spot free. Whenever we spoke with neighbors they were so thankful that they didn't increase the price that they immediately signed. In fact of the maybe 20 people we spoke over the years, none attempted to renegotiate their lease. My expectation is as PPP is now running its course…

How do you renegotiate? It seems like you need to be willing to walk to have any negotiating leverage, and moving is a pain in the ass.

Finding desirable tenants can sometimes be a pain in the ass too. But being willing to walk away is, of course, the best negotiating position.

Re: Rents are dropping across the US

#322

Post by andykx »

nkozyra wrote: post #228
Androider wrote: post #158

Earlier quoted context omitted.

I bought into this mindset, and regret it. That's what you do when you have kids, move to the 'burbs, right? We moved from a big city to suburban hell a few years after having a kid. In those first years, we took our kid to museums, parks, playgrounds, etc. all over the city. Now there is jack shit to do in the suburb we're in except going to the mall, cannot walk anywhere, have to use the car 100% of the time to eve…

With you on this. There was never a lack of things to do in new York and with a tiny apartment little incentive to stay home. Back in the suburbs now and the kid would spend his Saturdays watching TV if I didn't stop him because the alternative is ... the one playground in driving distance? The movies? Target? People really underestimate the volume of activity you can put in front of a young kid in a city.

One thing that will keep me from living in the city for the rest of my life is how much I enjoy having private outdoor space. Being outside by myself is one of my favorite feelings in the world.

Re: Rents are dropping across the US

#323

Post by JMTQp8lwXL »

gamblor956 wrote: post #311
nemo44x wrote: post #130

Earlier quoted context omitted.

Interesting. I've read, however, that something like that is probably very easily unconstitutional and/or easy to get around. The bigger issue is that the tax code gives landlords incentive to not rent at "market value" and hold out for more money on a long term contract.

It is very easy to get around a vacancy tax: you rent it out so someone can live in it. They generally identify vacancy tax properties by looking for residential properties that aren't receiving utility bills or which have very low utility bills.

So vacant rentals might turn into low-scale bitcoin mining facilities.

Re: Rents are dropping across the US

#324

Post by andykx »

colinmhayes wrote: post #292
treeman79 wrote: post #103

Earlier quoted context omitted.

Kids change mindset. Kids love yards. They love the little creek that runs past. I love the safety. Small neighborhood, we all know each other and look out for the kids that run around playing.

I loved living in the city as a kid. Going to the suburbs to see my grandparents always showed me how miserable it was out there. The parks in the city are better, the food and culture is incomparable, and the diversity was incredibly important to who I am today.

You’re spot on about the diversity. I did not grow up in a very diverse place and it’s one thing I feel that I really missed out on.

But parks? In the NYC suburbs (maybe exurbs is more accurate) where I grew up, I had like 5 beautiful state parks within walking distance from my house. I could walk through my friend’s backyard to a pair of beautiful lakes where we could swim, fish, kayak, whatever.

It’s interesting. I’m not trying to be argumentative, but when I go to the city (any American city, at least), I find it to be really dirty, loud, and I find the people to be generally rude. I also don’t like the complete and total lack of outdoor space that isn’t public. Nothing beats a backyard to me.

Re: Rents are dropping across the US

#325

Post by ikeyany »

rpmisms wrote: post #238
christiansakai wrote: post #71

Earlier quoted context omitted.

I am a HENRY but my cultural tastes are low for most of my peers standard. McDonalds I'm lovin' it.

Same, man. I'm HENRY for my age (18), and really enjoy my $500 apartment, while parking an ancient Tesla outside it

One day you will appreciate your paycheck. That day is not today.

Re: Rents are dropping across the US

#326

Post by cgriswald »

kyledrake wrote: post #193
pengaru wrote: post #173

Earlier quoted context omitted.

> Maybe they really want to be with their extended family in a suburb of Cleveland. This especially made me laugh because the VP of Eng at one of my Silicon Valley startups was from Cleveland and would often joke "I escaped a prison sentence by leaving Cleveland" and "The place is so polluted the river caught on fire, TWICE!".

That fire was in 1969. This is kind of like moving to SF because it used to have hippies. I've been to Cleveland and it's actually a pretty solid place to live. I would argue you could have a far better life there with a $50k house than slavishly working for the rest of your life for a multi-million dollar tiny home in a giant sprawled out suburb. FWIW I never met a single person in the bay area that didn't want to l…

> FWIW I never met a single person in the bay area that didn't want to live basically anywhere else, ...

All this says is you live in a bubble. I know many people who would love to live here but can't afford to do so. I also live here and the only reason I'm considering leaving is the expense. I imagine most people who own a home here don't stay here because they hate it. They could sell their homes and probably retire early anywhere else. FWIW I'm not from here. The only people who want to live "anywhere else" aren't from here and are only here for the money. Those people will leave, sure. But then again, maybe not, when they see that employees here make more than they do in Cleveland.

> I'm sure that resonates with a lot of other people too, that don't think retiring early surrounded by friends and family is a prison sentence.

I think you're vastly underestimating the number of people that are from here that want to stay here. I've got many, many friends that have left the area simply because they can't afford it.

It's going to be decades before the bay "empties out", because as soon as that starts happening, those people living six adults to a three-bedroom home are going to start spreading out and the people that left against their will are going to come back. And there is still going to be an absurd amount of money here, even it gets spread around some.

And as much as companies may start to allow remote work (not at all a forgone conclusion in my mind, although the $$ seems right), there are still going to be competitive advantages to employees and founders who decide to live here.

Re: Rents are dropping across the US

#327

Post by asdff »

pengaru wrote: post #294
kregasaurusrex wrote: post #285

Earlier quoted context omitted.

After the 2008 housing recession, the price of homes in suburban Cleveland dropped to some of the lowest levels in the country. You'd likely pay more for a new car than buying an entire house, after incentives like the first-time homebuyer's credit. The locally famous Cleveland Tourism video[0] said that you could buy a house for the price of a VCR and it's not too far off. [0] https://youtu.be/oZzgAjjuqZM

According to the 2010 Census Cleveland lost 17.1% of its population at that time.

Even today the city is a third of the population it was 60 years ago.

Re: Rents are dropping across the US

#328

Post by asdff »

gen220 wrote: post #274
nkozyra wrote: post #228

Earlier quoted context omitted.

With you on this. There was never a lack of things to do in new York and with a tiny apartment little incentive to stay home. Back in the suburbs now and the kid would spend his Saturdays watching TV if I didn't stop him because the alternative is ... the one playground in driving distance? The movies? Target? People really underestimate the volume of activity you can put in front of a young kid in a city.

Some things I’ve observed about families I know who seem to have suburban life figured out: - regular (meaning periodic) physical activity is essential, for the adults and kids. Sports leagues, gym classes, whatever. If you’re not into sportsy physical activity, you need a physical hobby like woodworking, gardening, or literally anything to get your blood flowing - your weekly schedule looks totally different as the…

I do all of these things living in a city

Re: Rents are dropping across the US

#329

Post by 01100011 »

bradlys wrote: post #287
01100011 wrote: post #254

Earlier quoted context omitted.

So we can expect the population of the valley to shift towards even more career minded over achievers while normal folks flee. Great.

I mean - did we ever expect the trend to reverse? This region is built on the idea of professional opportunities (FAANG, bleeding edge tech, etc.) and the possibility of getting rich if you join the right startup (aka - buy the right lottery tickets/exercise-options). I've only seen it get worse as I've spent my time here. Has it ever been worse in terms of wealth disparity? I think it will continue to get worse shor…

> This region is built on the idea of professional opportunities

I'm pretty sure the region existed before tech blossomed half a decade ago. It was definitely a different place even 20 years ago. Also, like 99+% of folks here don't work for a startup.

The people with the money don't seem to care about fixing the region's problems. The other people can't afford to. This area seems like it will just continue devolving into some sort of dystopian, cyberpunk future.

Re: Rents are dropping across the US

#330

Post by redis_mlc »

pengaru wrote: post #151
paulgb wrote: post #62

Earlier quoted context omitted.

Yes, I've been thinking of this the same way. As someone who plans to stay in NYC, I'm looking forward to a time when WFH is more normalized and people who live in cities are people who want to live in cities, not people who need to live in cities. It could be win-win for both types.

> people who live in cities are people who want to live in cities, not people who need to live in cities I'm not under the impression that the droves of techies riding free company shuttle buses from SF to Silicon Valley want to live outside of the city. Maybe that's a uniquely SF thing, as I believe Silicon Valley still employs more tech people than SF, despite SF becoming a tech hub itself post-mobile. People don't…

Single techies live in SF because they want to get laid, and that won't happen on the peninsula.

Brutal commute, though.

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