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A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

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Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#101

Post by scythe »

_cenw wrote: post #80
vr46 wrote: post #13

The UK has completely abolished fees (I think) for tenants - I am a reluctant landlord - and I completely agree with that, the power asymmetry in finding housing is already bad enough without allowing blank-cheque negotiations. In my section of Germany, housing is even worse with rent caps and tenant rights, plus a lack of housing. Tenants are hard to move on, so landlords are painfully cautious about getting the rig…

Social housing in Germany is asinine. The government heavily co-finances new construction for a subset of flats being offered as affordable housing, but with a 30 year limit to these restrictions. It's a subsidy for the rich. You break even, and you get some very cheap real estate in 30 years. The government should've just done the construction itself. A lot of social housing is currently reaching that 30 year mark,…

Curiously, some places (notably San Francisco) in the United States have the opposite system: rents are unregulated for the first few decades of a building's life, and then annual increases are capped after that. This ensures that the older housing stays affordable for the people who live in it, but it allows prices to rise for new construction, which should in principle increase the amount of housing that gets built. In theory buildings should generate most of their value in the early part of their life when they're more desirable.

This system isn't always managed as well as it could be — subsidized unit requirements are layered on top of that, and in St. Paul the payoff period is only thirty years, which has made some developers balk. The political factions often imagine all investors as good or bad instead of as a force that can be managed to achieve desired social outcomes.

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#102

Post by grugagag »

conductr wrote: post #97
ethanbond wrote: post #59

Earlier quoted context omitted.

Land Value Tax: Make it financially unfeasible to speculate, to withhold units from the market, and to withhold unused land from the market. Let prices freely fluctuate with the market. Increases in rent derived from externalities (i.e. Amazon HQ2 setting up shop nearby or a new subway station) go back into public coffers, while increases in rent derived from landlord actions (i.e. renovations, building bigger, bette…

I'm in Texas, a state with pretty high property tax. We've also seen a ton of appreciation in recent years. Booming economy, transplants from other states, then the COVID factor. We also have a near free market on rent; I've been a landlord and not aware of any limitations. There are a couple limits on property taxes (namely a cap of 10% increase per year on "homesteads", and an Agriculture exemption for rural proper…

Yeah, that could be adjustated with lower fees for the first/main property/residence.

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#103

Post by ikiris »

conductr wrote: post #97
ethanbond wrote: post #59

Earlier quoted context omitted.

Land Value Tax: Make it financially unfeasible to speculate, to withhold units from the market, and to withhold unused land from the market. Let prices freely fluctuate with the market. Increases in rent derived from externalities (i.e. Amazon HQ2 setting up shop nearby or a new subway station) go back into public coffers, while increases in rent derived from landlord actions (i.e. renovations, building bigger, bette…

I'm in Texas, a state with pretty high property tax. We've also seen a ton of appreciation in recent years. Booming economy, transplants from other states, then the COVID factor. We also have a near free market on rent; I've been a landlord and not aware of any limitations. There are a couple limits on property taxes (namely a cap of 10% increase per year on "homesteads", and an Agriculture exemption for rural proper…

All of this sounds well and good until you see the natural conclusion of those policies to keep old people from having to pay for their dragon hoarde. It turns your city into the Bay area where no one can afford to live there except the landed gentry you've created.

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#104

Post by bombcar »

conductr wrote: post #97
ethanbond wrote: post #59

Earlier quoted context omitted.

Land Value Tax: Make it financially unfeasible to speculate, to withhold units from the market, and to withhold unused land from the market. Let prices freely fluctuate with the market. Increases in rent derived from externalities (i.e. Amazon HQ2 setting up shop nearby or a new subway station) go back into public coffers, while increases in rent derived from landlord actions (i.e. renovations, building bigger, bette…

I'm in Texas, a state with pretty high property tax. We've also seen a ton of appreciation in recent years. Booming economy, transplants from other states, then the COVID factor. We also have a near free market on rent; I've been a landlord and not aware of any limitations. There are a couple limits on property taxes (namely a cap of 10% increase per year on "homesteads", and an Agriculture exemption for rural proper…

Property tax on owner-occupied residential property everywhere should have a "replace it with a lien against the property" option - some states have it.

The exact situation you're referring to caused Prop 13 in CA, and something has to be done before something like that gets enacted.

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#105

Post by zielmicha »

bradlys wrote: post #88
flavius29663 wrote: post #81

Earlier quoted context omitted.

> no one is fucking building anything Introducing rent control makes it even less likely to have new builds. Try to think like a millionaire that could potentially invest in real estate: would you buy a 2 million house not knowing that you can recoup that investment and also make a profit? Isn't it easier to just dump the money in an ETF and get 8% on the market? > you need it to prevent landlords from just extractin…

You cannot have housing be affordable and an investment. You need to decouple the two. Fundamentally these are in disagreement. If you believe that landlords should control the world then keep believing this idea that housing should also be an investment. I don’t think housing should be an investment. It is impossible for something to be a good investment and affordable. They go against one another.

> It is impossible for something to be a good investment and affordable. They go against one another.

Why do you think that's the case? Many companies are a good investment, while they still provide affordable products. Something can be cheap in an absolute sense, while still providing a good return on investment.

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#106

Post by throw__away7391 »

RHSeeger wrote: post #64
werber wrote: post #6

I thought this seemed fair till i read it was in flushing. Nyc is the worst, but, if you’re American where else can you get a city that international and walkable

> Nyc is the worst I love NYC. I don't mind going into Boston or such for the day, but there's nothing like NYC on east coast. It's fantastic.

Yes. In the US, sure. Compared to cities outside the US it is horrible. Less walkable than most, food is ok if you know where to go but nothing special and also super expensive like everything else, aggressive drug addicts wandering the streets, high crime including random acts of violence for literally no reason at all, incessant aggressive honking at all hours of the night, even when you are paying $5k a month for your 1 bedroom apartment it the apartment itself is not a nice place to live in terms of things like sunlight and ventilation, and the city itself is super corrupt. There’s a million folks in unions and other arrangements who are “grandfathered in” to all sorts of privileges that are used to secure their vote. The city has an astronomical budget, all the money is going to more or less bribe key voting blocks. It has been this way for well over a century.

The thing that NYC really has going for it is that the rest of the country is a giant suburban dystopia.

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#107

Post by nemothekid »

ZoomerCretin wrote: post #27

For an $1,100/month apartment in NYC, a $15k fee is worth it, even if you have to take out debt for it.

A 15k personal loan at 12% (no idea what loan rates are now, but 12% seems high enough) with a payback period of 3 years would be an extra $600/mo. Heck at 1 year its an extra 1,332.73/mo - you would still come in under median.

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#108

Post by hotpotamus »

conductr wrote: post #97
ethanbond wrote: post #59

Earlier quoted context omitted.

Land Value Tax: Make it financially unfeasible to speculate, to withhold units from the market, and to withhold unused land from the market. Let prices freely fluctuate with the market. Increases in rent derived from externalities (i.e. Amazon HQ2 setting up shop nearby or a new subway station) go back into public coffers, while increases in rent derived from landlord actions (i.e. renovations, building bigger, bette…

I'm in Texas, a state with pretty high property tax. We've also seen a ton of appreciation in recent years. Booming economy, transplants from other states, then the COVID factor. We also have a near free market on rent; I've been a landlord and not aware of any limitations. There are a couple limits on property taxes (namely a cap of 10% increase per year on "homesteads", and an Agriculture exemption for rural proper…

Old people in Texas get their property taxes frozen I believe at 65. But honestly it might be better for them to downsize into something more appropriate and perhaps free up the larger houses for families. My mother has basically just turned my parents' house into an eBay warehouse full of junk that she intends to sell one day. I can't say that I have any big problem with that at the end of the day, but if you think getting young families into housing is a more important goal for society, then it does seem like a waste.

Meanwhile, I'm pretty sore about the 10% year over year thing, particularly when I hear about how Republicans run a low-tax state or that a wealth tax is unconstitutional/infeasible. I pay my wealth tax every year, but I suspect I'm too poor for the kind of wealth tax they mean. I can at least enjoy the irony.

Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K

#110

Post by ohhnoodont »

conductr wrote: post #97
ethanbond wrote: post #59

Earlier quoted context omitted.

Land Value Tax: Make it financially unfeasible to speculate, to withhold units from the market, and to withhold unused land from the market. Let prices freely fluctuate with the market. Increases in rent derived from externalities (i.e. Amazon HQ2 setting up shop nearby or a new subway station) go back into public coffers, while increases in rent derived from landlord actions (i.e. renovations, building bigger, bette…

I'm in Texas, a state with pretty high property tax. We've also seen a ton of appreciation in recent years. Booming economy, transplants from other states, then the COVID factor. We also have a near free market on rent; I've been a landlord and not aware of any limitations. There are a couple limits on property taxes (namely a cap of 10% increase per year on "homesteads", and an Agriculture exemption for rural proper…

There are ways to address this problem, but in any case this is still ultimately a very good problem for property owners to have. Their property value has increased dramatically. Being forced to move is inconvenient, but you do so with a large bag of cash.
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