Earlier quoted context omitted.
Keep their deposit
$600,000 asset vs a $3000 deposit
It’s not like they don’t have insurance (they do) to cover the cost of damages.
Rent collections are down in New York
451–460 of 594 posts
Re: Rent collections are down in New York
#452Earlier quoted context omitted.
Depends on what you mean. Sidney, Nebraska, for example, doesn't really have "bad neighborhoods" in the NY or SF sense. But it's still a small town in Nebraska. Not a dying one, though. And you can get a non-trashed - by NY standards - 3 bedroom house for $120K. So, what do you actually want? Do you have to live in NY or SF, or can you live in flyover country? You can buy out there, if you're willing to live out ther…
> So, what do you actually want? This. Also, not everybody wants the same thing, so there's no single universal solution. I live in the big city because I enjoy going out dancing, having a drink at a bar with a bunch of acquaintances, coming home late at night, etc., all without having to sit in traffic or in transit for more than one hour each way. If I lived where my parents live (which I actually did for a few mon…
And it is also a matter of age and stage in life. I enjoyed living in a big city (Bucharest) for the parties and socializing (in my 20), dancing (Casa de Tango) in my 30-40, with schools nearby. Now I sometimes work from a house in the mountains next to the Ukraine border, my neighbors are hundreds of meters from each other, the nearest supermarket is 15 km away (15 min drive) and a family of deer live in my outer yard.
Re: Rent collections are down in New York
#453Earlier quoted context omitted.
That’s a bad example. Detroit isn’t an example of over building it’s an example of eroding the demand across the entire economy by outsourcing jobs. There is a big difference between a city with full employment with a robust consumer base that happens to have a ton of housing hit the market and one that has it’s entire bedrock industry carved into pieces over several generations. If you want a valid example look at A…
Austin sure has become so much more affordable ... Wait!
https://www.texastribune.org/2025/01/22/austin-texas-rents-f...
> Now, Austin is one of the only major U.S. cities where rents are falling.
> Austin rents have tumbled for 19 straight months, data from Zillow show. The typical asking rent in the capital city sat at $1,645 as of December, according to Zillow — above where rents stood prior to the pandemic but below where they peaked amid the region’s red-hot growth.
> The chief reason behind Austin’s falling rents, real estate experts and housing advocates said, is a massive apartment building boom unmatched by any other major city in Texas or in the rest of the country. Apartment builders in the Austin area kicked into overdrive during the pandemic, resulting in tens of thousands of new apartments hitting the market.
Re: Rent collections are down in New York
#454Earlier quoted context omitted.
I guess many jobs don't want to be in the places where very cheap housing exists. What is the point of earning SV money and live in a bad neighbourhood?
Depends on what you mean. Sidney, Nebraska, for example, doesn't really have "bad neighborhoods" in the NY or SF sense. But it's still a small town in Nebraska. Not a dying one, though. And you can get a non-trashed - by NY standards - 3 bedroom house for $120K. So, what do you actually want? Do you have to live in NY or SF, or can you live in flyover country? You can buy out there, if you're willing to live out ther…
I mean that higher end jobs don't want to be in an area where they don't enjoy. They are the higher tax payers and they want to enjoy their lives far from the kind of people that live in rent controlled housing - there are differences in education, culture, habits that make people want to separate. Not elitism or something like this, just living with similar people. Whatever we want or say, people are different, not identical, not equal as potential friends and buddies.
Re: Rent collections are down in New York
#455Earlier quoted context omitted.
Tax property values. We could talk about the merits of Georgeism but honestly let's set that aside - conventional property taxes are sufficient here. Most of Manhattan apparently has cough ), they're a tiny fractional "decommodification" of property as asset, because the money collected from the owners is spent on the residents. Most of this money passes through directly into higher rents, and we shouldn't care about…
> Most of Manhattan apparently has While NYC has never lacked for rot and corruption, those really aren't needed - or even particularly useful - for something like this. As soon as you've got any sort of law / regulation / status quo that benefits a class of well-to-do people, there will be intense pressure to maintain that situation. Vs. the opposition - honest reformers, idealists, the poor, whoever - even if they'…
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Re: Rent collections are down in New York
#456Earlier quoted context omitted.
You mean like in Sweeden, where you have to wait 20 years for assigned flat? Europe has no homelesness, because migrants are housed at hotels at great expense!
I mean better than having no assigned flat at all....
Waiting time can last longer than your ability to rent housing on a market regulated by supply and demand.
Re: Rent collections are down in New York
#457Earlier quoted context omitted.
If a landlord can charge 1200 instead of 1000 why wouldn’t they? They’ll charge the maximum they can get away with, costs are irrelevant Two landlords, one with a mortgage, one without, will charge the same amount for the same property.
Yes. And the other one is forced to charge 1200. So the other one can charge for example 1190. And the renters will choose the 1190. And then the next renter has to pay 1200. Or the one without mortgage goes like I only get 800. Maybe instead I just throw this money in government bonds for better gains and save money... Other option for same outcome could be just to charge any renter 20% on top of their rent. Which t…
> And the other one is forced to charge 1200.
No.
Nobody is forced to charge anything. The market forces limit what can be charged, as an upper bound.
And I'm saying this with experience as an actual landlord.
Re: Rent collections are down in New York
#458Earlier quoted context omitted.
Depends on what you mean. Sidney, Nebraska, for example, doesn't really have "bad neighborhoods" in the NY or SF sense. But it's still a small town in Nebraska. Not a dying one, though. And you can get a non-trashed - by NY standards - 3 bedroom house for $120K. So, what do you actually want? Do you have to live in NY or SF, or can you live in flyover country? You can buy out there, if you're willing to live out ther…
I mean that higher end jobs don't want to be in an area where they don't enjoy. They are the higher tax payers and they want to enjoy their lives far from the kind of people that live in rent controlled housing - there are differences in education, culture, habits that make people want to separate. Not elitism or something like this, just living with similar people. Whatever we want or say, people are different, not…
Well, in Sidney, you won't live next to rent controlled housing type people. (At least, there won't be many, and you can pick a place where you don't.)
But you won't live next to people who are similar to you, either. (Though that dirt farmer's land may be worth more than your startup...)
Re: Rent collections are down in New York
#459Earlier quoted context omitted.
> Why isn't it automated yet? You delay your rent and your door key stops working. Cyberpunk: Edgerunners has an excellent scene where something like this happens to a kid down on his luck.
and in cyberpunk 2077 there are neon signs above each apartment door indicating rent payment status, gotta bring public shaming into it too. This is the future our loyal soldiers for capitalism fight for on this platform in every thread lol.
Gotta use collective punishment to create collective enforcement. Make it so when a sign is red, police storm that block like in half-life 2. Then people who let their signs turn yellow will be ostracized until they fix it.
Re: Rent collections are down in New York
#460Earlier quoted context omitted.
sure because a property owner is going to not rent out a property and just take the month on month hit for having an empty property. They'll either rent it or sell it. There is a middle ground, just need to find that point.
Apparently you haven't been paying attention to what's happening in the rental market. Landlords in cities with strong tenant protection laws will absolutely leave a unit vacant for months until they find someone with a high income ratio and credit score. This leaves poorer people stuck with no options.
In Amsterdam it led to them getting sold