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31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’

nytimes.com

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Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’

#41

Post by shard972 »

save_ferris wrote: post #24
capsulecorp wrote: post #13

Earlier quoted context omitted.

Start by banning China (and any other country that doesn't allow US citizens to own land) from owning property in the US. Something tells me when you get rid of all the foreign profit lords, that property will be much more affordable in many areas.

It’s not that simple, unfortunately. US businesses and governments have heavily relied on Chinese capital for various economic initiatives, from transit to manufacturing.[0] Barring one of our largest financial partners (and largest creditors) would certainly have a devastating effect on our economy. 0: https://www.americanmanufacturing.org/blog/entry/congress-ex... .

Why isn't it devastating the Chinese economy by banning foreign the same kinds of foreign investments?

Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’

#42

Post by [deleted] »

dhd415 wrote: post #9
mkl wrote: post #4

Earlier quoted context omitted.

The article implied synchronised rents, and now you have too. To clarify: Are all rents in the US monthly and due on the first of the month? In NZ rent is weekly, on no particular day (can be different for each tenant).

Residential rentals in the US are priced by the month and I've never seen one in which the rent was not due on the first of the month.

[deleted]

Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’

#43

Post by SpicyLemonZest »

shubidubi wrote: post #33

I don't get why it's not ok to steal food from a grocery store but it is ok to not pay rent. Both are basic necessities and in both cases you hurt someone else by not paying for service (food/shelter).

Most people see a vast moral difference between failing to pay a debt you owe and taking something that doesn't belong to you in the first place. If you broke into an unoccupied apartment and squatted there, that'd be at least as stealing food from a grocery store.

Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’

#44

Post by FireBeyond »

capsulecorp wrote: post #13
bArray wrote: post #8

"31% Can't Pay the Rent" != "31% Are Not Paying Rent" "Can't" indicates they are unable, whereas I suspect at least some are taking advantage of the current situation [1]. Any situation where it's possible to take advantage, you can almost guarantee that people will. This is not the way forwards - not paying rent will have a large knock-on effect for landlords (which, despite some sentiment, isn't necessarily the 1%)…

Start by banning China (and any other country that doesn't allow US citizens to own land) from owning property in the US. Something tells me when you get rid of all the foreign profit lords, that property will be much more affordable in many areas.

How do you make that happen, realistically?

"You must sell."

"Okay, this 3br house is $10MM. It's not selling."

Eminent domain?

Are we going to do that for the huge swathes of vacant homes we already have, too?

Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’

#45

Post by missedthecue »

capsulecorp wrote: post #13
bArray wrote: post #8

"31% Can't Pay the Rent" != "31% Are Not Paying Rent" "Can't" indicates they are unable, whereas I suspect at least some are taking advantage of the current situation [1]. Any situation where it's possible to take advantage, you can almost guarantee that people will. This is not the way forwards - not paying rent will have a large knock-on effect for landlords (which, despite some sentiment, isn't necessarily the 1%)…

Start by banning China (and any other country that doesn't allow US citizens to own land) from owning property in the US. Something tells me when you get rid of all the foreign profit lords, that property will be much more affordable in many areas.

The number of housing buys in the US and Canada that are by Chinese nationals is low single digits. Chinese people, AirBnB, and boomers seem to be the boogeymen of choice for people who want to blame high housing prices on anything other than the fact that new housing supply has been retarded while demand continues to increase at a low but steady rate.

If demand grows while supply stays constant, any 7th grader could tell you the consequences, but this basic fact seems to elude our elected officials.

Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’

#46

Post by missedthecue »

simonh wrote: post #30
WrtCdEvrydy wrote: post #12

Earlier quoted context omitted.

The economy will be fine... the black plague had great economic outcomes as it always does when a whole bunch of people die. We should reopen the entire country tomorrow... no travel restrictions, open every border and see what happens.

Does the economy exist to serve the needs of the people, or do the people exist to serve the needs of the economy?

The 'economy' isn't some wild and mystic beast that we must tame into subservience. It's the way we measure the flow of money, goods, and services. By definition it cannot 'serve' anyone.

Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’

#47

Post by SpicyLemonZest »

simonh wrote: post #17
bArray wrote: post #8

"31% Can't Pay the Rent" != "31% Are Not Paying Rent" "Can't" indicates they are unable, whereas I suspect at least some are taking advantage of the current situation [1]. Any situation where it's possible to take advantage, you can almost guarantee that people will. This is not the way forwards - not paying rent will have a large knock-on effect for landlords (which, despite some sentiment, isn't necessarily the 1%)…

A study of the Spanish Flu pandemic indicates that an early severe lockdown actually minimises the long term economic impact. https://www.weforum.org/agenda/2020/04/pandemic-economy-less...

No city I'm aware of enacted a severe lockdown by our standards during the Spanish Flu. I haven't seen any record of a ban on private gatherings, or a general shutdown of non-essential businesses (as opposed to a targeted ban of bars and restaurants).

Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’

#48

Post by peacefulhat »

missedthecue wrote: post #38
jacknews wrote: post #25

Rents will have to come down or be waived. Almost by definition "rent" is simply extracting value from the productive economy through ownership. If the productive economy takes a dive or disappears, the amount you can extract must do likewise.

>Almost by definition "rent" is simply extracting value from the productive economy through ownership. What? Do you define any profit margin as such? Housing rent is not the same thing as the term 'economic rent'. Housing is as much a liability as an asset. There is risk with owning it. Rent payments are compensation for said risk. All profit is just compensation for risk.

Then should rents go up? It is now much riskier to be a landlord, risk that is going uncompensated...

Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’

#50

Post by ngngngng »

SpicyLemonZest wrote: post #43
shubidubi wrote: post #33

I don't get why it's not ok to steal food from a grocery store but it is ok to not pay rent. Both are basic necessities and in both cases you hurt someone else by not paying for service (food/shelter).

Most people see a vast moral difference between failing to pay a debt you owe and taking something that doesn't belong to you in the first place. If you broke into an unoccupied apartment and squatted there, that'd be at least as stealing food from a grocery store.

But living in a place without paying is taking something that doesn't belong to you. That space could be otherwise used if you hadn't temporarily stolen it.
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