Maybe the landlords should eat less avocado toast or something like that. Bootstraps…. idfk
The fact that your rent being raised every year is considered normal is absolute bullshit.
quote about the landlords getting what they dserved in the Chinese RevolutionMy rent has gone up 10% every year for literally fucking forever. I was paying 750 a month like 8 fucking years ago and now it's like 1325
I'm sure they reinvest all that into improving the property and experience of their tenants, right?
the laundry room for my building has been closed for 8 months and while it seems renovated they're literally using it as a storage room r/n and have been for the last month
My landlord bought this now 2 unit property in the 70s when this was a "blighted" neighborhood. Now its a trendy neighborhood (thanks to it becoming the gayborhood and now being awash in rainbow capitalism) and he is making $6k a month from property he outright owns. And doesn't even attempt to maintain, because it will just get sold to a developer for 7figures USD on that old fucks demise.
Fuck landlords
sell it to who? other landlords who don't want to buy? workers who don't have the money or credit for a mortgage?
Isn't Blackstone/rock (I can never remember which one is which) buying up a lot of US housing?
Blackstone is the largest commercial landlord on earth. Blackrock is a much smaller spinoff company that manages more "traditional" stock investements.
Blackrock has $10T of assets managed vs. Blackstone's $1T, so definitely not smaller. They just have different focuses (real estate and private equity for Blackstone, and traditional stocks for Blackrock), and have been separate companies for a while.
You're right. Thank you for the correction, I worded that poorly. I meant to indicate that they own a much smaller amount of commercial properties.
A 3% rent increase on a $2600/month one bed one bath is $78/month, which over a 12 month lease is still an additional $936 for doing literally nothing. But all of this is irrelevant because $2600/month for an apartment was already way overpriced to begin with. L.A. county could force them to lower rents 3% and they’d still be making an obscene profit. And if these landlords sell, what are they going to do after that? Get real jobs? Not likely. It’s a total bluff. People choose to become landlords because they don’t want to work. Capping rent hikes at 3% would still allow them to not work, so they’re not going to suddenly sell of their assets and do something else. Also landlords (especially the big ones - companies such as Greystar/Cortland/Lincoln) invest with the ultimate goal of selling the buildings. That’s where the real money comes in. So they’re going to sell no matter what lukewarm rent regulations are put in place.
Yep. This has signature California faux-populist policy written all over it. Capital still gets its firehose of rent for doing nothing with slightly improved market stability, and the people get good vibes while the machine grinds them into slurry.
Also selling a house doesn't change its value, the new mortgage is going to be virtually the same as rent (banks issue mortgages in relation to expected rents), and will likely be turned around to rent anyway.
Idk what kinda threat they think this is it's not like they can take the fucking building with them when they fuck off
Rent hikes max over here is 3% per year and owners aren't selling, in fact rent is the highest it's ever been. So full of bullshit
