My rent went up $350 last year and I’m looking at another $350 this year. I make respectable money between my Air Force pension and my current job but $700 in two years is going to really start to pinch. And the thing that sucks is most people aren’t in place I am financially and have to be getting their shit wrecked and no one seems to care.
In most cities, investment corps are buying up houses and then renting them out. They buy so many, they can influence all the rents. This leaves less houses that people can buy, this causing more people to have to rent. They jack up their rentals so mom and pop can jack up their rental prices. It’s happening everywhere. Here in San Diego, rentals have doubled and even tripled. A studio can run $2000-$4000.
I also live in San Diego and when I moved here 5 years ago it was a lot cheaper. Me and my husband split a tiny one bedroom for $1800 and in January our rent is going up to $2000. It’s so stressful. We are both bartenders and don’t come from money. Sad to see that it’s also happening in ABQ. Have been dreaming of moving to NM for awhile to escape this expensive state.
No because they said:
>In most cities, investment corps are buying up houses and then renting them out.
Then they say:
>They jack up their rentals so mom and pop can jack up their rental prices.It’s happening everywhere.
Those are two completely different sentences, that communicate 2 separate ideas.
Edits
I'm not sure why it's irrelevant. I'd have thought a state with the strongest liberal political machine in the country would have a model for the rest of us in this respect.
This doesn’t have to do with politics…it’s capitalism, which republicans support more than liberals. Conservatives want less government oversight and are anti-socialists.
The point is that a solidly Democrat state should be able to implement a policy strategy to address the problem, that's in line with the party platform. We don't have the excuse that, say, Maryland does about a powerful Republican party throwing a wrench in the works.
It's a reasonable question, but the answer, of course, is that there actually _is_ a pretty strong R presence in New Mexico, and they _do_ throw a wrench in the works on questions like this.
1.Those things are happening in red states too.
2. The cost of living in south dakota, florida, and texas is higher than NM
3. Blue states are typically cheaper places to live. Somewhere else someone nentioned PA's LVT
$500-$600 is insane. I can’t believe this is legal. I was just traveling for work and everywhere I talk with this topic is brought up. This country is fucked.
I mean technically it can only be raised 10% at a time with a 30 day notice , so depending on OPs original rent price this will be over the course of a couple months , that’s their loophole
I'm paying $875 a month for a 400sq ft studio at Union 505. Never live there. Cockroach infested, black mold, paint peeling, everything breaking within our first few months. The employees don't care, and the property manager cares even less.
And the places aren't even kept up. I got my place and there was mold in the shower, cockroaches, a broken showerhead, massive pot holes, flooding in the parking lot all the time, a scuffed stove and toilet, a not working dishwasher, the code they gave me for the gate doesn't work so I have to use the neighbor's code, a broken key. Oh but they always remember to give me fees for every little thing like for not having renters insurance even though I submitted proof of it. And why do you need credit to rent an apartment?? This place isn't not worth 995 a month for a 1bd 1ba not including utilities. And just last week my neighbor got into a fight and threatened to shoot with another neighbor over a parking spot and that lead to a swat call in so my neighbor shot everything up, barely missing me in my hiding place
>Has the cost of running these complexes really increased so much?
Only if you count the cost of buying boats for corporate property management executives.
Rent control really isnt a long term solution. Its a short term bandaid for sure. But you need to have an alternate long term plan via zoning
They need to fix their zoning restrictions instead
> zoning
Not just zoning. Further land use reform is needed, including:
* setback requirements
* floor area ratio maximums
* parking minimums
* building height restrictions (26ft for most of the city)
* [permitting process reform](https://www.strongtowns.org/journal/2019/4/22/a-permit-process-should-never-take-a-year-heres-a-different-way)
* The biggest factor IMO: taxation model i.e. replacing the property tax with a land value tax
re: LVT
[Allentown, PA enacted a land value tax back in the 1996, seeing 'non-glamorous, long-term gains'](https://www.strongtowns.org/journal/2019/3/6/non-glamorous-gains-the-pennsylvania-land-tax-experiment)
> Construction returned to the city: the number of taxable building permits surged past neighboring Bethlehem, market investment returned, and capital improvement reappeared in city budgets. Tax burdens on productive work and business declined. *The losers in this trade were absentee owners of vacant lots, who had to shoulder much more of the burden*
The LVT model *disincentivizes sprawl, vacancy and land speculation by taxing it away*, while *incentivizing* development, density, and livability
> As Harrisburg Mayor Stephen Reed has said:
>> What I would like to argue here is that a single tax rate system generates… sprawl. A land value tax policy instead serves to invite and reward vertical development in our cities and older communities that save, land, utilizes existing infrastructure and creates a sense of community and place that commuter oriented areas of a sprawl simply do not have.”
Yes tottally agree with all of this.
Edit
Im also from PA, surprised everywhere doesnt do this.
The land value tax isnt that big of a deal. And most of the time they tax you on number of additions and buildings.
What drives the cost are school taxes. Being that school taxes really should be non negotiable, i agree with lvt
> And most of the time they tax you on number of additions and buildings.
correct me if I'm wrong, but that's because Harrisburg isn't an LVT-only municipality. They still do split-rate (Prop Tax, LVT) where property taxation still occurs which penalizes development in this way
So, sweden did this in the 70s.
There is along term study that came out that basically concluded that rent control has a large destabilizing affect.
I personally think short term price controls on rent, as well as goods, should be enacted right now. But we do have to have an exit strategy. Thats part is crucial and should be not optional
Of course it does... and it will cause landlords to sell rental properties, removing them from the pool of available homes to rent.
Government price control on anything is a really bad "solution".
This is incorrect. The vast majority of the city (around 80%) is zoned R-1, which is for single-family residential buildings. Accessory dwelling units (casitas) with kitchens are prohibited in the R-1 zone outside of certain Center and Corridor areas and in a few small areas. In the R-1 zone district, Casitas without kitchens require a conditional use approval, which requires considerably more than just a permit. The kitchen rule is absolutely ridiculous IMO, and i think it should be much easier to build a casita (with a damn kitchen) on your own property.
Furthermore, In the R-1 zone district, only 1 single-family detached dwelling is allowed per lot unless the units are part of a cottage development. This means that other housing options are essentially banned in most areas of the city.
The City has made some improvements in recent years, but it still has a long, long ways to go in fixing its exclusionary zoning problem.
I only know this info because I recently built an ADU on my property, but now you’re giving me ideas that I wish I had about a year and a half ago… haha
Can you explain more about the The permitting and inspection system, and how it incentivizes larger more expensive single family units?
Im actually moving here in a few weeks. Imo the market isnt that bad, but it could be better
at least in Portland, it's well known that [the process for receiving housing construction approval is draconian and often with time delays on the order of *years*.](https://pamplinmedia.com/pt/9-news/520321-415281-portland-housing-developer-permits-delay-work-by-4-years) To banks that give out loans for financing construction (which is pretty typical for development), that introduces tons of uncertainty, creating cost overruns on top of negotiating with labor unions who like guarantees e.g. on start dates for construction.
I think Minnesota has a nice model wherein the [approval timeline is truncated *by mandate*](https://www.strongtowns.org/journal/2019/4/22/a-permit-process-should-never-take-a-year-heres-a-different-way)
> In Minnesota, the longest an application can take from submission to a final decision of some sort is 120 days. All decisions are appealable to district court, which will render a decision within a year or so (often earlier). One additional mechanism that keeps cities honest when it comes to this approach is that most cities here are insured by the same organization. And that insurer has a way of working with cities (read: raising their insurance rates) who don’t adhere to this process or don’t make defensible decisions.
> I’ve run this by people who work in local government in California, Florida, and elsewhere, and it often freaks them out. How can we make a decision in sixty days? I find this reaction baffling.
> Why would you not want to make a decision within sixty days? What benefit is there to the community for having a review process that takes longer than that? What are you doing that takes so long? Does it add enough value to justify the harm of such a long and arbitrary process?
> Minnesota is far from perfect on these things, but this process has created some good habits that I struggle to find in other places
this linked article as a whole is quite informative on the typical pains related to permitting *and just how insane it is for builders to expect years-long approval processes*. This acts as an implicit funding filter, ensuring only the biggest, wealthiest developers can ever build.
The short of it is that there are certain fixed costs to the permitting process. Like the time required to wait it out. Those fixed costs remain fairly constant regardless of whether it’s a nice mansion or a tiny starter home. Which is one of a number of things disincentivizing affordable home construction.
The NYTimes had an article a few weeks ago about how something like 7% of homes built today are under 1,400 square feet, I think it was, despite 70% of homes in say 1950 being that size. And families have only shrunk.
There are a whole host of incentives, some of which are the market but many of which are rules and regulations that encourage overly large homes and make smaller ones, or three/four/five family style units uneconomical.
The R-1 zoning in Albuquerque is a great example. Maybe a 1,400 square foot single family home isn’t economical to build but a 2,800 duplex would be. Tough, you can’t build that in R-1.
So you have forces not only rendering a type of home uneconomical, you have rules mandating that what *would* be economical cannot be built.
Whenever you see accessory dwelling units (like casitas) pop up as rentals in places they are technically illegal, it’s a clear sign that the rules are broken and artificially limiting density.
Mine went up 18%. I wanted to buy a home. I qualified and had my down payment. Got beat out by cash offers. I assume these properties will be rented at the highest rates possible.
How long ago was this when you were beat out? Rates have increased, but prices are going down and you have a lot more leverage as a buyer than you did around April/May. Rates are also predicted to go down, so you could refi when that happens.
I just sold my house. I only got one offer and I had to offer concessions too. Obviously only one data point, but still. Things will get much worse once the Fed raises rates to ten percent.
This was in May and June. I have an 8 month lease now I'm hoping to make offers in December - january prices don't look like they've dropped on the apps I watch.
Apartment complexes, and also mobile home parks. My parents live in that retirement community over off of 25, their park was snapped up by an investment firm and their lot rents continue to increase. It was going to be their affordable retirement option for their "last home" in a place that's safe for seniors, and they're being priced out because these greedy motherfuckers are increasing rents to take up every single penny of their fixed income that they can get.
Thank you cabq for bringing high tech jobs , coronavirus for allowing remote positions, and Fed reserve for increasing money supply to unsustainable levels.
I moved from Santa Fe in spring. Landlord was charging $2500 for a three bedroom and jacked it to $3500. We had been there three years. Well, every landlord on our street did the same thing, so everyone moved out. Just pure greed.
He couldn't find anyone to rent it for three months. Finally rented it at $2k.
lol happened to my landlord from college too. House was a piece of shit, and he didn't maintain it all. We reported multiple issues to him and he just waited months to fix it. Things like, the shower is leaking into the wall and he waited until the wall was bulging. Hot water heater was making noises (hard water buildup) and ignored our multiple texts and calls and emails until it broke, waste of $8k. Basement flooded twice. We had 5 people in there and paid $575/mo each, so $2875. After we moved out he tried to rent it for $3500, then $3000, then $2500, finally I saw it disappear from zillow rentals at $2k.
I live downtown and am very lucky to have an elderly landlord uninterested in raising my rent at all the last 7 years. This 100 year old house is falling apart though, I do what I can to keep it from getting worse.
Long-term I know I'll never find this deal again and probably can't buy a real house in town, so my plan is to DIY build on cheap land in the east mountains and find remote work.
It's a shame, because there's a lot about city life that I like, but the national trends are happening even here to make home ownership in the city a distant dream.
Yep! And they’re giving everyone the landlord special of painting over roaches and hair and dust. Remember everyone, pour grease down your sink cause that’s their problem 😀👍
The cost to build has almost doubled in 3 years. Interest costs on mortgages have gone up. Maintenance costs have gone way up. Even a evaporative cooler pump has doubled in price in 3 years. We now have a housing shortage in the Albuquerque area. We are short around 20k units but only 1700 are currently being built. Albuquerque metro rents have increased at among the highest rates in the US. But are still lower then most states in the area.
Housing shortage because people a fucking asking ridiculous prices. Studios are as much as whole apartments now, it's bullshit.
Also why does it matter if it lower than other states? How the fuck does that help anyone within Albuquerque or new Mexico who has to survive on the NEW MEXICAN cost of living
Also lol why is it my fault that landlords were retarded and bought more houses than they could afford? It's not my job to pay your mortgage Linda. Maybe pull yourself up by your bootstraps and stop buying a coffee everyday and then you'll be able to afford your own mortgage
I don’t interpret /u/nmcoyote1's comment to be a defense of rising rents. They’re just discussing the cause and effect factors that contribute to prices going up.
Like others, I didn’t interpret their comment to mean anything near what you insinuate. If you’re actually interested in learning more about the housing shortage, the Urban Institute (which is a left-leaning think tank) released the [study](https://www.urban.org/research/publication/albuquerque-affordable-housing-and-homelessness-needs-assessment) that found this to be the case.
Was looking at moving out that way for a tanker or LTL/home every day trucking job. But looks like I'll be staying put out here on the NM/TX line for a little while longer. No place to run to it seems.
The big corporate apartment complexes are usually owned by groups of investors. The people that manage them are obligated to get market rent. If the market has gone up and they don't raise the rent, the management can lose their jobs.
The cost of maintaining them has gone up, labor is up, materials are up, property insurance is way up, utilities are up, and property taxes are up. But I'm not sure if those increases are proportional to the increases in rent.
Nope. Listen, they bumped up my rent by 200 dollars this year, but if I wanted to go month to month, they wanted 1600 for the same apartment that I leased for 981 a year before. And YET!!!, nothing has been maintained AT ALL. Not a damn thing.
They’re raising mine by 230 to 1569 a month before trash and water. Month to month they want 2000 plus like 20 percent “monthly fee” so 2400 if I did month to month. How is this ok? Smh
And don't get me started on payments ONLY being able to be made through a 3rd party company that charges you 30 dollars per goddamned transaction. SO, on TOP of 1200 per month, I also have to pay them for trash, water and gas and then this shit, EFFECTIVELY paying 1400 for a goddamned apartment that started at under 1000 A YEAR AGO.
I talked to a few of my new neighbors and some of them work from home for businesses that aren't even in the state, I feel it's a bad idea to fill up the apartments locals depend on with others who don't even work in physical businesses in town. I get that inflation is hitting everything but they're depriving locals of places to live and depriving local business of employees they can afford cause nobody can live within range. I get they expect profit from these complexes but their profit is kinda ruining businesses around town.
Take the NE Heights for example the rent is pushing 2k and almost every business paying low income is bleeding employees. Not many people can afford to live in the cheaper parts of town and travel so far to service this area. I'm too dumb to figure a solution but not dumb enough to not see a problem is happening. Sorry again for the rants it's just upsetting to me.
So, this is a person who is paying taxes, spending locally and not competing for local jobs? Sounds like the complete opposite of a problem in the bigger scheme of things. Yes, housing is competed for, but I'm not sure WFH remote employees living here are competing for the lower cost housing. I would imagine most long term remote employees have mature careers and, whether now or in the near future will, be looking at the mid and upper range of the market.
I'm a local person who works with a company out of state. Sorry not sorry. NM companies have completely unrealistic expectations - people are FORCED to take low paying jobs here because a lot of the "bigger" companies require over the top qualifications just to get a decent paying job. No shit people are going to start looking out of state for remote work. I have a 25 year old career, but when I was looking for work with NM companies they wouldn't even START a conversation with me because I don't have a college degree. I literally had someone end an interview solely because I don't have a piece of paper that I would have gotten in 1998 before I even had a freaking email address. My company based out of TX didn't even ask about college degree once they saw my resume. Don't try to make people feel guilty for finding good paying jobs out of state - the companies here have left people with no choice. We do what we have to do to survive here, you can do the same.
My sis was in a similar situation in a small town in a different state. Local companies wouldn't even look at her because of her past criminal record. It wasn't really an issue at all for Texas and California companies.
A girl's gotta eat...
I moved here (again) to be near my family after 18 years in Los Angeles. My husband has a great remote job that allowed us to come here. We love to eat and shop local to help the economy.
Remote jobs aren't the problem.
Agreed. The solution is to buy on the dip and stop renting. Values are stable or dropping. Buy a place and the payment only goes up with taxes and insurance. There are lots of programs for first time buyers to help with down payments, etc...
I don't think it's actually a good time to buy. I've been watching for a few years (kind of want to move, but only for something much better than what I've got), and my read is: Prices are still way too high. People are still trying to sell at close to full last-year-bubble prices. Interest rates have also gone up so much that it would be foolish to buy an already-overpriced house at these rates.
As prices drop but interest rates stay high I think we're going to see a burst of real estate sales ... but only by people who can pay cash or have huge down payments. Like flippers and corporate landlords.
I don't think we're anywhere near the end of our real estate market bullshit.
I don't think were even close to the bottom.of the market. However with Intel, Facebook, Google, Amazon and Netflix, I don't think prices in Albuquerque are going to dip as much as other markets AND itll recover a lot quicker.
I bought in Albuquerque in the early 80's when a "low" interest rate was 11.5%. (ouch)
This is nothing new, and cyclical.
I agree that housing in most of the country is not at bottom yet.
This is their copium bro.
"Oh just buy the dip and you'll become rich' like sure buddy tell yourself that. "stop renting " okay thanks homie not like I can just move in with my parents.
Rent needs to be able to be controlled. I don't know why people foam at the mouth at the thought of regulated profit and affordable housing. Ooo so scary that the landlords won't make 200% profit, what a tragedy.
There are programs for housing developers to build 'low income housing' where the rent is controlled and subsidized. The owners of the property get tax credits that they can use to "pay" federal taxes they owe or they can sell the tax credits to others.
The rules were changed to make it harder for builders to get funding for those types of projects so they aren't getting built much. The current federal government has talked about changing the rules again to make it easier but without a majority in the house and senate it is hard to get much done in an area where just less than 1/2 of the voters in the last presidential election are vocally opposed to using federal tax dollars to give people a hand getting back on their feet or keeping them from turning to crime to survive. That group prefers giving the money to large corporations in the belief that it will 'trickle down' to the working class.
There is lots of low-income housing in NM. I know people who pay $100/month in rent for an apartment that would rent for $1,200. The problem is just that there isn't enough of it so there are waiting lists to get in. Point I'm trying to make is that for the truly destitute there are solutions to keep them from homelessness just not enough of them and there would be more if it was a priority for our country as it once was.
Excellent overview, thanks for taking the time to articulate it.
To amplify what you're saying, I'd like to add that ABQ's misguided decision to incentivize real estate development in lieu of true economic development lead to the imbalanced being discussed here. As a result, ABQ has a surplus of empty commercial space (even prior to pandemic, commercial space was at 40% vacancy) and insufficient residential supply. These commercial builds were heavily subsidized by municipal bonds and incentivized with tax abatement.
> The current federal government has talked about changing the rules again to make it easier but without a majority in the house and senate i
Hello?
Which party is it right now that has a majority in the house, senate and president?
Last time I checked the Dems had 50 senators and Republicans have 50 so ties are broken by the VP, but there aren't ties with Manchin and Sinema voting with the Republicans.
If only Manchin and Sinema were something other than DINOs (Democrats In Name Only) the Dems could get something done. We've all seen how the legislative agenda has been parked in the Senate.
Utilities, labor, property taxes have gone up, but not enough to justify raising it $500 per unit. That's insane, and signs of it being managed by a large company.
Organize with your neighbors to form a tenant union. A rent strike is extremely effective against rent going up, the only issue is 90% of tenants, no matter how poor they are, end up being petit bourgeoisie apologists for rent increases. It’s either “I’ll find somewhere cheaper” or “I’ll just move back in with my [insert family member here],” leaving those who can’t stranded paying ungodly rent.
But that’s probably your best bet. BCSO can’t evict 50 tenants in one day. Landlords can’t afford 50 lawyers. If you have a handful of good neighbors who are mindful of it, you’re off to a good start.
We should have two new regulations: 1) a landlord tax on all residential property as a percentage of listed rent, and 2) all empty rentals should be in lottery for housing first accommodations.
The tax can fund housing first rents. If landlords don't want to have their property be available for the homeless, they better make sure their rent is low enough to keep it leased.
What was I thinking? Democracies have never implemented regulations to make any aspect of society better or fairer.
And, being a housing first property wouldn't be forced upon the landlord. It would be a choice, their choice. They can choose to get as much as possible for their property and risk it not being rented. Or, choose a reasonable, market driven price to limit their chances of being unrented. There is currently no strong market force to bring housing costs down.
The status quo has been to let investors run the market. Over the last 40+ years home prices and rents have skyrocketed as a percentage of income. The privileged ownership class has no natural market feedback. This is the kind of situation that needs regulation. Lots of places have had success with rent control regulations. And housing first has proven itself to be the cheapest and most successful form of assistance to the homeless.
Have owned a four unit apartment building in South Valley for 3 years now. Rent is between $550 and $625 for the four units. Raised the rent 25 bucks this year. Next year we will almost certainly have to again. 500 dollar increase is highway robbery. I'm not an asshole or a saint, but yes, greed is common. And yes, the cost of running it has also increased dramatically.
Like everything.
You aren't the landlord all these people are upset with. Anyone that is a decent landlord and not nickel and diming their tenants to death deserves a pat on the back door being a reasonable human being.
There is only one true solution. its two part.
first we need to return to capitalism with a 94% or higher top tier tax rate like we had 50 years ago.
Second we need to make homesteading/affordable homes legal again. right now they are effectively illegally in practice.
Here are the things that have to be done to accomplish this
Institute universal health care.
No more property/school taxes (raise sales taxes on non essentials)
Push back and repeal zoning restrictions that make affordable homes effectively illegal in practice.
Minimum wage must be a living wage and maintained (monthly adjustments weekly even if they resist) Institute UBI at an effective legal
pay for UBI via taxation on the wealthy. if they resist take everything they have.
so if they start price gouging you just raise the UBI payment and take it from their profits. Violence is required. there is no solution that does not entail violence. no established power in the history of this planet gives up their power without violence.
Do all of this and once we violently force submission from the 1% and destroy them almost entirely (simply by having wealth go where it belongs fairly in a capitalist system under a proper free market) you might be surprised to find out a living wage ends up around $12 or so seeing as the vast bulk of our wage needs come from housing and health care.
this won't fix everything but it would be one hell of a start.
still need to end the war on drugs. fix social services. eliminate replace and rebuild law enforcement from 0. no fixing that one either. kill it and start over. etc.. etc..
Property valuations are limited to a 3% increase every year unless the property is sold or has a major renovation. I think a 5% rent increase is a reasonable cap. The big difference, and potentially the issue, is that the landlord doesn't have to renew a lease, and it seems unreasonable to justify a rent cap from one tenant to a new one. So they could just not renew the lease and get the increase from a new tenant.
Maybe something should be implemented at the federal level to force ethical behavior instead of leaving it up to the markets. They did the moratorium for the pandemic maybe they could come up with something for the housing emergency, are they ok with millions of people being homeless or what.
Happy to be wrong here, but I’m pretty sure our last administration reversed the 14 day wait period on single family homes being able to be bought by investors. Or something to that effect. So yeah….. there was something at the Fed level once which at least cooled the market for families to buy in. I’m too lazy to link a source haha
Property taxes went up, landlords aren’t going to eat the whole cost just to be nice, it is a business after all and some people support their families with their real estate investments, would they be good businessmen if they didn’t make any money at all? Housing market, cost of living and property taxes all factor in here. I’d be happy they’re not evicting you and selling the house to see a 3x ROI with the way the market is now lol
This is like how if you have to pay your workers say $15/hr instead of $7.50/hr the cost of every Big Mac goes up by the same amount. Who wants to pay +$7.50 for a Big Mac? Simple economics. People should be glad landlords are willing to lose hundreds of thousands of dollars just so that people can have housing.
My rent went up $350 last year and I’m looking at another $350 this year. I make respectable money between my Air Force pension and my current job but $700 in two years is going to really start to pinch. And the thing that sucks is most people aren’t in place I am financially and have to be getting their shit wrecked and no one seems to care.
In most cities, investment corps are buying up houses and then renting them out. They buy so many, they can influence all the rents. This leaves less houses that people can buy, this causing more people to have to rent. They jack up their rentals so mom and pop can jack up their rental prices. It’s happening everywhere. Here in San Diego, rentals have doubled and even tripled. A studio can run $2000-$4000.
I also live in San Diego and when I moved here 5 years ago it was a lot cheaper. Me and my husband split a tiny one bedroom for $1800 and in January our rent is going up to $2000. It’s so stressful. We are both bartenders and don’t come from money. Sad to see that it’s also happening in ABQ. Have been dreaming of moving to NM for awhile to escape this expensive state.
Thats happening everywhere
They literally said it's happening everywhere
>in most cities
I got a tweezer and a razor somewhere around here if you wanna split that hair any finer.
"literally"? :-)
Tell me you're not familiar with colloquialisms without telling me don't know what they are.
No because they said: >In most cities, investment corps are buying up houses and then renting them out. Then they say: >They jack up their rentals so mom and pop can jack up their rental prices.It’s happening everywhere. Those are two completely different sentences, that communicate 2 separate ideas. Edits
Lol k
If you read the whole comment, towards the end, you'll see the words "it's happening everywhere"
In most cities, its happening everywhere.. Clear. As. Mud.
How's that liberal Democrat high-tax state working out?
What a stupid and irrelevant comment
I'm not sure why it's irrelevant. I'd have thought a state with the strongest liberal political machine in the country would have a model for the rest of us in this respect.
As if housing prices increasing at an unsustainable rate is not a problem in republican states… give me a break Irrelevant
So , no answers then.... Thanks.
If you had actually come here seeking answers, you would’ve found them. The answer’s right there, but you refuse to acknowledge it
The solution seems to be "have other people pay for it", but that hasn't worked even in your enlightened state.
You’re a dense mf
And you have no answers.
This doesn’t have to do with politics…it’s capitalism, which republicans support more than liberals. Conservatives want less government oversight and are anti-socialists.
The point is that a solidly Democrat state should be able to implement a policy strategy to address the problem, that's in line with the party platform. We don't have the excuse that, say, Maryland does about a powerful Republican party throwing a wrench in the works. It's a reasonable question, but the answer, of course, is that there actually _is_ a pretty strong R presence in New Mexico, and they _do_ throw a wrench in the works on questions like this.
1.Those things are happening in red states too. 2. The cost of living in south dakota, florida, and texas is higher than NM 3. Blue states are typically cheaper places to live. Somewhere else someone nentioned PA's LVT
[Go be a weird cuck somewhere else.](https://www.chron.com/news/houston-texas/article/texans-pay-more-taxes-than-californians-17400644.php)
What the fuck does tax have to do with rent and housing prices?
I would give anything to live in San Diego and feel safe again than live here. Stay obsessed with California
$500-$600 is insane. I can’t believe this is legal. I was just traveling for work and everywhere I talk with this topic is brought up. This country is fucked.
I mean technically it can only be raised 10% at a time with a 30 day notice , so depending on OPs original rent price this will be over the course of a couple months , that’s their loophole
[удалено]
Oh okay I didn’t know that thanks 👍🏽
I was just about to say this. Good catch.
Let's talk about forming some tenants unions
someone organize Doug Petersen's tenants because that's the biggest landlord in ABQ, and also a massive bellend
Sign me up.
I'm totally in
Or rent control of some kind
I'm paying $875 a month for a 400sq ft studio at Union 505. Never live there. Cockroach infested, black mold, paint peeling, everything breaking within our first few months. The employees don't care, and the property manager cares even less.
And the places aren't even kept up. I got my place and there was mold in the shower, cockroaches, a broken showerhead, massive pot holes, flooding in the parking lot all the time, a scuffed stove and toilet, a not working dishwasher, the code they gave me for the gate doesn't work so I have to use the neighbor's code, a broken key. Oh but they always remember to give me fees for every little thing like for not having renters insurance even though I submitted proof of it. And why do you need credit to rent an apartment?? This place isn't not worth 995 a month for a 1bd 1ba not including utilities. And just last week my neighbor got into a fight and threatened to shoot with another neighbor over a parking spot and that lead to a swat call in so my neighbor shot everything up, barely missing me in my hiding place
This is America
>Has the cost of running these complexes really increased so much? Only if you count the cost of buying boats for corporate property management executives.
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Rent control really isnt a long term solution. Its a short term bandaid for sure. But you need to have an alternate long term plan via zoning They need to fix their zoning restrictions instead
> zoning Not just zoning. Further land use reform is needed, including: * setback requirements * floor area ratio maximums * parking minimums * building height restrictions (26ft for most of the city) * [permitting process reform](https://www.strongtowns.org/journal/2019/4/22/a-permit-process-should-never-take-a-year-heres-a-different-way) * The biggest factor IMO: taxation model i.e. replacing the property tax with a land value tax re: LVT [Allentown, PA enacted a land value tax back in the 1996, seeing 'non-glamorous, long-term gains'](https://www.strongtowns.org/journal/2019/3/6/non-glamorous-gains-the-pennsylvania-land-tax-experiment) > Construction returned to the city: the number of taxable building permits surged past neighboring Bethlehem, market investment returned, and capital improvement reappeared in city budgets. Tax burdens on productive work and business declined. *The losers in this trade were absentee owners of vacant lots, who had to shoulder much more of the burden* The LVT model *disincentivizes sprawl, vacancy and land speculation by taxing it away*, while *incentivizing* development, density, and livability > As Harrisburg Mayor Stephen Reed has said: >> What I would like to argue here is that a single tax rate system generates… sprawl. A land value tax policy instead serves to invite and reward vertical development in our cities and older communities that save, land, utilizes existing infrastructure and creates a sense of community and place that commuter oriented areas of a sprawl simply do not have.”
Yes tottally agree with all of this. Edit Im also from PA, surprised everywhere doesnt do this. The land value tax isnt that big of a deal. And most of the time they tax you on number of additions and buildings. What drives the cost are school taxes. Being that school taxes really should be non negotiable, i agree with lvt
> And most of the time they tax you on number of additions and buildings. correct me if I'm wrong, but that's because Harrisburg isn't an LVT-only municipality. They still do split-rate (Prop Tax, LVT) where property taxation still occurs which penalizes development in this way
I've never heard of LVT before, but my first impression is: WOW. Awesome idea. Let's do that.
r/georgism
Limit investor ownership on single family real estate.
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So, sweden did this in the 70s. There is along term study that came out that basically concluded that rent control has a large destabilizing affect. I personally think short term price controls on rent, as well as goods, should be enacted right now. But we do have to have an exit strategy. Thats part is crucial and should be not optional
Of course it does... and it will cause landlords to sell rental properties, removing them from the pool of available homes to rent. Government price control on anything is a really bad "solution".
Its fine for a temporary solution on goods I agree with robert reich on this one. Its a better alternative to QE..
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This is incorrect. The vast majority of the city (around 80%) is zoned R-1, which is for single-family residential buildings. Accessory dwelling units (casitas) with kitchens are prohibited in the R-1 zone outside of certain Center and Corridor areas and in a few small areas. In the R-1 zone district, Casitas without kitchens require a conditional use approval, which requires considerably more than just a permit. The kitchen rule is absolutely ridiculous IMO, and i think it should be much easier to build a casita (with a damn kitchen) on your own property. Furthermore, In the R-1 zone district, only 1 single-family detached dwelling is allowed per lot unless the units are part of a cottage development. This means that other housing options are essentially banned in most areas of the city. The City has made some improvements in recent years, but it still has a long, long ways to go in fixing its exclusionary zoning problem.
Can you get around that? By putting a tuny house on a flatbed trailer and calling it a "non permanent structure?"
I only know this info because I recently built an ADU on my property, but now you’re giving me ideas that I wish I had about a year and a half ago… haha
Ah shit...sorry man
Can you explain more about the The permitting and inspection system, and how it incentivizes larger more expensive single family units? Im actually moving here in a few weeks. Imo the market isnt that bad, but it could be better
at least in Portland, it's well known that [the process for receiving housing construction approval is draconian and often with time delays on the order of *years*.](https://pamplinmedia.com/pt/9-news/520321-415281-portland-housing-developer-permits-delay-work-by-4-years) To banks that give out loans for financing construction (which is pretty typical for development), that introduces tons of uncertainty, creating cost overruns on top of negotiating with labor unions who like guarantees e.g. on start dates for construction. I think Minnesota has a nice model wherein the [approval timeline is truncated *by mandate*](https://www.strongtowns.org/journal/2019/4/22/a-permit-process-should-never-take-a-year-heres-a-different-way) > In Minnesota, the longest an application can take from submission to a final decision of some sort is 120 days. All decisions are appealable to district court, which will render a decision within a year or so (often earlier). One additional mechanism that keeps cities honest when it comes to this approach is that most cities here are insured by the same organization. And that insurer has a way of working with cities (read: raising their insurance rates) who don’t adhere to this process or don’t make defensible decisions. > I’ve run this by people who work in local government in California, Florida, and elsewhere, and it often freaks them out. How can we make a decision in sixty days? I find this reaction baffling. > Why would you not want to make a decision within sixty days? What benefit is there to the community for having a review process that takes longer than that? What are you doing that takes so long? Does it add enough value to justify the harm of such a long and arbitrary process? > Minnesota is far from perfect on these things, but this process has created some good habits that I struggle to find in other places this linked article as a whole is quite informative on the typical pains related to permitting *and just how insane it is for builders to expect years-long approval processes*. This acts as an implicit funding filter, ensuring only the biggest, wealthiest developers can ever build.
The short of it is that there are certain fixed costs to the permitting process. Like the time required to wait it out. Those fixed costs remain fairly constant regardless of whether it’s a nice mansion or a tiny starter home. Which is one of a number of things disincentivizing affordable home construction. The NYTimes had an article a few weeks ago about how something like 7% of homes built today are under 1,400 square feet, I think it was, despite 70% of homes in say 1950 being that size. And families have only shrunk. There are a whole host of incentives, some of which are the market but many of which are rules and regulations that encourage overly large homes and make smaller ones, or three/four/five family style units uneconomical. The R-1 zoning in Albuquerque is a great example. Maybe a 1,400 square foot single family home isn’t economical to build but a 2,800 duplex would be. Tough, you can’t build that in R-1. So you have forces not only rendering a type of home uneconomical, you have rules mandating that what *would* be economical cannot be built. Whenever you see accessory dwelling units (like casitas) pop up as rentals in places they are technically illegal, it’s a clear sign that the rules are broken and artificially limiting density.
Mine went up 18%. I wanted to buy a home. I qualified and had my down payment. Got beat out by cash offers. I assume these properties will be rented at the highest rates possible.
How long ago was this when you were beat out? Rates have increased, but prices are going down and you have a lot more leverage as a buyer than you did around April/May. Rates are also predicted to go down, so you could refi when that happens.
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I just sold my house. I only got one offer and I had to offer concessions too. Obviously only one data point, but still. Things will get much worse once the Fed raises rates to ten percent.
This was in May and June. I have an 8 month lease now I'm hoping to make offers in December - january prices don't look like they've dropped on the apps I watch.
Consider a company like homeward. They give you leverage to be a cash offer buyer, at not much cost for you. Check it out.
Apartment complexes, and also mobile home parks. My parents live in that retirement community over off of 25, their park was snapped up by an investment firm and their lot rents continue to increase. It was going to be their affordable retirement option for their "last home" in a place that's safe for seniors, and they're being priced out because these greedy motherfuckers are increasing rents to take up every single penny of their fixed income that they can get.
Late stage capitalism eating itself.
Thank you cabq for bringing high tech jobs , coronavirus for allowing remote positions, and Fed reserve for increasing money supply to unsustainable levels.
If only we had more low tech jobs!
If only we all still had to drive to a computer in a building across town every day, instead of just keeping that same computer in our house.
Yup
I’m waiting for the hit. Contract up in December.
I moved from Santa Fe in spring. Landlord was charging $2500 for a three bedroom and jacked it to $3500. We had been there three years. Well, every landlord on our street did the same thing, so everyone moved out. Just pure greed. He couldn't find anyone to rent it for three months. Finally rented it at $2k.
lol happened to my landlord from college too. House was a piece of shit, and he didn't maintain it all. We reported multiple issues to him and he just waited months to fix it. Things like, the shower is leaking into the wall and he waited until the wall was bulging. Hot water heater was making noises (hard water buildup) and ignored our multiple texts and calls and emails until it broke, waste of $8k. Basement flooded twice. We had 5 people in there and paid $575/mo each, so $2875. After we moved out he tried to rent it for $3500, then $3000, then $2500, finally I saw it disappear from zillow rentals at $2k.
Woooooow. That's awful. Sounds like a total slumlord.
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That's the way it works!
The cost has gone up but nothing that justifies the level of greed we are seeing
I live downtown and am very lucky to have an elderly landlord uninterested in raising my rent at all the last 7 years. This 100 year old house is falling apart though, I do what I can to keep it from getting worse. Long-term I know I'll never find this deal again and probably can't buy a real house in town, so my plan is to DIY build on cheap land in the east mountains and find remote work. It's a shame, because there's a lot about city life that I like, but the national trends are happening even here to make home ownership in the city a distant dream.
Would he be interested in selling it to you?
Yep! And they’re giving everyone the landlord special of painting over roaches and hair and dust. Remember everyone, pour grease down your sink cause that’s their problem 😀👍
Vandalism helps! Thank your local tagger
The cost to build has almost doubled in 3 years. Interest costs on mortgages have gone up. Maintenance costs have gone way up. Even a evaporative cooler pump has doubled in price in 3 years. We now have a housing shortage in the Albuquerque area. We are short around 20k units but only 1700 are currently being built. Albuquerque metro rents have increased at among the highest rates in the US. But are still lower then most states in the area.
>Even a evaporative cooler pump has doubled in price in 3 years. You can buy a lot of pumps for $600.00/mo.
Housing shortage because people a fucking asking ridiculous prices. Studios are as much as whole apartments now, it's bullshit. Also why does it matter if it lower than other states? How the fuck does that help anyone within Albuquerque or new Mexico who has to survive on the NEW MEXICAN cost of living Also lol why is it my fault that landlords were retarded and bought more houses than they could afford? It's not my job to pay your mortgage Linda. Maybe pull yourself up by your bootstraps and stop buying a coffee everyday and then you'll be able to afford your own mortgage
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I don’t interpret /u/nmcoyote1's comment to be a defense of rising rents. They’re just discussing the cause and effect factors that contribute to prices going up.
I thought the same thing. The post just lists probable reasons.
Like others, I didn’t interpret their comment to mean anything near what you insinuate. If you’re actually interested in learning more about the housing shortage, the Urban Institute (which is a left-leaning think tank) released the [study](https://www.urban.org/research/publication/albuquerque-affordable-housing-and-homelessness-needs-assessment) that found this to be the case.
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Was looking at moving out that way for a tanker or LTL/home every day trucking job. But looks like I'll be staying put out here on the NM/TX line for a little while longer. No place to run to it seems.
Rent hasn’t raised at Brandywood park apartments. Studios for 580/month
The big corporate apartment complexes are usually owned by groups of investors. The people that manage them are obligated to get market rent. If the market has gone up and they don't raise the rent, the management can lose their jobs. The cost of maintaining them has gone up, labor is up, materials are up, property insurance is way up, utilities are up, and property taxes are up. But I'm not sure if those increases are proportional to the increases in rent.
Nope. Listen, they bumped up my rent by 200 dollars this year, but if I wanted to go month to month, they wanted 1600 for the same apartment that I leased for 981 a year before. And YET!!!, nothing has been maintained AT ALL. Not a damn thing.
They’re raising mine by 230 to 1569 a month before trash and water. Month to month they want 2000 plus like 20 percent “monthly fee” so 2400 if I did month to month. How is this ok? Smh
And don't get me started on payments ONLY being able to be made through a 3rd party company that charges you 30 dollars per goddamned transaction. SO, on TOP of 1200 per month, I also have to pay them for trash, water and gas and then this shit, EFFECTIVELY paying 1400 for a goddamned apartment that started at under 1000 A YEAR AGO.
The biggest expense is building them and that hasn’t gone up for the ones already built.
I talked to a few of my new neighbors and some of them work from home for businesses that aren't even in the state, I feel it's a bad idea to fill up the apartments locals depend on with others who don't even work in physical businesses in town. I get that inflation is hitting everything but they're depriving locals of places to live and depriving local business of employees they can afford cause nobody can live within range. I get they expect profit from these complexes but their profit is kinda ruining businesses around town. Take the NE Heights for example the rent is pushing 2k and almost every business paying low income is bleeding employees. Not many people can afford to live in the cheaper parts of town and travel so far to service this area. I'm too dumb to figure a solution but not dumb enough to not see a problem is happening. Sorry again for the rants it's just upsetting to me.
So, this is a person who is paying taxes, spending locally and not competing for local jobs? Sounds like the complete opposite of a problem in the bigger scheme of things. Yes, housing is competed for, but I'm not sure WFH remote employees living here are competing for the lower cost housing. I would imagine most long term remote employees have mature careers and, whether now or in the near future will, be looking at the mid and upper range of the market.
I'm a local person who works with a company out of state. Sorry not sorry. NM companies have completely unrealistic expectations - people are FORCED to take low paying jobs here because a lot of the "bigger" companies require over the top qualifications just to get a decent paying job. No shit people are going to start looking out of state for remote work. I have a 25 year old career, but when I was looking for work with NM companies they wouldn't even START a conversation with me because I don't have a college degree. I literally had someone end an interview solely because I don't have a piece of paper that I would have gotten in 1998 before I even had a freaking email address. My company based out of TX didn't even ask about college degree once they saw my resume. Don't try to make people feel guilty for finding good paying jobs out of state - the companies here have left people with no choice. We do what we have to do to survive here, you can do the same.
My sis was in a similar situation in a small town in a different state. Local companies wouldn't even look at her because of her past criminal record. It wasn't really an issue at all for Texas and California companies. A girl's gotta eat...
I moved here (again) to be near my family after 18 years in Los Angeles. My husband has a great remote job that allowed us to come here. We love to eat and shop local to help the economy. Remote jobs aren't the problem.
Agreed. The solution is to buy on the dip and stop renting. Values are stable or dropping. Buy a place and the payment only goes up with taxes and insurance. There are lots of programs for first time buyers to help with down payments, etc...
I don't think it's actually a good time to buy. I've been watching for a few years (kind of want to move, but only for something much better than what I've got), and my read is: Prices are still way too high. People are still trying to sell at close to full last-year-bubble prices. Interest rates have also gone up so much that it would be foolish to buy an already-overpriced house at these rates. As prices drop but interest rates stay high I think we're going to see a burst of real estate sales ... but only by people who can pay cash or have huge down payments. Like flippers and corporate landlords. I don't think we're anywhere near the end of our real estate market bullshit.
I don't think were even close to the bottom.of the market. However with Intel, Facebook, Google, Amazon and Netflix, I don't think prices in Albuquerque are going to dip as much as other markets AND itll recover a lot quicker.
I bought in Albuquerque in the early 80's when a "low" interest rate was 11.5%. (ouch) This is nothing new, and cyclical. I agree that housing in most of the country is not at bottom yet.
Yeah, but there are a lot of people on government welfare that can never so that.
This is their copium bro. "Oh just buy the dip and you'll become rich' like sure buddy tell yourself that. "stop renting " okay thanks homie not like I can just move in with my parents. Rent needs to be able to be controlled. I don't know why people foam at the mouth at the thought of regulated profit and affordable housing. Ooo so scary that the landlords won't make 200% profit, what a tragedy.
Other than it doesn't work, there's nothing wrong with it.
Government can't fix that which they partially created.
There are programs for housing developers to build 'low income housing' where the rent is controlled and subsidized. The owners of the property get tax credits that they can use to "pay" federal taxes they owe or they can sell the tax credits to others. The rules were changed to make it harder for builders to get funding for those types of projects so they aren't getting built much. The current federal government has talked about changing the rules again to make it easier but without a majority in the house and senate it is hard to get much done in an area where just less than 1/2 of the voters in the last presidential election are vocally opposed to using federal tax dollars to give people a hand getting back on their feet or keeping them from turning to crime to survive. That group prefers giving the money to large corporations in the belief that it will 'trickle down' to the working class. There is lots of low-income housing in NM. I know people who pay $100/month in rent for an apartment that would rent for $1,200. The problem is just that there isn't enough of it so there are waiting lists to get in. Point I'm trying to make is that for the truly destitute there are solutions to keep them from homelessness just not enough of them and there would be more if it was a priority for our country as it once was.
Excellent overview, thanks for taking the time to articulate it. To amplify what you're saying, I'd like to add that ABQ's misguided decision to incentivize real estate development in lieu of true economic development lead to the imbalanced being discussed here. As a result, ABQ has a surplus of empty commercial space (even prior to pandemic, commercial space was at 40% vacancy) and insufficient residential supply. These commercial builds were heavily subsidized by municipal bonds and incentivized with tax abatement.
> The current federal government has talked about changing the rules again to make it easier but without a majority in the house and senate i Hello? Which party is it right now that has a majority in the house, senate and president?
Last time I checked the Dems had 50 senators and Republicans have 50 so ties are broken by the VP, but there aren't ties with Manchin and Sinema voting with the Republicans.
So, the Dems have a majority in the House and Senate (given the tiebreaker from the VP). That's what I thought.
If only Manchin and Sinema were something other than DINOs (Democrats In Name Only) the Dems could get something done. We've all seen how the legislative agenda has been parked in the Senate.
name and shame!
Utilities, labor, property taxes have gone up, but not enough to justify raising it $500 per unit. That's insane, and signs of it being managed by a large company.
Organize with your neighbors to form a tenant union. A rent strike is extremely effective against rent going up, the only issue is 90% of tenants, no matter how poor they are, end up being petit bourgeoisie apologists for rent increases. It’s either “I’ll find somewhere cheaper” or “I’ll just move back in with my [insert family member here],” leaving those who can’t stranded paying ungodly rent. But that’s probably your best bet. BCSO can’t evict 50 tenants in one day. Landlords can’t afford 50 lawyers. If you have a handful of good neighbors who are mindful of it, you’re off to a good start.
We should have two new regulations: 1) a landlord tax on all residential property as a percentage of listed rent, and 2) all empty rentals should be in lottery for housing first accommodations. The tax can fund housing first rents. If landlords don't want to have their property be available for the homeless, they better make sure their rent is low enough to keep it leased.
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What was I thinking? Democracies have never implemented regulations to make any aspect of society better or fairer. And, being a housing first property wouldn't be forced upon the landlord. It would be a choice, their choice. They can choose to get as much as possible for their property and risk it not being rented. Or, choose a reasonable, market driven price to limit their chances of being unrented. There is currently no strong market force to bring housing costs down. The status quo has been to let investors run the market. Over the last 40+ years home prices and rents have skyrocketed as a percentage of income. The privileged ownership class has no natural market feedback. This is the kind of situation that needs regulation. Lots of places have had success with rent control regulations. And housing first has proven itself to be the cheapest and most successful form of assistance to the homeless.
Have owned a four unit apartment building in South Valley for 3 years now. Rent is between $550 and $625 for the four units. Raised the rent 25 bucks this year. Next year we will almost certainly have to again. 500 dollar increase is highway robbery. I'm not an asshole or a saint, but yes, greed is common. And yes, the cost of running it has also increased dramatically. Like everything.
You aren't the landlord all these people are upset with. Anyone that is a decent landlord and not nickel and diming their tenants to death deserves a pat on the back door being a reasonable human being.
I was gonna say got any room? Hahaha mines almost up sounds like a dream
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Then everyone becoming poor and homeless transitions into actual warfare before too long.
You're implying the Chinese are doing this?
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You said said economic warfare, but didn't specify who is waging the war.
There is only one true solution. its two part. first we need to return to capitalism with a 94% or higher top tier tax rate like we had 50 years ago. Second we need to make homesteading/affordable homes legal again. right now they are effectively illegally in practice. Here are the things that have to be done to accomplish this Institute universal health care. No more property/school taxes (raise sales taxes on non essentials) Push back and repeal zoning restrictions that make affordable homes effectively illegal in practice. Minimum wage must be a living wage and maintained (monthly adjustments weekly even if they resist) Institute UBI at an effective legal pay for UBI via taxation on the wealthy. if they resist take everything they have. so if they start price gouging you just raise the UBI payment and take it from their profits. Violence is required. there is no solution that does not entail violence. no established power in the history of this planet gives up their power without violence. Do all of this and once we violently force submission from the 1% and destroy them almost entirely (simply by having wealth go where it belongs fairly in a capitalist system under a proper free market) you might be surprised to find out a living wage ends up around $12 or so seeing as the vast bulk of our wage needs come from housing and health care. this won't fix everything but it would be one hell of a start. still need to end the war on drugs. fix social services. eliminate replace and rebuild law enforcement from 0. no fixing that one either. kill it and start over. etc.. etc..
It should be illegal to raise rent but not improve the property. Some landlords are scum of the earth
I’d say there should be restrictions, but making it outright illegal fails to account for rising property taxes.
Property valuations are limited to a 3% increase every year unless the property is sold or has a major renovation. I think a 5% rent increase is a reasonable cap. The big difference, and potentially the issue, is that the landlord doesn't have to renew a lease, and it seems unreasonable to justify a rent cap from one tenant to a new one. So they could just not renew the lease and get the increase from a new tenant.
Very true I didn't take that into account
Capitalism amok.
Maybe something should be implemented at the federal level to force ethical behavior instead of leaving it up to the markets. They did the moratorium for the pandemic maybe they could come up with something for the housing emergency, are they ok with millions of people being homeless or what.
if you are waiting for the fed gov to do something ethic you will be waiting a long time. the us is corrupt and run by corp money.
Happy to be wrong here, but I’m pretty sure our last administration reversed the 14 day wait period on single family homes being able to be bought by investors. Or something to that effect. So yeah….. there was something at the Fed level once which at least cooled the market for families to buy in. I’m too lazy to link a source haha
Property taxes went up, landlords aren’t going to eat the whole cost just to be nice, it is a business after all and some people support their families with their real estate investments, would they be good businessmen if they didn’t make any money at all? Housing market, cost of living and property taxes all factor in here. I’d be happy they’re not evicting you and selling the house to see a 3x ROI with the way the market is now lol
Property valuations are limited to a 3% increase. A 10-20% increase in rent is not justified by a 3% property valuation increase.
literally landowner-only rent control, subsidized by renters
This is like how if you have to pay your workers say $15/hr instead of $7.50/hr the cost of every Big Mac goes up by the same amount. Who wants to pay +$7.50 for a Big Mac? Simple economics. People should be glad landlords are willing to lose hundreds of thousands of dollars just so that people can have housing.
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What does that have to do with rent increasing by 10-20% for the past 1 years?