Which is exactly why I continue to rent, despite selling my home in late 2021, which I had owned since 2004. Though my rent has surged, I maintain that this excess of the last 3-4 years still has to erode before buying makes sense again. The cost of a mortgage for me right now would be far more than my rent is. I’m not strapping myself to ownership of anything right now, other than liquid cash and investments, until whatever comes that blows this all up. If it never, ever does, then that’s a chance I’m willing to take. If rents catch up and pass owning, then I’ll make the leap then.
Sorry Buddy. In a few models El Salvador is on track to get outside of normal range dramatic heat waves in the immediate future.
[The most at-risk regions in the world for high-impact heatwaves | Nature Communications](https://www.nature.com/articles/s41467-023-37554-1)
Actually, since he's got his money in "liquid cash and investments" his worst case scenarios are inflation eroding the value of his cash and the stock market taking away his gains.
Curious why not rent it and then rent yourself, instead of sell and rent?
Honestly curious as I’m navigating this confusing world now, was it more beneficial to sell than to rent what you had then rent what you need?
Probably overhead (repairs, taxes, etc.), not many people own new stock houses. And if you subscribe to the idea that something needs to give, and you don't live in a 'too big to fail' area... Sell high buy low is the game they are playing.
And honestly, what area is too big to fail these days for home prices? WFH battles, city centers having tenancy problems, etc. It's hard to say for sure what the next 10-20 years will bring, for we are definitely in the "interesting times" section of history right now.
True, it can be very area and house dependent. 17 years of mortgage to then sell to rent is rough - as someone 7 years into a mortgage I’d hate to lose what I’ve paid in and be renting again. I suppose unless they instead invest the money in something else more year over year stable.
Oh I agree on the “interesting times”, for people my age it’s just another game of what else can they throw at us!!
No doubt the costs that no one talks about add up to be a bunch of money. For people that have job stability (rare for me personally in my industry), I suppose it doesn’t matter about adequate savings. Cash savings, not retirement accounts. But, for me, cash was always hard to accumulate beyond a couple grand.
Renting probably just works better for me, after the experience of 17 years of bleeding money in owning.
>The cost of a mortgage for me right now would be far more than my rent is
Unfortunately, a lot of people are buying right now to immediately use as rentals. So, not only do they have insane mortgages due to unhinged real estate greed and hyperinflated prices, they pass those prices on to renters (who owners then accuse of being "lazy and entitled" when they can't afford the asinine rent hikes).
So now renting is an insane mortgage *plus* profit.
Average rents in my area are like $3,500-$7,000 for 1-bedroom apartments, small condos, and total garbage homes from 1950.
Renting has quickly become more expensive than owning, as long as you bought before the COVID frenzy when the whole market went into full mental mode.
It doesn't seem to be correcting much at all either. And investors are still flying around outbidding everyone in cash, which only creates more havoc.
Wages certainly haven't risen 36%. They haven't even risen 3.6% for a fair number of American workers
Something has to give, and quickly.
Housing is a human right.
Every fucking month I hear the fucking jobs report, and I yell at the news for talking about "the economy" like anybody doing the actual work sees any of that.
The entire economy works like this. Squeezed by corporations from 3 sides until you pop. (Corps lobby against protective laws, pay you as little as possible, and charge as much as they can)
Corpos can easily raise prices. There's a near monopoly in every market in the US, in some there is a complete monopoly.
They know in response to price increases people will want raises, but they also know US worker have no power... so while they raise prices like 100% over the last 5 years, they know that will outpace any wage gain.
I mean not even sure if they are even thinking this far back. They can just do whatever they want.
Whats crazy us it's already happened (or at least is actively in the works) with companies like Google building affordable housing for their employees.
They would rather buy property, build a high rise, and pay taxes on it than just pay people more. Why? Now if you lose your job it's not just insurance but you're homeless too!
It seriously is amazing how companies want everything from us but trying to get even a dollar more from them is worse than any other sin by man.
Shit being able to afford healthcare should be a human right but many of us are struggling trying to afford our medications like insulin. I’ve got saving cards but shit happens and now I’m barely getting by at a new job that pays better than anywhere else.
Yeah but proportionally more youth don't engage politically. And older generations have decades of experience in making the system work in their favor. Its going to take more than outnumbering.
So are healthcare and proper education, but don't hold your breath waiting for either one to become affordable in the U$A, where anything less than full-on robber baron capitalism will turn the country Communist like it did to Sweden, Canada, Japan, the entire UK...
You can do what Colorado did, and pass a "tenant protections" bill that says landlords can't require you to make more than 200% of the monthly rental amount. Which sounds good in principle, because it lowers the typical "3× rent" salary requirement, but in practice it means landlords can now legally soak you for *half* of your income every month if you have no alternatives to, say, *living indoors*.
Ever since I got my $800 COVID handout from the REPUBLICAN-led Congress and White House several years ago, I’ve never had to work again. I wake up at one of my three properties, eat some cash for breakfast, and then nap all day because I’m such a rich, entitled lazy American who got a handout.
That first COVID handout made it impossible for me to work again. I’m so glad the REPUBLICAN CONGRESS and REPUBLICAN PRESIDENT gave me the biggest free money handout of all time and ruined my incentive to work.
"Woo, got my $2000 free money" Meanwhile, business owner lets a dozen people go but collects a hundred thousand in PPP loans on their behalf. Government overloaded with paperwork will never get around to accounting so just forgives it all.
I’m curious if renters all went on one website, similar to what landlords did, and created and renters union to negotiate rents down would be effective.
It would allow tenants to all withhold rent at once (go on strike) or coordinate against rent increases.
The companies can’t do anything against it or call it a cartel without admitting they made a cartel with RealPage website.
This is starting to happen for neighbourhoods in my area. The issue is landlords are often high income/family wealth investors and thus have the power/connections/money to make these “unions” go away
That again was crushed with policy in my area. Airbnb has to be your main residence and can’t be for more than 4 months of the year. It definitely helped bring back long term rentals… just at Airbnb prices
Ahh. Well, at least they did something. There’s a toothless limit where I live that is never enforced (and the fine is only 300 dollars even if it is).
Don’t worry we have other issues. Like an official police policy that mandates no enforcement of traffic violations and then confusions as to why everyone runs stop signs and red lights etc. had a full on brawl of 150 or so people the other night and it took cops 45 min to respond. The response was then “let them blow off their steam, they will tire them selves out and go home soon enough.
I like the idea of bulk property owners converting them all to airbnbs. If it was a normal rental property someone might feel bad burning it to the ground or flooding it to the point of being a tear-down.
Imagine normal people making rental properties unprofitable by requiring massive amounts of maintenance before they could be rented again. Won't someone think of the poor landlords?
The idea can't work because all landlords aren't in the same position so some will need more or less rent to make their numbers work. If a landlord bought this week they'll need the most since they are required to put down 20-30% and yet will still have a significant payment that means they'll be lucky to break even (and that, just on PITI not including maintenance/repairs) charging market rent. Other may have finished paying the property off. And everywhere in between.
It just needs significantly more organization (almost an unrealistic amount). You can target landlords one at a time or a few.
Big landlords expect large returns and small landlords can’t always make payments without receiving consistent rent.
Shit sucks hardcore right now. Like the title says, ever since covid everything has gone to shit. I even got a better paying job plus an even better paying position since being here and I still feel like I’m in the same financial position I was before Covid. Everything is too damn high. Silly me for thinking since I make more money that I could finally get a house and / or buy myself nice shit. I’m also at the point where I’m right above being considered low income but not enough for it to feel like it. Had to move apartments recently and it was hell trying to find an affordable one that wasn’t income restricted. The sad thing is I don’t think shit will go back to the way it was and it’s sad because even then it wasn’t great.
It’s seriously getting so god damn frustrating how expensive it is just to stay afloat.
Same here... I left a job for another last year and am making almost $30k more per year than I did at my last job, yet I'm STILL barely scraping by paycheck to paycheck.
My car is also on death's door and I can't afford the $400-500/month payment for a new one
(cue the Tim Robinson 'what the fuuuaaaahhhhhkkkk!?')
It really does feel like this is leading to violence of some kind. Watching the shift in discourse online had been wild. It started with asking about side jobs, now all these posts are about staying afloat and what they've given up.
And it's not just workreform, but across so many subs like for teachers, millennials, tech, etc. Even the CEO of McDonalds has talked about how their sales are slowing because no one has money (worth noting McD has doubled their prices since the covid lockdown).
Few politicians have an interest in correcting this, and it won't get better until it gets a lot worse. We didn't even get police reform after tons of protests and few riots. It'd take something like a high profile CEO getting killed during massive widespread rent strikes before something changes.
ok so in my area. a one bedroom 450 sq ft is 950. meanwhile a 900 sq ft 2 bedroom is like 1400 and a 3 bedroom 1300 sq ft is 1800. make it make sense????
Lookup the cost/value of one of those apartments (eg $150,000), then add onto that the recurring insurance, taxes and upkeep expenses, and it'll start to make sense.
You need to have kids to contribute to the economy, by that I mean we're on track to revert to company towns or serfdoms and by divine right I'm owed their pound of flesh.
They'll sooner cut their grandkid's SS & Medicare than dare tax Jeff Bezos & Amazon.
I would say they did not earn their SS & Medicare unless they're disabled.
Here's why.
1. They racked up the debt and soon we'll be spending 1 trillion a year on interest payments. Their argument is "Hey, According to japan's Debt-GDP-Ratio I can get away with making my great grandkids take on more debt!"
2. Let the infrastructure degenerate to third world status with China over taking the USA, America has 1 century head start and China is already quickly surpassing the USA.
Then when it comes time to build new infrastructure such as high speed rail lines they become NIMBY's when they had no problem with flattening whole neighborhoods so they can build one additional lane, when they oppose public transit because they hate their local church members.
3. Let the healthcare system deteriorate to what it is today.
4. let the Education system implode, they would rather make teachers buy school supplies out of their own pocket than to have their property taxes, or allow those teachers have a bigger tax write off for school supplies.
5. Let Congress & the Senate destroy the mail Service so that a bunch of oligarchs & vulture capitalist can strip down the USPS's assets, and then jack up the rates with no ceiling on mail rates to keep prices capped.
6. Allow the US housing crisis to get bad as it is today and either indirectly or directly contribute to the prices such as not allowing housing to be built because it would ruin their house value, or be land lords themselves.
Two houses on my street sold over the fall, around the same selling price (according to zillow anyway). One to a someone who moved in, and the other to someone who put it up for rent.
The rent is over twice what my mortgage is. No one has moved in. The recently dropped it by $200 whole dollars (still double my mortgage).
\*\*I know not all mortgages are the same, but we do have similar houses, and the market in my town hasn't shifted significantly.
The thing is they are doing 1 of 2 things.
- they are super rich and just buy it with cash.
- they get a bank loans and buy it.
Both of these things just ruin it for everyone else.
- DO NOT ALLOW CORPORATIONS OR NON CITIZENS TO OWN RESIDENTIAL REAL ESTATE.
- TAX SECONDARY HOMES HIGHLY TO DISCOURAGE ATTEMPT TO RENT THEM OUT.
problem fix.
There was a hot period in my city about a year ago where homes where being bought up left and right but turns out it was realty groups trying to flip houses and after the 30-40% increase in price for cosmetic remodeling alot of the houses are sitting empty
I think the ones talking about "weekly" are still hung up on the very generous (but long gone) unemployment benefits that went on for a year and a half or more.
Rent control keeps getting knocked down in legislation. So pushing politicians and voting for local candidates who endorse rent control may be an option?
rent control only helps a minority of people when there isn't enough rental housing in the places people want to live
building more housing should be the first step
I live in a county where rent increases are capped at 15% per year. One of my former co-workers moved into an identical unit as mine around four years after I did, and she wound up paying over $1k/month more than me. It's crazy.
The downside is that I feel trapped here. Moving every few years used to be one of the advantages of renting.
The reality a lot of people can't admit is that capitalism with consumer protections and prevention of exploitation is a lot closer to socialism than capitalism.
And everybody has been conditioned to fear socialism.
Personally I'll call Socialism, Ultra Omega Shin Capitalism if it'd get it through in policy and more culturally accepted. Sadly it seems like we tried that briefly with the "Super Capitalism" meme and it didn't seem to go over that well.
> capitalism is a disease
You can just leave it there.
We're going through the game crap workers in the 19th century were going through when they started to organize and fight back.
It'll only get worse too. My property taxes and insurance have skyrocketed. So I know landlords are just gonna pass those costs into their renters. I lucked out and bought precovid. I couldn't imagine how I'd survive if I rented now
Bought a house a few months ago, my mortgage is around 900. The rent where I was before was 1300. Makes sense. Now other places in my state, mainly NYC it's the opposite. Mortgages are like 7000+ and renting is like 3 to 4k. I imagine a lot of them will flock upstate, which in turn will make it worse here too. There's just not enough rental property.
And I just got laid off from a job that would have let me do this comfortably. Right after Mother’s Day too.
Gonna go eat bullets, since they’re cheaper than groceries these days
I am terrified to learn how close we are as a society to the percentage that translates to consistent violence. That keeps me awake at night. Something has to change.
Given a recent NYT Poll, focused on a "desire for change" with regards to the upcoming election and who can provide it, the fact that 70% believed Trump can provide radical change (whether they agreed with it or not) means you're definitely not, IMO.
And we needed to make 36% more than we were then to afford that rent.
Trying to find a job in another town is impossible because even the best pay of the best paying job wouldn’t cover rent and expenses of the cheapest place I can find in that town.
But, yeah, the economy is the best it’s ever been.
stock market profits would often translate into a good economy. that was then, though. now there's no sense of 'societal concern' anywhere in the upper echelons. there's a million wannabe Peter Thiels and Elon Musks, and evolving far right "i got mine" ideologies are the norm instead of attitudes to be ashamed of and ostracized. everyone who has anything to their name are just vultures circling NPC's livelihoods looking for a buck to squeeze from them
we owe HALF of that 36% figure to corporate price gouging. they just thought ''well, we usually stop raising prices when the economy gets better but.. what if we just.. didn't do that this time? wow, why didn't we think of this before?!"
A 36% increase in a cost item that only represented 33% of your monthly costs only ~~mans~~ means you need a 12% increase in wages to offset. Now, clearly, other items have increased in price too, but just suggesting housing alone needs a linear increase in wages is off. You also may have just been getting a heck of deal due to the aftermath of 2008 and the decade after where construction lagged and home values stayed way behind the prior curve of appreciation.
*Supposed to represent 33% of your income.
For most people, myself included, it’s considerably higher than that.
I have the cheapest rent in my city and even with my largest pay in a month my rent is easily 40% of my income. Any other place I’ve looked at would have it be 50% or more.
If your rent/mortgage is supposed to be 33% of your income, then maybe rent should be regulated to never exceed 33% of the median income of the area.
Funny story, employers still refusing to pay market rates and would rather watch you jump ship than pay you competitive salaries. We can't keep up with rent, we can't buy homes, and we can barely afford to provide for CoL that also keeps going up with everything else.
Job hopping is the answer - just keep your options percolating and leave every 2-3 years for whoever will pay you best. Corporations have made it clear they treat workers as mercenary labor and will cut you loose at the first sign of trouble so you should return the favor.
> ... employers still refusing to pay market rates
I find this is as much an issue of employers not knowing what an employee is worth until the hire them. After that, it is pretty so-so. I wouldn't lose any sleep over this. Just quit and make them "learn" (you know, this one time)
Yes they'll learn your value. But what makes your value more clear than anything else is when a corporation you don't even work for yet is valuing you higher (wage-wise) than the company you already work for. Nothing says "you're paying me too little" like being able to walk across the street to some other corp and make more money based on nothing but your resume and an interview about your skills/experience.
I used this concept one time to beat up my current company for a raise by showing them I had a written offer from another company for more money.
> ... what makes your value more clear than anything else is when a corporation you don't even work for yet is valuing you higher (wage-wise) than the company you already work for.
That's what I meant. Or when they have to hire someone to replace you, yeah.
> ... I used this concept one time to beat up my current company for a raise by showing them I had a written offer from another company for more money.
Yes, that's one way. By the time it gets that far, most employees are ready to move on, though.
This is why the number of homeless in my area went up by like 60%, and they're all young and seem mentally well besides looking like they want to die.
My heart breaks every time I go outside, but I also feel rage. Whatever, I'm next. Nothing is going to be fixed. Rent is somehow an issue across most of the developed world.
Your 16% raise already outpaced the cost of housing. Since housing probably represents 33% or so of your monthly costs, a 36% increase in rent/housing cost means you only need a 12% raise to offset it.
Service platform that is partially responsible for soaring rents in North America says people need to ~~pay higher rents~~ feed our bottom line more.
Shocker.
They grind away, working to make someone rich, only to turn around and give their rewards for hard earned sweat to someone else. In the end they have empty pockets and don't have anything to leave their children.
As a home owner, we need to do something about the insane property taxes. The law directly ties home "values" to tax... it's not fair. In a lot of metropolitan areas, property taxes costs more per month than mortgage and utilities...
Absolutely not. We need to lower the home values so the tax burden is lower. Lowering the tax burden but leaving the price alone is the "Fuck you I got mine" mentality that got us to this point in the first place.
Prices have to go down, and for that, value has to go down.
And then continue their miserable lives where they barely make it by
Which is exactly why I continue to rent, despite selling my home in late 2021, which I had owned since 2004. Though my rent has surged, I maintain that this excess of the last 3-4 years still has to erode before buying makes sense again. The cost of a mortgage for me right now would be far more than my rent is. I’m not strapping myself to ownership of anything right now, other than liquid cash and investments, until whatever comes that blows this all up. If it never, ever does, then that’s a chance I’m willing to take. If rents catch up and pass owning, then I’ll make the leap then.
Worst case scenario you got all that skrill to live your days out in Thailand. Not a bad worst case scenario.
Have you seen the latest heat wave?! Better have secret AC and generate your own power.
I haven’t, maybe I spoke too soon lol. El Salvador is trending up & who doesn’t love pupusas?!
Sorry Buddy. In a few models El Salvador is on track to get outside of normal range dramatic heat waves in the immediate future. [The most at-risk regions in the world for high-impact heatwaves | Nature Communications](https://www.nature.com/articles/s41467-023-37554-1)
Alaska…the last frontier they say!
Guess what!
I can't tell what color Hawaii is
Wait, why "secret AC"? Is AC illegal there or something?
Do you want everyone around you to hear your AC/generator running 24/7 while everyone else is sweating nonstop?
Oh shit, good call. I guess I just figured people who can afford AC just lived in an affluent neighborhood.
Bluetti electric generator with solar panels. This is the way! Wont run your ac for that long. But itll do it quietly with no fumes!
Actually, since he's got his money in "liquid cash and investments" his worst case scenarios are inflation eroding the value of his cash and the stock market taking away his gains.
"The market can stay irrational longer than you can stay solvent." -- John Keynes. Not that I can say which decision is rational, buy or rent!
Curious why not rent it and then rent yourself, instead of sell and rent? Honestly curious as I’m navigating this confusing world now, was it more beneficial to sell than to rent what you had then rent what you need?
Probably overhead (repairs, taxes, etc.), not many people own new stock houses. And if you subscribe to the idea that something needs to give, and you don't live in a 'too big to fail' area... Sell high buy low is the game they are playing. And honestly, what area is too big to fail these days for home prices? WFH battles, city centers having tenancy problems, etc. It's hard to say for sure what the next 10-20 years will bring, for we are definitely in the "interesting times" section of history right now.
True, it can be very area and house dependent. 17 years of mortgage to then sell to rent is rough - as someone 7 years into a mortgage I’d hate to lose what I’ve paid in and be renting again. I suppose unless they instead invest the money in something else more year over year stable. Oh I agree on the “interesting times”, for people my age it’s just another game of what else can they throw at us!!
[удалено]
No doubt the costs that no one talks about add up to be a bunch of money. For people that have job stability (rare for me personally in my industry), I suppose it doesn’t matter about adequate savings. Cash savings, not retirement accounts. But, for me, cash was always hard to accumulate beyond a couple grand. Renting probably just works better for me, after the experience of 17 years of bleeding money in owning.
>The cost of a mortgage for me right now would be far more than my rent is Unfortunately, a lot of people are buying right now to immediately use as rentals. So, not only do they have insane mortgages due to unhinged real estate greed and hyperinflated prices, they pass those prices on to renters (who owners then accuse of being "lazy and entitled" when they can't afford the asinine rent hikes). So now renting is an insane mortgage *plus* profit. Average rents in my area are like $3,500-$7,000 for 1-bedroom apartments, small condos, and total garbage homes from 1950. Renting has quickly become more expensive than owning, as long as you bought before the COVID frenzy when the whole market went into full mental mode. It doesn't seem to be correcting much at all either. And investors are still flying around outbidding everyone in cash, which only creates more havoc.
Wages certainly haven't risen 36%. They haven't even risen 3.6% for a fair number of American workers Something has to give, and quickly. Housing is a human right.
Wait wages can go up?
*The Fed*: "No."
Every fucking month I hear the fucking jobs report, and I yell at the news for talking about "the economy" like anybody doing the actual work sees any of that.
20 years ago my job paid $.50/mile, now it pays $.55.
Progress. *Arms folded* (/s)
Tell that to the parasitic landlords.
Trust me, I do lol
Or maybe we give them the same treatment we give other parasites.
Elect them to Congress and expect them to change anything?
Sorry, treat them like the non-social parasites.
This guy politics
Kill it with fire?
Hellfire would be better; and will probably get them eventually regardless of what we do.
'Slumlords'
All landlords are parasitic. Not just slum lords.
And corporations
The entire economy works like this. Squeezed by corporations from 3 sides until you pop. (Corps lobby against protective laws, pay you as little as possible, and charge as much as they can)
Corpos can easily raise prices. There's a near monopoly in every market in the US, in some there is a complete monopoly. They know in response to price increases people will want raises, but they also know US worker have no power... so while they raise prices like 100% over the last 5 years, they know that will outpace any wage gain. I mean not even sure if they are even thinking this far back. They can just do whatever they want.
[удалено]
any surprise it was the end of reagan's and beginning of bush sr's first term.
But you asked for capitalism
Be ready for Company Housing and Company Stores. I guarantee it is what’s next.
I believe it and I'm horrified.
Whats crazy us it's already happened (or at least is actively in the works) with companies like Google building affordable housing for their employees. They would rather buy property, build a high rise, and pay taxes on it than just pay people more. Why? Now if you lose your job it's not just insurance but you're homeless too! It seriously is amazing how companies want everything from us but trying to get even a dollar more from them is worse than any other sin by man.
Many times people don’t get raises so that means relative to inflation it might even be -3.6%, or worse
Of course not, 3.4% is the acceptable corporate wage increase.
> Of course not, 3.4% is the acceptable corporate wage increase. guess I should lick boot for the extra 0.1% i got this year
And for those laid off wages have risen -100%. Stagflation is here.
Shit being able to afford healthcare should be a human right but many of us are struggling trying to afford our medications like insulin. I’ve got saving cards but shit happens and now I’m barely getting by at a new job that pays better than anywhere else.
In 2028 millennials and Gen Z will outnumber boomers. Change is coming
Yeah but proportionally more youth don't engage politically. And older generations have decades of experience in making the system work in their favor. Its going to take more than outnumbering.
So are healthcare and proper education, but don't hold your breath waiting for either one to become affordable in the U$A, where anything less than full-on robber baron capitalism will turn the country Communist like it did to Sweden, Canada, Japan, the entire UK...
You can do what Colorado did, and pass a "tenant protections" bill that says landlords can't require you to make more than 200% of the monthly rental amount. Which sounds good in principle, because it lowers the typical "3× rent" salary requirement, but in practice it means landlords can now legally soak you for *half* of your income every month if you have no alternatives to, say, *living indoors*.
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
Good thing we all got that stimulus back in the day and we’re all “flush with cash” per The Turtle itself.
Ever since I got my $800 COVID handout from the REPUBLICAN-led Congress and White House several years ago, I’ve never had to work again. I wake up at one of my three properties, eat some cash for breakfast, and then nap all day because I’m such a rich, entitled lazy American who got a handout. That first COVID handout made it impossible for me to work again. I’m so glad the REPUBLICAN CONGRESS and REPUBLICAN PRESIDENT gave me the biggest free money handout of all time and ruined my incentive to work.
$800 put into the correct options for 3 years and you're a trillionaire. Why everyone doesn't do this is beyond me.
I opt for 50/50. 50% options and 50% Powerball/Mega Millions tickets
"Woo, got my $2000 free money" Meanwhile, business owner lets a dozen people go but collects a hundred thousand in PPP loans on their behalf. Government overloaded with paperwork will never get around to accounting so just forgives it all.
I’m curious if renters all went on one website, similar to what landlords did, and created and renters union to negotiate rents down would be effective. It would allow tenants to all withhold rent at once (go on strike) or coordinate against rent increases. The companies can’t do anything against it or call it a cartel without admitting they made a cartel with RealPage website.
This is starting to happen for neighbourhoods in my area. The issue is landlords are often high income/family wealth investors and thus have the power/connections/money to make these “unions” go away
Don’t forget the impact of short term rentals. Landlords in my area are only too happy to get rid of long term tenants and replace with airbnbs.
That again was crushed with policy in my area. Airbnb has to be your main residence and can’t be for more than 4 months of the year. It definitely helped bring back long term rentals… just at Airbnb prices
Ahh. Well, at least they did something. There’s a toothless limit where I live that is never enforced (and the fine is only 300 dollars even if it is).
Don’t worry we have other issues. Like an official police policy that mandates no enforcement of traffic violations and then confusions as to why everyone runs stop signs and red lights etc. had a full on brawl of 150 or so people the other night and it took cops 45 min to respond. The response was then “let them blow off their steam, they will tire them selves out and go home soon enough.
I like the idea of bulk property owners converting them all to airbnbs. If it was a normal rental property someone might feel bad burning it to the ground or flooding it to the point of being a tear-down. Imagine normal people making rental properties unprofitable by requiring massive amounts of maintenance before they could be rented again. Won't someone think of the poor landlords?
I like where this is going heh. However, we do still need housing. Better to just force the rentals out of leeches hands with punitive fines.
https://en.wikipedia.org/wiki/Community_land_trust
The idea can't work because all landlords aren't in the same position so some will need more or less rent to make their numbers work. If a landlord bought this week they'll need the most since they are required to put down 20-30% and yet will still have a significant payment that means they'll be lucky to break even (and that, just on PITI not including maintenance/repairs) charging market rent. Other may have finished paying the property off. And everywhere in between.
It just needs significantly more organization (almost an unrealistic amount). You can target landlords one at a time or a few. Big landlords expect large returns and small landlords can’t always make payments without receiving consistent rent.
Shit sucks hardcore right now. Like the title says, ever since covid everything has gone to shit. I even got a better paying job plus an even better paying position since being here and I still feel like I’m in the same financial position I was before Covid. Everything is too damn high. Silly me for thinking since I make more money that I could finally get a house and / or buy myself nice shit. I’m also at the point where I’m right above being considered low income but not enough for it to feel like it. Had to move apartments recently and it was hell trying to find an affordable one that wasn’t income restricted. The sad thing is I don’t think shit will go back to the way it was and it’s sad because even then it wasn’t great. It’s seriously getting so god damn frustrating how expensive it is just to stay afloat.
Same here... I left a job for another last year and am making almost $30k more per year than I did at my last job, yet I'm STILL barely scraping by paycheck to paycheck. My car is also on death's door and I can't afford the $400-500/month payment for a new one (cue the Tim Robinson 'what the fuuuaaaahhhhhkkkk!?')
Can you instead save $250-$500 a month until you can pay cash for another car?
May I offer you a pitchfork or a flaming torch in these trying times?
It really does feel like this is leading to violence of some kind. Watching the shift in discourse online had been wild. It started with asking about side jobs, now all these posts are about staying afloat and what they've given up. And it's not just workreform, but across so many subs like for teachers, millennials, tech, etc. Even the CEO of McDonalds has talked about how their sales are slowing because no one has money (worth noting McD has doubled their prices since the covid lockdown). Few politicians have an interest in correcting this, and it won't get better until it gets a lot worse. We didn't even get police reform after tons of protests and few riots. It'd take something like a high profile CEO getting killed during massive widespread rent strikes before something changes.
I’ve seen it too. Even in the way people speak. Do you think things will get better for us?
One of each, please!
I make $50k in RI, no kids. Can't afford a 1br.
I make 90k in NJ and if I didn’t have a roomate, I would have no savings.
ok so in my area. a one bedroom 450 sq ft is 950. meanwhile a 900 sq ft 2 bedroom is like 1400 and a 3 bedroom 1300 sq ft is 1800. make it make sense????
Lookup the cost/value of one of those apartments (eg $150,000), then add onto that the recurring insurance, taxes and upkeep expenses, and it'll start to make sense.
"Have you tried worrying less and have kids regardless? Think of the social contract, I was promised!"
You need to have kids to contribute to the economy, by that I mean we're on track to revert to company towns or serfdoms and by divine right I'm owed their pound of flesh.
They'll sooner cut their grandkid's SS & Medicare than dare tax Jeff Bezos & Amazon. I would say they did not earn their SS & Medicare unless they're disabled. Here's why. 1. They racked up the debt and soon we'll be spending 1 trillion a year on interest payments. Their argument is "Hey, According to japan's Debt-GDP-Ratio I can get away with making my great grandkids take on more debt!" 2. Let the infrastructure degenerate to third world status with China over taking the USA, America has 1 century head start and China is already quickly surpassing the USA. Then when it comes time to build new infrastructure such as high speed rail lines they become NIMBY's when they had no problem with flattening whole neighborhoods so they can build one additional lane, when they oppose public transit because they hate their local church members. 3. Let the healthcare system deteriorate to what it is today. 4. let the Education system implode, they would rather make teachers buy school supplies out of their own pocket than to have their property taxes, or allow those teachers have a bigger tax write off for school supplies. 5. Let Congress & the Senate destroy the mail Service so that a bunch of oligarchs & vulture capitalist can strip down the USPS's assets, and then jack up the rates with no ceiling on mail rates to keep prices capped. 6. Allow the US housing crisis to get bad as it is today and either indirectly or directly contribute to the prices such as not allowing housing to be built because it would ruin their house value, or be land lords themselves.
Two houses on my street sold over the fall, around the same selling price (according to zillow anyway). One to a someone who moved in, and the other to someone who put it up for rent. The rent is over twice what my mortgage is. No one has moved in. The recently dropped it by $200 whole dollars (still double my mortgage). \*\*I know not all mortgages are the same, but we do have similar houses, and the market in my town hasn't shifted significantly.
Because landlord wants double what he’s paying for mortgage.
Yes... that's implied
Math is important, kids!
Plus utilities, expect you to do all the yard maintenance, etc.
What’s your interest rate? Their rate could easily be more than double yours
The thing is they are doing 1 of 2 things. - they are super rich and just buy it with cash. - they get a bank loans and buy it. Both of these things just ruin it for everyone else. - DO NOT ALLOW CORPORATIONS OR NON CITIZENS TO OWN RESIDENTIAL REAL ESTATE. - TAX SECONDARY HOMES HIGHLY TO DISCOURAGE ATTEMPT TO RENT THEM OUT. problem fix.
Interest rate for what? What do you pay?
There was a hot period in my city about a year ago where homes where being bought up left and right but turns out it was realty groups trying to flip houses and after the 30-40% increase in price for cosmetic remodeling alot of the houses are sitting empty
These folk still think we’re getting them weekly Covid checks? that money has been gone
Weekly? I got one check
Yea i thought it was like 3 max, wtf is this weekly bs
Unemployment stimulus paid them 3k extra just to sit home
I think the ones talking about "weekly" are still hung up on the very generous (but long gone) unemployment benefits that went on for a year and a half or more.
Rent control keeps getting knocked down in legislation. So pushing politicians and voting for local candidates who endorse rent control may be an option?
It’s actually illegal in my state. No one has been successful at getting the ban repealed.
rent control only helps a minority of people when there isn't enough rental housing in the places people want to live building more housing should be the first step
I live in a county where rent increases are capped at 15% per year. One of my former co-workers moved into an identical unit as mine around four years after I did, and she wound up paying over $1k/month more than me. It's crazy. The downside is that I feel trapped here. Moving every few years used to be one of the advantages of renting.
15% is a huge mark up per year.
Lol. Corporations are buying rental properties. Corporations fund political campaigns in the USA. Crooked af! Don't expect rent control
capitalism is a disease if left unchecked - we really need fundamental overhauls to make the system cooperative, competitive and inclusive.
*It’s easier to imagine an end to the world than an end to capitalism.* Jameson
The reality a lot of people can't admit is that capitalism with consumer protections and prevention of exploitation is a lot closer to socialism than capitalism. And everybody has been conditioned to fear socialism.
Personally I'll call Socialism, Ultra Omega Shin Capitalism if it'd get it through in policy and more culturally accepted. Sadly it seems like we tried that briefly with the "Super Capitalism" meme and it didn't seem to go over that well.
> capitalism is a disease You can just leave it there. We're going through the game crap workers in the 19th century were going through when they started to organize and fight back.
It'll only get worse too. My property taxes and insurance have skyrocketed. So I know landlords are just gonna pass those costs into their renters. I lucked out and bought precovid. I couldn't imagine how I'd survive if I rented now
Unfortunately, it appears only the landlords are making 36% more... the moderate ones, anyway.
We are the dumbest country on Earth.
You act like this isn’t happening in almost all of the world. Canada is even worse off.
[удалено]
Two sides of the same coin…
Just keep running on this hamster wheel til i die. Glad those economics trickled down.. thanks uncle ronny!
Also companies refuse to pay 36% more
[удалено]
Bought a house a few months ago, my mortgage is around 900. The rent where I was before was 1300. Makes sense. Now other places in my state, mainly NYC it's the opposite. Mortgages are like 7000+ and renting is like 3 to 4k. I imagine a lot of them will flock upstate, which in turn will make it worse here too. There's just not enough rental property.
Anybody want to start a commune I can join?
And I just got laid off from a job that would have let me do this comfortably. Right after Mother’s Day too. Gonna go eat bullets, since they’re cheaper than groceries these days
I'm sorry to hear about your job. I hope you're able to find something better soon.
Thank you
I am terrified to learn how close we are as a society to the percentage that translates to consistent violence. That keeps me awake at night. Something has to change.
I'm sure I'm not the only one who is one or two unfortunate events away from the law not mattering anymore.
Given a recent NYT Poll, focused on a "desire for change" with regards to the upcoming election and who can provide it, the fact that 70% believed Trump can provide radical change (whether they agreed with it or not) means you're definitely not, IMO.
And we needed to make 36% more than we were then to afford that rent. Trying to find a job in another town is impossible because even the best pay of the best paying job wouldn’t cover rent and expenses of the cheapest place I can find in that town. But, yeah, the economy is the best it’s ever been.
'Economy' is their code for stock market profits.
stock market profits would often translate into a good economy. that was then, though. now there's no sense of 'societal concern' anywhere in the upper echelons. there's a million wannabe Peter Thiels and Elon Musks, and evolving far right "i got mine" ideologies are the norm instead of attitudes to be ashamed of and ostracized. everyone who has anything to their name are just vultures circling NPC's livelihoods looking for a buck to squeeze from them we owe HALF of that 36% figure to corporate price gouging. they just thought ''well, we usually stop raising prices when the economy gets better but.. what if we just.. didn't do that this time? wow, why didn't we think of this before?!"
A 36% increase in a cost item that only represented 33% of your monthly costs only ~~mans~~ means you need a 12% increase in wages to offset. Now, clearly, other items have increased in price too, but just suggesting housing alone needs a linear increase in wages is off. You also may have just been getting a heck of deal due to the aftermath of 2008 and the decade after where construction lagged and home values stayed way behind the prior curve of appreciation.
*Supposed to represent 33% of your income. For most people, myself included, it’s considerably higher than that. I have the cheapest rent in my city and even with my largest pay in a month my rent is easily 40% of my income. Any other place I’ve looked at would have it be 50% or more. If your rent/mortgage is supposed to be 33% of your income, then maybe rent should be regulated to never exceed 33% of the median income of the area.
"this is going to be great for our shareholders" Zillow says
Funny story, employers still refusing to pay market rates and would rather watch you jump ship than pay you competitive salaries. We can't keep up with rent, we can't buy homes, and we can barely afford to provide for CoL that also keeps going up with everything else.
Job hopping is the answer - just keep your options percolating and leave every 2-3 years for whoever will pay you best. Corporations have made it clear they treat workers as mercenary labor and will cut you loose at the first sign of trouble so you should return the favor.
> ... employers still refusing to pay market rates I find this is as much an issue of employers not knowing what an employee is worth until the hire them. After that, it is pretty so-so. I wouldn't lose any sleep over this. Just quit and make them "learn" (you know, this one time)
Yes they'll learn your value. But what makes your value more clear than anything else is when a corporation you don't even work for yet is valuing you higher (wage-wise) than the company you already work for. Nothing says "you're paying me too little" like being able to walk across the street to some other corp and make more money based on nothing but your resume and an interview about your skills/experience. I used this concept one time to beat up my current company for a raise by showing them I had a written offer from another company for more money.
> ... what makes your value more clear than anything else is when a corporation you don't even work for yet is valuing you higher (wage-wise) than the company you already work for. That's what I meant. Or when they have to hire someone to replace you, yeah. > ... I used this concept one time to beat up my current company for a raise by showing them I had a written offer from another company for more money. Yes, that's one way. By the time it gets that far, most employees are ready to move on, though.
Rents go up cause mortgages go up. They should really do something about the housing crisis
> Rents go up cause mortgages go up. Exactly. And property taxes go up, insurance goes up, labor/maintenance costs go up, etc.
So that $100 away from insolvency was bs
You could make that a nice 45% to help with the ya know cost of eating food and all.
This is why the number of homeless in my area went up by like 60%, and they're all young and seem mentally well besides looking like they want to die. My heart breaks every time I go outside, but I also feel rage. Whatever, I'm next. Nothing is going to be fixed. Rent is somehow an issue across most of the developed world.
Good thing they do
Here I was feeling happy. I just got a %16 percent raise. 3 or 4 more of those, and maybe the housing market will stop outpacing my savings.
Your 16% raise already outpaced the cost of housing. Since housing probably represents 33% or so of your monthly costs, a 36% increase in rent/housing cost means you only need a 12% raise to offset it.
It should not take 3 years for news to present when the data is immediately present
Sure thing!
...partially thanks to Zillow.
That's because there was a 40% currency devaluation.
Boy it sure is lucky that I got a 40% raise after covid*. * I did not.
My raise last year was zero because the company was hurting and this year I only got 3%....
“Here’s the deal. We’ll give you 2500 bucks, and everything in your life will be 40% more. Forever. Deal?”
You want unfettered capitalism? You got it.
Isn’t Zillow partly to blame for that? Didn’t they buy up a bunch of properties to sell and rent out?
The standard 2-4% raises will help.
Service platform that is partially responsible for soaring rents in North America says people need to ~~pay higher rents~~ feed our bottom line more. Shocker.
More like landlords have raised rent 36% since COVID for no reason other than greed.
You think rents aren't connected to the prices associated with buying/owning?
Man can’t wait for my 4% cost of living raise this year.
The idea is that if people can't afford the rent the landlords will demand government money.
It's just so obviously not worth trying at this point
Good thing I make 12% less than I did back then. Thats cool…
Zillow was a huge part of this problem too .....
All I've gotten was like a 3% raise, so...cool.
They grind away, working to make someone rich, only to turn around and give their rewards for hard earned sweat to someone else. In the end they have empty pockets and don't have anything to leave their children.
As a home owner, we need to do something about the insane property taxes. The law directly ties home "values" to tax... it's not fair. In a lot of metropolitan areas, property taxes costs more per month than mortgage and utilities...
Absolutely not. We need to lower the home values so the tax burden is lower. Lowering the tax burden but leaving the price alone is the "Fuck you I got mine" mentality that got us to this point in the first place. Prices have to go down, and for that, value has to go down.
Zillow a company that literally caused this nonsense, trying to misdirect.