this post was submitted on 09 Apr 2024
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I walk through the city at least a few hours a week. Every single building with residential (except sfh) has vacancies. Every single fucking one. Or at least signs announcing them.
And there are people dying on the street.
Supply outstrips demand. Maybe by a lot. And people are still dying for need. People are still working two jobs then sleeping in their cars. People are still working high paying jobs and losing half of it to rent.
There are questions a moral person can have about 'what to do with landlords'. Questions like 'should we torture them first' (there are legitimate arguments against, mostly from an efficiency perspective) and 'is physical or psychological torture more useful here?', but at the end of the day, it all ends at the same place, and the later we start on our way, the more people will die before we get there.
I am not trying to ignore what you are saying, but every building over 10 units will probably have vacancies due to turnover, and even if they dont currently have a unit turning over they will in the near future and will be getting as many applications as they can.
And based on the other parts of your comments I dont really think you actually want a real discussion, but to be edgy.
The signs saying 'for rent' are mostly old, many sun bleached. The one I live in has had one unit vacant for over a year.
Yeah turnover happens, but not like that.
That makes sense, they probably never take it down because a good renter is very important. If they havent filled a unit in a year, then that is just strange. Maybe they have the rent too high, not filling a unit in that long doesnt make sense.
And that's just the one across from me. They've also mentioned two bedrooms on the sign, and I bet the 2 BDRM unit(s) have been the same ones the whole time too. Not to say there hasn't been any turnover, but its not up to replacement.
Ive talked to a few people with similar stories.
And yeah! The rent is consistently too damn high! With your model, that absolutely doesn't make sense, does it? What are some other explanations for this behavior?
There are multiple things happening here that make it complicated and there are too many unknowns. If the issue is that they cant find people that qualify due to not making enough money, then this is the government currency control issue coming home to roost, which I can explain if it helps. If its an issue where the units need to make a minimum to pay for the mortgage, then its a problem with too little supply of units to buy pushing up the cost of ownership of multifamilies. I dont know what is going on in your area.
But the post seems to be about owning SFH or something owned. That is a separate issue with similar root problems.
The word 'house' in OP is not necessarily talking about sfh. That's a nitpick. Youre doing that because you don't actually gave an explanation.
If its property taxes, why not just sell? If its not worth it to rent out? Do you not pay property tax on empty units?
'Can't find people that qualify' my dude. Supply. And. Demand. Supply outstrips demand. If theres demand not being filled and supply not being used and they're literally right next to each other, sometimes stealing the signs advertising the supply to make going without a little easier (the corrugated plastic signs are usually white. Durable, lightweight, keeps sun and water off) then maybe the entire system is broken?
Or working as intended, and these people are supposed to die, and everyone complicit in this system deserves a fucking noose, for the murders they commited, because every city in america is becoming an open air concentration camp maintained by exactly the bullshit youre espousing and the idea that 'it could never happen to me'?
There is a series of things you are wrong about here and I dont really want to waste my time arguing. Real estate is my business and I am sucessful at it, is there any question you want answered, because I am not going to argue anymore.
Theeeere we are. So you have an interest in not seeing, and its stronger than your compassion. You identify with your Fucking job more than with your species, and fear the chance of losing some % of treats more than the certainty of people fucking dying of exposure abd pissing/shitting on the street and being exposed to countless indignities while they do it.
What would you call someone like that?
Real estate is a business, it doesnt side with one person or another... I can just explain to you why housing is expensive if you want to know, but I just think you are angry and want to yell at someone. Feel free, but it doesnt help you know the truth.
I'm not angry about housing being expensive. I mean, I am, but I'm not willing to do anything about it.
I'm angry that people are being murdered for your profits. Youre killing people. And its not even for anything.
Fucking murderer. I hope, whoever you are, somebody stops you, in the only way that anyone can once youre this far gone.
Uh yeah, there is more to real estate than residential housing... I forgive you for being rude and making false accusation. Let me tell you how the system works because you dont get it and maybe it will help you point your anger in the right direction.
I take old structures that are vacant and renovate them and then sell or keep them, I do mainly offices and shops at this point. I had planned on making an old commercial building into 12 or so small apartments that would be affordable, and downtown of the smallish town I live in. The architect made the plans, they would be expensive but not crazy, the local government would not let me do this and would have cost waaaay too make it worth the cost. If the government was not obstructing development, that would be residential units, but its just storage. The government is the thing that you should be yelling at, not people that cant do the work because of them.
So by "in real estate" you mean you're a flipper and a landlord.
In the building you were going to convert into apartments, how much were you going to rent these affordable apartments for?
I do whatever makes sense, and I dont know what each unit would have rented for.
Oh. Yeah everybody thinks "turn offices into residences" is easy.
I get that it's not.
I get that the government isn't helping. None of my proposed solutions are 'government'; they want people to die. Literally fighting for it in the supreme court right now. Like most major cities you can name have signed onto a case about criminalizing homelessness even when no other legal option exists.
I'm talking about empty residential units. Commercial spaces being largely empty energy sucks on prime ground that will literally collapse if they lose climate control for three hours is its own shit show. Its not as much of an easy answer.
But I'm just talking about residential units. Empty advertised residential units.
I wasnt turning offices into residences. And it would be easy but expensive if the government wasnt so involved.
If you are arguing "Put homeless into empty residential units" that is a really ignorant argument, it instantly falls apart if you look at it.
Youre acting like they're fundamentally a different species.
Sure dude
"They can't live in the same spaces as us" like wtf, do you think they need scratching posts or they get sad? That they wither and die without a nitrogen-sulphur atmosphere?
I dont know what you are talking about.