this post was submitted on 10 Jan 2025
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A Boring Dystopia
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You are arguing about the difference between price gouging of a Toyota Corolla vs a McClaren GTS - necessity vs luxury.
The price gouging has been happening legally for years and nothing has changed or been done to fix it. The high-end clients in the article clearly own property if they're willing to spend that much on rent.
I have no sympathy for that specific example because it's reported like this is some novel, new experience, as opposed to it being a systemic issue that's plagued everyone else. My sympathy goes to the others mentioned in the article who clearly aren't in the market for luxury-class rentals.
Don't want to be priced gouged? Don't rent those luxury houses from the parasites. Lower your expectations and you might find something else more reasonable.
But sympathy, or lack thereof, isn't a requirement for the practice to be illegal and action to be taken, and I never said something shouldn't be done about it.
When the ultra-wealthy are suddenly in need of rentals and start renting regular houses and apartments, those houses can be rented for 5x the price.
The landlords will figure out that by massively increasing the rent, even with 2/3 houses empty, they'll make more money than they do now.
In your hyperbolic, unrealistic scenario, are the ultra-wealthy going to be permanently renting?
They're doing it for the short amount of time it's going to take for them to buy another mansion - they're in the rental market because of a disaster. Once they've recuperated, they're gone.
But let's say your exaggeration comes true. Do you think landlords would be able to continue renting for 5x the amount once their ultra-wealthy market dries up?
You seem to think I'm a proponent for the price gouging practice, so I'll reiterate: I'm not arguing that the problem should be ignored, and something needs to be done about it.
I simply have no sympathy for those looking to rent where a 20% increase equates to $3000 a month.
I don't give a fuck about the ultra-wealthy.
But I work in municipal development and have seen first-hand how housing impacts on the wealthy trickle down and screw everyone else.