While I do agree with your point, individuals aren’t buying hundreds or thousands of properties. It’s corporations buying up a limited resource that are driving up the prices, not I-own-three-houses landlords.
An individual landlord isn’t buying hundreds of properties, but hundreds of individual landlords (all saying “it’s not my fault, I only own three houses!”) are buying hundreds of properties.
Even if each individual landlord is a good person who’s going to heaven, they still make the housing market worse for everyone else. Their interests are directly opposed to working class people.
There is demand for houses for rent by private landlords. Many people don’t want to rent in a multi unit from a large company, especially in lower income areas. Buying isn’t really a good option short term, especially in lower income areas, as houses don’t appreciate in those areas as much as in higher cost of living areas. If you’re planning on living somewhere for only a few years, then it doesn’t make sense to buy a house.
In the current system, what you’re saying is true. However, if we think of a system where each person can only own one or two houses by law, and houses are therefore much cheaper, buying for a short time wouldn’t be as bad. Potentially there could be a couple of houses owned by each city council to rent out in the short term for people who don’t want to buy.
If we want to be radical (which I do), make housing a right and guarantee it for every citizen. Abolish capitalism and the profit motive for owning multiple houses. Whole system’s fucked as it is right now.
You will still have costs associated with owning a house such as maintenance and repairs. If you buy a house and then have to put a roof/furnace/ major repair then you lost money if you only own the house for a few years.
I had a new furnace put in last year and the cost was less than a month’s rent. Granted, I “knew a guy” but still, the quotes I got from others were two months of rent or less and you’re not going to replace a furnace every year or anything close to that. I’m not renting btw, this was for my own house. I don’t like the idea of being a landlord.
Rent is $3000 a month around here. Mortgages aren’t a fair comparison since there are many factors in reducing that monthly payment. One problem I’ve heard of is people being denied on their mortgage application because they supposedly don’t make enough or have good enough credit so they’re stuck making much more expensive rent payments instead. Check out the rental market near you, it’s likely more expensive than your mortgage payment.
It’s not just companies. Individuals are also chain buying places. Establish income from airbnb, leverage for their next purchase.
My real estate agent was buying his 3rd airbnb while I was looking 2 years ago. Dude was in his late 20s.
I’m hoping the house of cards comes crumbling down. Been dealing with housing insecurity as my landlord terminated our lease.
While I do agree with your point, individuals aren’t buying hundreds or thousands of properties. It’s corporations buying up a limited resource that are driving up the prices, not I-own-three-houses landlords.
An individual landlord isn’t buying hundreds of properties, but hundreds of individual landlords (all saying “it’s not my fault, I only own three houses!”) are buying hundreds of properties.
Even if each individual landlord is a good person who’s going to heaven, they still make the housing market worse for everyone else. Their interests are directly opposed to working class people.
There is demand for houses for rent by private landlords. Many people don’t want to rent in a multi unit from a large company, especially in lower income areas. Buying isn’t really a good option short term, especially in lower income areas, as houses don’t appreciate in those areas as much as in higher cost of living areas. If you’re planning on living somewhere for only a few years, then it doesn’t make sense to buy a house.
In the current system, what you’re saying is true. However, if we think of a system where each person can only own one or two houses by law, and houses are therefore much cheaper, buying for a short time wouldn’t be as bad. Potentially there could be a couple of houses owned by each city council to rent out in the short term for people who don’t want to buy.
If we want to be radical (which I do), make housing a right and guarantee it for every citizen. Abolish capitalism and the profit motive for owning multiple houses. Whole system’s fucked as it is right now.
You will still have costs associated with owning a house such as maintenance and repairs. If you buy a house and then have to put a roof/furnace/ major repair then you lost money if you only own the house for a few years.
I had a new furnace put in last year and the cost was less than a month’s rent. Granted, I “knew a guy” but still, the quotes I got from others were two months of rent or less and you’re not going to replace a furnace every year or anything close to that. I’m not renting btw, this was for my own house. I don’t like the idea of being a landlord.
Damn, much is rent near you? My mortgage is only $1k/mo including taxes and insurance.
Rent is $3000 a month around here. Mortgages aren’t a fair comparison since there are many factors in reducing that monthly payment. One problem I’ve heard of is people being denied on their mortgage application because they supposedly don’t make enough or have good enough credit so they’re stuck making much more expensive rent payments instead. Check out the rental market near you, it’s likely more expensive than your mortgage payment.
I remember this scene in The Big Short. Steve Carell goes to a strip club.