How is it rent control/stabilization is prohibited in a poor state like New Mexico?

[rruff]

Or as I mentioned earlier, a low expectations for RE inflation are bringing rents back in line relative to prices. Over the long term, rents and purchasing costs must track each other.

[Aero]

Rising rents are more likely due to an increase in demand and decrease in supply (Economics 101).

Again, too simplistic. Anybody familiar with the concept of "first causes?" What is it that created less supply and more demand for rentals?-- a failing housing market and bad national economy. It's a backlash, and property owners are no doubt exploiting it. I can't understand why there seems to be so much denial over this.

[mortimer]

Originally Posted by Aero

Again, too simplistic. Anybody familiar with the concept of "first causes?" What is it that created
less supply and more demand for rentals?-- a failing housing market and bad national economy.

If it is too simplistic, then why are you following it up with a statement that there is less supply
and thus higher prices following? Either tight supply causes rent increases or it doesn't. If it
does ( and you just stated that it does ) then tight supply will cause increases in supply.
New investments in rentals, are indeed, happening nationwide.

Looking at your personal experience is simply anecdotal. It is simply "too simplistic" and irrelevant.

Originally Posted by Aero

... property owners are no doubt exploiting it. I can't understand why there seems to be so much denial over this.

I can't understand why you think there is denial over "this."

Of course property owners are "exploiting this." What about the years when demand for rentals was low?
All those years when landlords were not able to raise rents yet costs of supplying rentals kept going up?

In those years, shouldn't there be a law that forces tenants to pay more rent to compensate landlords?
Why is it a one-way street? No one has said that landlords aren't taking advantage of current conditions
( ie. no "denial" ).

Landords come in all shapes and sizes. The ones I have delt with over the years have been individuals,
who over their years of owning property, have rehabilitated what would otherwise have been urban blight
and made a small investment in their future. They have a life of constantly being bothered by their
tenants for some sort of leak or other failure in exchange for thieir "huge profits" that flow in to them.

Everyone who has responded to this thread has expressed sympathy with your situation and agreed that
you should get out from that landlord/tenant relationship. Everyone has agreed that your rent increase
sounds excessive. I can't understand why there seems to be so much denial over this. Your experience is
just one anecdote. There are probably lots of other anecdotes where landlord did not increase their rents
to avoid alienating a good tenant. I can't understand why there seems to be so much denial over this.

I have many of my own stories just like that, but they are also irrelevant, anecdotal, evidence.

It seems to me that just having a law that says you can't raise prices when it seems reasonable
to someone who, after all, bought a friggin' property is what is too simplistic.

Such laws drive out further investment in rental properties, reducing supply and raising
rents in the long run - except for the class of people who manage to just stay and stay.
Newer tenants, like you, BTW, will be suck paying for the people who get the benefit of
the "rent control." Most thinking people want no part of that.

( I was going to correct the spelling of "stuck" in the paragraph above,
but later decided that "suck" works there and didn't change it. )

[rruff]

Originally Posted by Aero

It's a backlash, and property owners are no doubt exploiting it. I can't understand why there seems to be so much denial over this.

Baloney. Why didn't you complain when you were paying rent that was "too low" during the housing boom? The owners aren't "exploiting" anything any more than you are. You are both responding to market forces that you don't control.

[Aero]

Originally Posted by mortimer

If it is too simplistic, then why are you following it up with a statement that there is less supply
and thus higher prices following?

Ah...I have no clue what you're referring to, but I can see you have no clue what are "first causes." I wrote: "What is it that created less supply and more demand for rentals?-- a failing housing market and bad national economy." The later two comprise a first cause for less supply and more demand.

Originally Posted by mortimer

Looking at your personal experience is simply anecdotal. It is simply "too simplistic" and irrelevant.

One's own personal experiences do matter, as do statistics, which is why I also provided a link to two articles that support my ANECDOTAL experience. Again, I have no clue what your point is.

Originally Posted by mortimer

What about the years when demand for rentals was low? All those years when landlords were not able to raise rents yet costs of supplying rentals kept going up? In those years, shouldn't there be a law that forces tenants to pay more rent to compensate landlords?

Utter nonsense. You are referring to what time period specifically when rents were "down" in Albuquerque, and from what point of reference? And why is it that your much lauded "supply and demand" rule shouldn't apply to property owners as well???

Originally Posted by mortimer

Everyone who has responded to this thread has expressed sympathy with your situation...

Although above you said, "I agree that your rent increase sounds pretty steep," you still find it necessary to defend landlords by saying, "but there might be valid underlying reasons." That's not "sympathetic" as much as it is biased. Collectively, the posts above add up to a lot of objection to any form of rent stabilization imposed from a source outside of the owner as well as a lot of indifference to my specific case, but that's what I expected (note I said "I expect to get grilled on this..." )

Originally Posted by mortimer

It seems to me that just having a law that says you can't raise prices when it seems reasonable to someone who, after all, bought a friggin' property is what is too simplistic.

Admittedly, what I was referring to originally was not really "rent control," and a later post indicates what I was actually referring to (given my specific ANECDOTAL case) is a type of rental agreement in which there isn't an excessive rent increase after the lease term expires (as in my ANECDOTAL case of a $100 increase after a first year lease expired). My use of the term "rent control" wasn't quite accurate, as sticklers for legalese pointed out. I still see what I'm talking about as a type of rent control, albeit one in which an increase doesn't exceed a certain level. But it's not something I expect most property owners to ever agree to, and it's not something I see mandated in NM any time soon. So, all you "sympathetic" property owners have nothing to worry about!

And to clarify (for the last time) the DENIAL appears to be over the fact that a failing housing market and a bad national economy has created a bad situation for those of us who do not even own property in the form of sudden rent increases, and in cases such as mine quite steep. However, what will happen in many cases (again, as in my ANECDOTAL case) is the loss of good tenants who find other reasonably priced accommodations.

[Aero]

Originally Posted by rruff

You are both responding to market forces that you don't control.

Not quite. An individual can control prices for him or herself by moving out, which was pointed out above. There will always be a range of rentals available, and the landlords who see it fit to exploit the current bad economy and "rental boom" will lose good tenants in many cases. Really, my research is done here. Thank you again for your comments.

[mortimer]

Originally Posted by Aero

Ah...I have no clue what you're referring to,

I was referring to your post.

Originally Posted by Aero

One's own personal experiences do matter, as do statistics, which is why I also provided a link
to two articles that support my ANECDOTAL experience.

Who cares? You should have summarized the information in the article(s) and then provided a link to prove you weren't
just making things up. That's why people put links in their posts, not to make people do the research for the poster.
Where are your statistics that people, in general, are suffering $100 increases in rent? Where are your statistics
showing your experience isn't just anecdotal? googling and copying links is lazy and ineffective in making your point.

Originally Posted by Aero

I have no clue what your point is.

I know, you said that.

Originally Posted by Aero

You are referring to what time period specifically when rents were "down" in Albuquerque, and from what point of reference?

Probably before you were born - back in the '90's when I was living in the Ghetto.

My landlord was charging lower rents than he was getting a few years before. When it came time to raise rents
( when he was able to ) my rents were frozen because I was a wonderful tenant just like I am a wonderful poster.
It's easy to see how wonderful I truly am ( and why my rent wasn't increased a penny ) just from reading a few of my posts.

[Aero]

Originally Posted by mortimer

You should have summarized the information in the article(s) and then provided a link to prove you weren't
just making things up. That's why people put links in their posts, not to make people do the research for the poster.
Where are your statistics that people, in general, are suffering $100 increases in rent? Where are your statistics
showing your experience isn't just anecdotal? googling and copying links is lazy and ineffective in making your point.

You're calling me LAZY (?) --and telling me I never provided two articles in support of the notion that a bad housing market and poor national economy are responsible for rent hikes (my actual claim, not to be confused with your overgeneralized $100-rent-hikes-are-now-the-norm garbage, which I never said.) Didn't you see this post: http://www.city-data.com/forum/23074619-post19.html

My original post, and query, is about A) rent control in New Mexico, B) why it doesn't exist (which I found out), C) how a bad housing market is causing a backlash for renters, D) my personal experience with a steep rent increase myself, E) confirmation that it was indeed a steep rent increase for Albuquerque, and F) (unintended) a lot of resistance from property owners (and those who sympathize with them) that indeed renters are being negatively affected by the backlash. How you want to read into any of the information - even to the point of fabricating misinformation - is your business. Good day.