Effects of AB1482 (rent control) already being felt (San Francisco, Sacramento: 2015, rentals)

[2sleepy]

Originally Posted by TR95

Yes, voters here will never get it. The poor get hurt by this and the gas tax. It’s the laborers who have to drive 100+ miles a day in their gas guzzling pickup trucks.

Oddly enough I meet and hear so many people who support rent control and feel sorry for the 80 year old who gets evicted from his/her apartment, but then voice that Prop 13 should be repealed like it’s ok to force an 80 year old homeowner to move.

Hard not to be bring politics into this. Republicans would never push these taxes. While I don’t support Trump or many Republicans at this point for my particular tax situation living in Ca, their tax cut did serve their purpose for most people in states that could support them in 2020.

A split roll tax is not going to keep an 80 year old renter in their apartment. Landlords aren't giving them breaks on the rent, when new tenants are willing to pay more, they raise the rent - usually that means raising everyone's rent. At least in Sacramento it's resulting in large numbers of elderly renters being forced to rent a room or a garage rather than have their own apartment, or in some cases...becoming homeless.

[Electrician4you]

Originally Posted by 2sleepy

Oh please, landlords have hardly been struggling. My neighbor owns about a dozen duplexes that he bought several years ago for between $150,000 and $200,000, he now rents them out for $1400-$1600, that's $2,800-$3,200 per building. Do the math, even if they were reappraised at current market value of ($300,000-$450,000) he would be raking in profit.

What does reappraising the value have to do with anything?

As for the profits I say.....he should. He took the risk of investing he should be able to reap the rewards. It doesn’t matter if he’s raking it in. There seems to be a lot of jealousy and bs “he shouldn’t be able to make that much money” it’s unfair, immoral....what a bunch of crybabies.

[2sleepy]

Originally Posted by Electrician4you

What does reappraising the value have to do with anything?

As for the profits I say.....he should. He took the risk of investing he should be able to reap the rewards. It doesn’t matter if he’s raking it in. There seems to be a lot of jealousy and bs “he shouldn’t be able to make that much money” it’s unfair, immoral....what a bunch of crybabies.

That was in response to a poster who was talking about the implications of eliminating prop 13 for commercial property. But about this jealousy accusation, try reading my post again, I never said that I begrudge anyone their profit so I'm not sure why/how you came up with that.

[Ultrarunner]

My only advertising is word of mouth from existing or former tenants. Without renters I would be out of business and the city would loose tens of thousands in business tax revenue if the properties became owner occupant and I have seen families pool resources to buy/occupy 2-4 units here.

My longest tenured tenant goes back to the 80's... most over 10 years... must be doing something right.

That said it is far from what it once was and I find few willing or able to make a go of it. Relocation fees, filings, ever more regulation and spent way too many nights that turned into mornings speaking at city council meetings.

Anyony that equates equity with profit has never run a business successfully.

Nothing makes me happier than returning deposits at move out and I have always provided pre move inspection so no suprises

[Electrician4you]

Originally Posted by 2sleepy

That was in response to a poster who was talking about the implications of eliminating prop 13 for commercial property. But about this jealousy accusation, try reading my post again, I never said that I begrudge anyone their profit so I'm not sure why/how you came up with that.

It wasn’t aimed specifically towards you. It just seemed in your post you resented the guy making the money he did. Lots of people seem to be very jealous/envious of people that make money.

[ClydeAJones]

When I first read about this law coming into to play, I simply went back to the chores I was doing and thought "no big deal"... who raises their rent 5% on an annual basis (not to mention this doesn't apply to single family homes like ours)? I happen to think articles like these are sensationalized and don't really think this kind of thing is widespread (even by corporations or real estate trusts). I've been a landlord for approaching 15 years now and can't recall a time where I ever raised the rent that much. In fact, there were many times where the rent wasn't raised at all for multiple years (albeit, this was for a property out of state). So when I read people crowing about greed and demagoguing landlords, I always have to scratch my head and wonder why people always have to get into their nastiness. Our property in the SF Bay Area went for $400 over market in 2017 when we left the state. The tenants appear to be taking good care of the place and have been timely on the rent. We didn't raise their rent last year and I don't anticipate doing it this year either. So there's your other side of the coin for those who want to spew hatred toward landlords. With that said, about the only thing I could see that would make us attempt a 5% increase on a yearly basis would be if Prop 13 was repealed for residential properties. At which point, all bets are off. Personally, I don't know why a renter would vote for this to happen (should it eventually become a ballot measure) as it will obviously have a direct impact on them, but there are quite a few misguided people who for some reason think this would be a good thing for them (disregarding government workers who obviously have a conflict of interest and an ulterior motive for this).

Originally Posted by Ultrarunner

Anyony that equates equity with profit has never run a business successfully.

Nothing makes me happier than returning deposits at move out and I have always provided pre move inspection so no suprises

Agreed. We recently sold an out of state property after 13 years and had to do very little in terms of repairs to ready it for the sale. We were blessed with good tenants and a good property manager.

P.S. Please spare me the political stuff (I'm really not interested)

[aslowdodge]

Originally Posted by ClydeAJones

When I first read about this law coming into to play, I simply went back to the chores I was doing and thought "no big deal"... who raises their rent 5% on an annual basis (not to mention this doesn't apply to single family homes like ours)? I happen to think articles like these are sensationalized and don't really think this kind of thing is widespread (even by corporations or real estate trusts). I've been a landlord for approaching 15 years now and can't recall a time where I ever raised the rent that much. In fact, there were many times where the rent wasn't raised at all for multiple years (albeit, this was for a property out of state). So when I read people crowing about greed and demagoguing landlords, I always have to scratch my head and wonder why people always have to get into their nastiness. Our property in the SF Bay Area went for $400 over market in 2017 when we left the state. The tenants appear to be taking good care of the place and have been timely on the rent. We didn't raise their rent last year and I don't anticipate doing it this year either. So there's your other side of the coin for those who want to spew hatred toward landlords. With that said, about the only thing I could see that would make us attempt a 5% increase on a yearly basis would be if Prop 13 was repealed for residential properties. At which point, all bets are off. Personally, I don't know why a renter would vote for this to happen (should it eventually become a ballot measure) as it will obviously have a direct impact on them, but there are quite a few misguided people who for some reason think this would be a good thing for them (disregarding government workers who obviously have a conflict of interest and an ulterior motive for this).



Agreed. We recently sold an out of state property after 13 years and had to do very little in terms of repairs to ready it for the sale. We were blessed with good tenants and a good property manager.

P.S. Please spare me the political stuff (I'm really not interested)

I think a lot of people just label landlords as greedy have never been landlords themselves. They really have no basis for making such comments usually. I had a rental house that rented out at a minimum loss of 8000 every year.
They also cite example of people that bought many years ago, possibly carried losses for many years and are just recouping those losses now.

[BB_210]

Originally Posted by 2sleepy

Oh please, landlords have hardly been struggling. My neighbor owns about a dozen duplexes that he bought several years ago for between $150,000 and $200,000, he now rents them out for $1400-$1600, that's $2,800-$3,200 per building. Do the math, even if they were reappraised at current market value of ($300,000-$450,000) he would be raking in profit.

Thanks for missing the point. Any tax or cost increase will go to the renter, the landlord is not going to eat it.

[2sleepy]

Originally Posted by max210

Thanks for missing the point. Any tax or cost increase will go to the renter, the landlord is not going to eat it.

Thanks for weighing in. Actually the market sets the rent. If 2 bedroom apartments rent for $1300-$1500 a landlord who tries to rent a similar property for $1800 a month is unlikely to fill that vacancy very quickly. For that rent to be seen as attractive by a renter either wages would have to increase or all landlords would have to have a similar increase.

What you are saying sounds like the fallacious argument that people use to oppose minimum wage hikes, i.e. if the minimum wage doubles hamburgers will cost $10 when in actuality labor is only one part of COGS and will only cause an incremental increase which might have to be absorbed by the business if other similar businesses don't increase prices.

I don't begrudge anyone a profit, what I don't agree with is the idea that we have to artificially manipulate the market, i.e. keep minimum wage absurdly low or never raise property tax because doing so might impact the business owner.

[wac_432]

Originally Posted by cb73

To clarify, California voters voted AGAINST rent control.

Governor Newsom ignored that vote and signed the bill for rent control.

This.

AB1482 is an unconstitutional (per CA's constitution) end-run around the will of the people. And, yes, I've heard of several long-term tenants being pre-emptively evicted prior to January 1st.

I favor many Democratic policies, but sensible stuff like Andrew Yang's, not the radical Trump-esque (just on the left instead of the right) **** coming out of Sacramento these days.

We should coin a new term for these left-wing whackadoos:

"Blue Trumps"