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I would suspect that when the government set the precedent that they could force landlords to rent without getting paid and not be able to evict that the landlords have begun putting that extra risk cost into how much they charge for rent.
If I were a landlord, that is exactly what I would do too.
I would suspect that when the government set the precedent that they could force landlords to rent without getting paid and not be able to evict that the landlords have begun putting that extra risk cost into how much they charge for rent.
This should be a countrywide impact due to the policy.
So, while Minneapolis is indeed lovely the discussion is about increases to rent.
I see they have a 3% rent increase proposal in the works, great thinking Minneapolis, sigh. Hopefully they're smarter than that and it's just a bad idea from a fringe few.
Their affordable housing project is a much saner course of action.
It’s relevant because Minneapolis appeared on the cities where rent increased the least (2.4%). Consequently Minneapolis recently passed a comprehensive plan (See Minneapolis 2040) specifically designed to address housing affordability. This included removing single family home zoning restrictions that allow for building of multi-housing units. This helps address the supply side of the equation which is one of the largest drivers of the increase in costs. NIMBYs hate stuff like this and have stifled this from happening in pretty much every other city in the country. Perhaps the cities on this list should take a cue from Minneapolis?
Sadly the tragic fires this year in Philadelphia and NYC are example of what over crowding/herding people into the cities will bring along with not adding new housing. One apartment in Philadelphia had 15 people living in one apartment. The apartment in NYC has 8 children living in it. Besides the safety issues this is another sign of the lack of housing/affordable housing. But this goes on daily.
Throw in a couple million illegal aliens looking for housing the supply gets stressed even more. It was happening in high legal/illegal immigration cities before this administration with residents more than doubling legal and designed capacity. Yet many of the areas of support for this administration have zoning and code requirement that prevent new construction and at the sametime ignoring issues ike overcrowding. It they have their way most of the population will be in barracks or dormatories.
Last edited by anononcty; 01-31-2022 at 08:22 AM..
It would not be too hard to finder cheaper rents in all these locations with a little effort. These rent numbers are inflated, I'm sure they take the data from large apartment buildings and complexes. There are plenty of landlords with a small of amount of properties where the rents will be dramatically lower. I have a hard time believing that most are paying $1000 for a studio in Memphis or Cleveland. It's not happening.
Out of curiosity a few weeks back I did a fairly intensive search for Studios in the Dallas area and almost all were in the $1100- $1300. range for the cheaper ones listed.
I talked with someone who thinks part of their plan is to force people into foreclosure or bankruptcy, take over much of the housing in the US, and then rent it back. Debt for equity swap by govt and elite bankers. Control housing, food, commodities, energy and information.... might not be such a wacky theory when you see what is going on. The other side doesn't look good for anyone - comrades.
Out of curiosity a few weeks back I did a fairly intensive search for Studios in the Dallas area and almost all were in the $1100- $1300. range for the cheaper ones listed.
Thank God I have a cheap mortgage.
You probably don't want to live in any part of Dallas where you can get a studio for that kind of money. My area of DFW has one bedrooms going for $1600-$2k+ and it's not exactly a super high end area.
I saw this coming when they implemented the eviction moratorium and bought just before the market went nuts.
Biden's Inflation: Median 2 bedroom climbs to $2,003, Rent prices up 25%+
It is called the free market system. That's free enterprise, I thought Republicans liked that?
Actually, most landlords owned their properties before Biden took office, and interest rates have been pretty good so many landlords have had the opportunity to re-finance. In the last big tax giveaway there were some sweet perks for people investing in real estate. The biggest outside costs would be heating if it is included in the rent, but that should not represent 25% of the building costs over a year.
Economy is good, people are working. Demand for housing is up.
This sort of price gouging has nothing to do with Biden, and everything to do with individual owners seeing an opportunity to exploit their fellows and taking it. That's what pricing what the market will bear is all about. It is not about costs, but only about demand and the opportunity for windfall profits.
Yeah, they really don't care if they make people homeless. They will just throw them out and replace them with someone else they can squeeze.
The authority to create Real Estate Investment Trusts ( REIT) was created by Congress in 1960 to give investors, especially small investors, access to income producing real estate.
According to this, REITS own $3.5 Trillion in income producing real estate assets.
I talked with someone who thinks part of their plan is to force people into foreclosure or bankruptcy, take over much of the housing in the US, and then rent it back. Debt for equity swap by govt and elite bankers. Control housing, food, commodities, energy and information.... might not be such a wacky theory when you see what is going on. The other side doesn't look good for anyone - comrades.
If government regulators would pursue basics like anti-trust or price fixing issues this practice might ease up At this point how can there not be geographic areas/neighborhoods where this is going on.
Biden's Inflation: Median 2 bedroom climbs to $2,003, Rent prices up 25%+
It is called the free market system. That's free enterprise, I thought Republicans liked that?
Actually, most landlords owned their properties before Biden took office, and interest rates have been pretty good so many landlords have had the opportunity to re-finance. In the last big tax giveaway there were some sweet perks for people investing in real estate. The biggest outside costs would be heating if it is included in the rent, but that should not represent 25% of the building costs over a year.
Economy is good, people are working. Demand for housing is up.
This sort of price gouging has nothing to do with Biden, and everything to do with individual owners seeing an opportunity to exploit their fellows and taking it. That's what pricing what the market will bear is all about. It is not about costs, but only about demand and the opportunity for windfall profits.
Yeah, they really don't care if they make people homeless. They will just throw them out and replace them with someone else they can squeeze.
This explains exactly what we see in Florida. Since we always have relocators from higher-cost states moving to Florida, you can really get away with rising home prices and rents without concern for finding buyers or renters. Buyers are buying sites unseen, just pass inspection and have good pics.
I don't think we have much more headroom before even middle-class long-time residents are priced out of the larger cities in Florida.
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