Rents reach ‘insane’ levels across US with no end in sight

[Zimbabwe]

Seems like giving the banks the dualistic ability to assign value to your home, purchase your home at their predetermined value, and then turn around and sell your home at whatever price they want, is a pretty monumentally flawed system

The fix is simple; but it will never happen:

Tax the ever living hell out of any single family home that isn’t a primary residence or any rental property that isn’t 90% full. All of a sudden, it becomes a lot less attractive to own real estate solely for investment. This also helps to cut down rent costs because landlords would be penalized for having underfilled units from obscene pricing.

Rents reach 'insane' levels across US with no end in sight

Rents have exploded across the country, causing many to fall behind on payments, dig deep into their savings or downsize to subpar units.

apnews.com

 

[BackInTheGame78]

This is what happens when everyone wants to move to the same area where there are limited houses.

Time to make decisions more in relation to affordability and lifestyle rather than just based on where they want to live and be broke.

 

[zinc4]

Seems like giving the banks the dualistic ability to assign value to your home, purchase your home at their predetermined value, and then turn around and sell your home at whatever price they want, is a pretty monumentally flawed system

The fix is simple; but it will never happen:

Tax the ever living hell out of any single family home that isn’t a primary residence or any rental property that isn’t 90% full. All of a sudden, it becomes a lot less attractive to own real estate solely for investment. This also helps to cut down rent costs because landlords would be penalized for having underfilled units from obscene pricing.

Rents reach 'insane' levels across US with no end in sight

Rents have exploded across the country, causing many to fall behind on payments, dig deep into their savings or downsize to subpar units.

apnews.com

Ah yes....punish smart investors and make it even harder for the average person to become a real estate owner/investor just so the people who have no business sense or real ambition/drive can rent cheaper. Taxation is legal theft, period. Cheering on the government to increase it in any area is sheep level thinking. Also:

1) renting is for college students, people who are too stupid or lazy to take and secure a loan from a bank to at least get a mortgage so that they are effectively renting to own or the proper capital to buy something outright.

2) renting is the equivalent of throwing your money in a trash can.....you aren't building towards anything

3) how about use some of the CURRENT tax allocations to fix this instead of criminally charging investors.

The real problem is inflation and the government doing prolonged shutdowns over something with less than a 1 percent mortality rate causing them to need to print out mass stimulus checks raising the amount of USD in circulation by a staggering 40 percent in the last TWO YEARS.

 

[wifehunter]

Get off the sinking ship.

 

[BadWatermelon]

This is what happens when everyone wants to move to the same area where there are limited houses.

Time to make decisions more in relation to affordability and lifestyle rather than just based on where they want to live and be broke.

I would think because of more people working from home, there would be more demand for places further away from major cities.

 

[SargeMaximus]

This is what happens when everyone wants to move to the same area where there are limited houses.

Time to make decisions more in relation to affordability and lifestyle rather than just based on where they want to live and be broke.

Kind of like printing unlimited money with limited stuff to buy

 

[EyeBRollin]

Kind of like printing unlimited money with limited stuff to buy

Irrelevant. Printing money has nothing to do with why rent is so high in NYC and California.

 

[SargeMaximus]

Irrelevant. Printing money has nothing to do with why rent is so high in NYC and California.

It does, actually. But I’m glad you believe otherwise

 

[EyeBRollin]

It does, actually.

Ok buddy, you’re wrong.

What the rest of us can do- if you can’t beat em, join em. Buy property and rent it out.

 

[SargeMaximus]

Ok buddy, you’re wrong.

What the rest of us can do- if you can’t beat em, join em. Buy property and rent it out.

Explain to me why the rents are so high if you’re so smart.

 

[EyeBRollin]

Explain to me why the rents are so high if you’re so smart.

Econ 101. Figure it out.

 

[SargeMaximus]

Econ 101. Figure it out.

Econ 101 is money printing creates inflation which raises prices

 

[SargeMaximus]

Rents are so high because of GREED

There is a supply/demand component as well

 

[BackInTheGame78]

The corporations and hedge funds that are buying millions of houses is the main problem. I live in a city where one corporation owns 40,000 of the houses. They buy the houses then rent them all out for insane prices. The government needs to step in and stop this. My landlord raised my rent by 800 dollars per month. Thats a 50% increase on my rent and I only got a 30 day notice on my door. Landlords are getting out of control. We need to stop this. We have people that work full time jobs and they have to live inside their cars. Nobody is talking about all the corporations that are buying more and more houses in america. The american dream is to own a house. We need to stand up and unite to protect that dream. These corporations that invest in homes need to be taken down.

Move to a less expensive place. You chose to live there, you can easily choose to live somewhere more affordable housing wise.

People act like they have no options other than to just pay these ridiculous housing prices.

 

[EyeBRollin]

Econ 101 is money printing creates inflation which raises prices

Nope. Doesn’t matter if you trade in chickens, oil, dollars or cocaine. NYC and California will always be expensive.

 

[SargeMaximus]

Nope. Doesn’t matter if you trade in chickens, oil, dollars or cocaine. NYC and California will always be expensive.

Because of supply and demand

 

[EyeBRollin]

Because of supply and demand

You blamed the Fed.

 

[Xenom0rph]

Rents are skyrocketting, gas prices skyrocketting, food prices skyrocketting....... but hey, no more mean tweets.

 

[SargeMaximus]

You blamed the Fed.

Yes supply is eaten up by excess dollars

 

[BackInTheGame78]

Nope. Doesn’t matter if you trade in chickens, oil, dollars or cocaine. NYC and California will always be expensive.

Pretty much any big city is super expensive unless you live way out in the suburbs and commute 1+ hours to work daily...

Now even places like Jacksonville, FL and other smaller cities are starting to become prohibitively expensive in terms of buying houses...

Rents have exploded to over 2K a month for a modest house. It's completely out of control.