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Oh my God oh my God if the landlords have to sell, that would be... Check notes... That would be really good for people who want to buy houses.
this is what is known as "a feature, not a bug"
SIKE! sold houses are only bought by corporate holding companies, now you've lost even more rights!
In France there is a law that forces you to sell to your tenant if he has the highest bid
Good. Bye bitch.
They'd flood the market with properties shifting us along the supply curve to allow younger people to afford properties?
Darn, that'd be so... awful? No, I was looking for awesome.
Is there a downside further in the article or is it just all positive news?
The downside is they’ll just be bought up by corporations who will be even shittier landlords.
3% was the top annual pay increase at the Fortune 500 company I used to work at. 3% max increase for those that "exceeded all expectations". Probably less than 1/3 of employees.
So if it's good enough for a Fortune 500 company, it's good enough for every landlord. 3% max, and only to max 1/3 of their locations/rooms.
Introduce additional legislation that limit property sales to corporations and I’ll donate to yer campaign
Good. Fuck landlords. There should be a law they can only own multi family units.
Good riddance
This would driving down the cost of housing because of an increase in inventory. Sell them to whom? Other landlords? Or would it be workers?
I think I just found my latest political campaign
Private landlords would just sell to large corporate landlords who could profit with smaller margins.
That's-the-point.gif
The push to change the county’s rent stabilization rules yet again was met with skepticism by Supervisors Janice Hahn and Kathryn Barger, who voted against the proposal. They said they were worried that the government was overburdening smaller property owners who rely on the rent to pay their bills.
LOOOOL
Cheaper homes in L.A.? We can't have that!
Landlords say this would push them to sell.
Yay? Maybe then it could be sold to people who are desperate to get off of the rental merry-go-round.
As in, these homes will be owned by people who actually live in them; non-parasites who aren’t going to be sucking the lifeblood out of hard-working, working-class Americans.
And maybe instead of being landlords, these parasites could actually go out and get a job?
Landlords will complain every time any government, local, regional or national, attempts to regulate their bullshit, and plenty of people will rush in to take their side because they see themselves as temporarily embarrassed ghouls. Tax them to hell and back.
Sounds like that’s by design. If they all wanna sell prices come down on that front as well. Sounds like it should be capped at 2 percent to me.
Maybe everything should be capped at 3% since that's the standard BS bonus we all get each year.
Why would that push them to sell?
Edit: so the interest rates have risen several percent along with the cost or labor and materials eating into the profits of serial buyers who leverage loans to buy more on previously purchased properties. If they don’t jack up the rent, they can’t manage the debt.
That said, fuck those guys, hope they go bankrupt. This isn’t someone who has an extra property they invested in years ago, these are the clowns buying everything up and squeezing the market.
Because they're over leveraged. They've purchased assets when rates were low and now that rates have gone up they haven't factored this into their profit margins and would either go under or not make enough.
It's disgusting. If you have enough money to play the game you should have enough money to live with the consequences and a tenant isn't your get out of jail free card for your shitty planning.
Landlords say that would push them to see
Good. Do it. DO IT.
Oh no?
k
The poor little landlords! They have to find something else to do with their lives besides sitting on their rear ends most of the month and laughing all the way to the bank once a month.
I get the concern that small landlords will sell to big corpos who can handle the thinner margin, but for those smaller landlords that have paid off their property, or bought 10+ years ago, the margins are already super high, so the 3% cap isn’t going to cause them to sell when they have a $1200 mortgage and are collecting $2800 in rent, or no mortgage at all in many cases so pure profit more or less
I think I feel the world’s tiniest tear forming!..no, I just had to fart.
So, win-win. Got it.