this post was submitted on 22 Apr 2024
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A Boring Dystopia
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I am a landlord and also have a full time job. I also spend my time fixing my units.
With the maintenance cost and taxes, I'm actually losing money or breaking even depending on the year.
My tenants are living in a house that they wouldn't be able to afford on their own in today's market. Being able to live near their work.
So why am I the bad guy?
Literally the hottest real estate market in history, after we just came out of the lowest interest rate market in history, and my man up here still can't even break even on a residence he is renting out to someone else out of the pure kindness of heart.
Maybe you are the rare, golden One Good Landlord, or maybe you're just some asshole on the internet posting utter bullshit. Who can say?
But I've never met any landlord like you IRL. Hell, I've never actually met a landlord who owned the property I rented. They always went through property management companies that do all the work for the owner and just forwarded on a chunk of my rental payment at the end of every month.
You're not a bad guy, you just fill a role that perpetuates a bad problem.
What is a better solution to the problem?
community land trusts, cooperative housing, limited equity housing coops, and municipal housing
All of that is currently available but it doesnt meet the need. As far as government supplied housing, that is a disaster at best.
You asked what other options there were, and I provided them.
We don't need landlords, we can safely eat them and be just OK 👌
Who then is going to provide housing at a supply that is sufficient?
You're confused: landlords don't provide housing, contractors do.
Who pays the contractors?
banks and community unions.
So then the banks will own the house, how is that any better? I don t know what a community union is.
You could use google, you shouldn't need me to tell you how home ownership works.
The homeowner owns the home, and puts the home up as collateral in case of default. It's better than landlording because the person living in the home owns it can manages it themselves. Landlords typically have mortgages anyway, they're just standing in the middle.
A community credit union is a community owned bank. They typically offer the best terms and interest rates of any financial institution, you should really look into banking with one. They're very common in smaller towns, but they're typically available even in larger cities.
I do all my banking with my local credit union and couldn't be happier.
The problem is that a lot of people dont want to or cant own homes because they dont make enough. Banks literally wont lend to many people because they are a bad bet and the bank will lose money. So you are just advocating for local landlords to be replaced by faceless corporations.
A credit union is not a "community union", its just called a credit union and is just the same thing as a bank. I also like credit unions but its the same idea.
Not true. They can't obtain a loan because they don't have the prerequisite capital for a downpayment, because they're already paying someone else's mortgage and aren't saving that money to buy their own. Market rate for rent is higher than the market rate for mortgage payments on the same property, because landlords pass on the cost of financing to their tenants so they can still make a profit.
For those who don't want a home, they can still 'rent' from coop housing or land trusts or municipal housing. Landlords are not necessary even for those who arbitrarily don't 'want' to own a home.
apologies for the confusion. credit unions are typically community owned, but you're right - they're not called community unions.
kinda, but the important difference is that the patrons are voting members for the management of funds and distribute profits democratically. Equity stays within the community and is better than a private bank that siphons wealth for private benefit. In the case of mortgage lending, if a homeowner defaults, the community (e.g. the credit union) takes possession of the asset and can resell or lease it to a new community member. The asset is still democratically managed and isn't subject to an outside private investor.
For every private institution that enables private ownership, there is a publicly managed counterpart that is more democratic. Private landlords are simply not necessary.
you're not, these people simply can't comprehend not being handed everything on a fucking platter.
Elaborate on who you consider "these people".
Lazy and entitled millennials, obviously. /s
^that^ ^is^ ^probably^ ^the^ ^actual^ ^answer^ ^tho^
You're right except the 'millennials' part. Just Lazy and entitled people. Usually those left leaning that think they deserve everything without working for it.
Is your assumption that lazy and entitled people are left leaning? And\or that left leaning people don't work therefore, they are lazy and entitled?
Either way its all assumptions and generalizations but, I'm curious what brings you back here after 4ish days.
I live a life that doesn't involve being on the internet, checking my comments every single day. Often go days or weeks without checking. What brings you back day after day?
Regardless, you're not seeming to argue in good faith. I'm not saying it's all of one group or the other. In no way did I insinuate ALL lazy and entitled people are left leaning, but that it's usually the ones that ARE left leaning that think they deserve everything without working for it. No where did I insinuate that ALL left leaning people are this way as well. You obviously don't understand nuance, so I'll just leave it here.
Its cool, I get this little red notification when there's a reply or something. I do use this application daily so you got me there.
I'm glad you live a life. I wish you the best.