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this post was submitted on 09 Dec 2024
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No Stupid Questions
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Unless your aunt is transferring equity in those homes to the tenants based on the amount they pay in rent, then yes, she's a leech. "Providing shelter" isn't the service your aunt is providing; she's just preventing someone else from owning a home.
And before anyone says "but renting is all some people can afford, they can't save up enough to make a down payment" - yes, sure, that's true. But that's a symptom of the shitty housing market (really the shitty state of the middle class in general*), and landlords aren't making it any better by hoarding property, even if it's "just" 3 to 5 townhomes.
People who don't want to buy a home at that location would still need a place to live. Someone needs to rent it to them. Until someone comes along to create government housing or whatever, this is the best we can offer as an individual.
On the topic of transferring equity, how much is reasonable equity? Why not rent at cost instead of charging more and giving it back in a different form?
I don't understand what you mean by this. No one needs to rent anything to anyone, if resources are distributed fairly.
If a renter pays the same amount of money as the landlord pays towards their mortgage, and the renter has paid rent for as long as the landlord has paid the mortgage, the renter should have as much equity in the property as the landlord does.
You are incorrect. The service is providing someone a home if they don't want to own their own or if they don't have the financial means to do so
No landlords hoard property. The property is used by people.
Fine, landlords hoard property ownership.
As long as the landlord permits it, and as long as the landlord gets their premium.
Landlords profit off of permitting people access to shelter, a basic right that any human should be entitled to. It's literally modern day feudalism.
No, landlords earn money by providing a service. Properties don't maintain themselves.
Taking away the opportunity of home ownership is not a service.
So let's say a landlord sells their property and somebody else buys it to live in.
Where do the original renters live now?
Or in a rental property, who is paying to maintain it if the landlord is not charging above their mortgage costs?
Or why would a landlord take on the risk of loaning an expensive asset to somebody at cost knowing they may not get paid? Or the boiler stops working and they have to spend thousands fixing it without any risk to the tenant?
If their rent went toward equity in the home they were renting, when the landlord sells, an equitable portion of the cash made during the sale would go to the renters. Ideally, the renters could then use that nest egg of cash to put a down payment on a home.
If a person is paying money for access to and upkeep of a particular home, I think it's very fair for them to build equity in that home proportional to what they pay in rent. If landlords find that too risky or not lucrative enough, well, they don't have to be landlords.
So let's say the landlords don't want to do this and sell up, or at least try to... who can afford to buy now? Yes the prices will come down but that doesn't remove the need for a deposit/downpayment - yes that will be smaller but how is somebody going to save that money still? Where do they live while doing that? That is still the biggest problem... the UK does have a help to buy scheme where the government owns part of your property (acts as deposit) and you pay the mortgage on the rest, but you also pay some rent to the government for their share.
The whole system needs overhauling to make it work these changes alone won't sort it out.
Correct, wholeheartedly agree.
That's not what rental property owners do. They provide housing, not take it away.
Builders provide housing. Landlords are nothing more than a middle man.
Builders build housing. Then they sell it. Rental property owners provide housing.
They literally do not provide housing. If they did, there wouldn't be a housing shortage.
There's a housing shortage due to not having enough housing for the people who want it. Read the dozens and dozens of articles over the past decade about how the United States hasn't been building enough housing to keep up with demand.
Families don't live together like they used to. People are living longer. People don't want to live with others.
Renters hoard property rentership.
You have to actually consider what the other person is saying if you want to have a productive conversation. Being snarky or just responding with memes and cliches only distracts from the point being made.
It's not nice to call people leeches, esp. if you really don't know anything about them.
What is a person who made good (or lucky) decisions and made enough money to be comfortable in the present but not so much to retire supposed to do with their money?
Give it to you instead?
Sure, billionaires and X00 millionaires don't need to exist, but so far as I can tell "leftists" are a .ml / tankie crab bucket. Fuck me for having more money than you but not enough to take the homeless off the street as is my obligation. Please tell me how to keep leftist virtue so I can have ~30 upvotes to retire on.
I don't understand. You think the only two things one can do with excess money is buy real estate, or give that excess to me? I'm flattered to be sure, but there's a whole lot of other options out there
She should kick out her tenants and then rotate living between all 3 properties, thereby no longer being a leech.
i don't know how anyone could survive without at least three properties. it's a life necessity
I agree, there are lots of options. I'm asking you for the leftist allowable top list.
If I put it in the stock market and make money for nothing, I'm a parasite. If I buy a vacation house and rent it the other 2/3 of a year I'm not using it, I'm a parasite. If I save it and suddenly accrue more than some magic limit, then someone is on the street and I don't liquidate to them I'm a Taylor Swift parasite.
So I'm asking you: What am I allowed to do with extra money above and beyond what I need to survive the winter, pay for my healthcare, and house myself and my family? 🤔
I'll let you know after the next leftist meeting lmao.
Real talk though, save it, donate it, or spend it. Burn it for all I care. Just don't buy real estate you don't plan on living in.
Do you agree with my spending assessments? I don't think it's quite so cut and dry as you're laying out
I appreciate that there is not an annual meeting of all leftists, and I honestly consider myself a lefty except for this weird fetishisation of how money can be spent by middle class people. It's nonsense.
I think your spending assessments are exaggerated for effect, but ultimately sort of the embodiment of "there is no ethical consumption under capitalism", a leftist slogan that, while maybe oversimplified, I mostly agree with.
I'm not fetishizing anything though. I'm just saying it's unethical to profit off of your ability to deny access to a basic human need.
I wasn't exaggerating anything except the bank account limit.
There are plenty of locations where owning an extra residence is not denying a basic human need, and more to the point there is a level of "wealth" that is basically the whole run of 6 figures to 7 figures where you probably can't retire, you can cover college for kids, and you're on board with most leftist concepts. On that train yeah it does sometimes make sense to buy property. I hope one day to afford something like that. But I refuse to see a place that is mostly safe to park money while the next president lights stuff in fire to put me on the same level as rental companies buying every property on the market.
You're putting a lot of words in my mouth lol. Obviously a megacorp that owns thousands of single-family homes is much much worse than you renting out your vacation home. Both things are unethical in my opinion, as long as things are in a state where people are without homes, but the megacorp is orders more unethical than someone renting out a single vacation home.
And yet, considering OPs post everyone goes in the same basket apparently
It's a very big basket. Plenty of room for nuance in there.