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China’s glut of idle property causes headache for the government
(www.theguardian.com)
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this post was submitted on 12 Jun 2024
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https://www.zillow.com/homedetails/445-Bradley-Ave-San-Jose-CA-95128/19585003_zpid/
https://www.redfin.com/CA/San-Jose/445-Bradley-Ave-95128/home/731757
That was a whole lot of words to say "I don't know what I'm talking about about."
https://www.redfin.com/CA/San-Jose/1995-Sumatra-Ave-95122/home/1729649
https://www.rent.com/california/san-jose-houses/3-bedroom_2-bathroom?property-type=houses&bbox=-121.8580,37.3009,-121.8151,37.3520
I can link things too. The house you linked was last sold 40 years ago for $126k, so the person who owns it is renting it out for many times more than their mortgage. You might not be able to rent out a place for more than a mortgage today in that specific city, but if you own it for 5 years then you might be able to. Also, 2br 1ba single family houses in San Jose are fucking weird. If you start looking at 3br 2ba houses in that area then it gets a little more normal. If you look at 2br 1ba condos, the prices are also more normal. But you ignored what I said about Silicon Valley being an extreme case.
90% of the country you can buy for less than renting. You asked why anyone would rent when buying is cheaper. And the answer is because buying is hard. You need to have a lot of money saved up, which most renters can't do. You need to be able to pay for repairs, which most renters can't do. You need to know you aren't moving jobs any time soon, which a lot of people don't know. And nowadays you are bidding against corporations and investors who are bidding full cash, and sellers would prefer to do that instead of waiting on a mortgage approval that might fall through.
That's because they're not arguing in good faith.
Honey, the OP posted a house in what's essentially the slums of San Jose. It's sandwiched between a highway and an airport in an act of urban planning that would make Robert Moses weep with pride. Who's not arguing in good faith?
The one who starts a comment with such a condescending tone. Honey, you seem like the bad guy here.
Aww honey, don't be mad because you got proven wrong.
So... I take it you're not from San Jose? Overfelt High is notoriously a highly minority-dominated, economically-disadvantaged, high-crime area. It's next to the 101, segregated from the rest of the city, has obscene noise pollution, and, again, is notoriously economically-disadvantaged. You would not want to live there.
Edit: the fact that you would even link to that house shows how out of depth you are in this. That's fine... I guess LA is an easier housing market to understand. Maybe the Bay Area is different, but you still should really not be linking random shit anyway. It shows that you're willing to make arbitrary claims without sufficient knowledge on the issue.