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'Renters Are Struggling': Economists Back Tenant-Led Push for Federal Rent Control
(www.commondreams.org)
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this post was submitted on 06 Aug 2023
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Foreign investors and real estate speculators are squeezing the middle class dry. The only options out there if you don't want to live in the middle of bumfuck nowhere are either really really old properties, really really shitty properties, or too far above your means to be able to afford it.
Renting should be the most affordable option, yet if you actually look at the numbers, you are paying almost as much as the value of an entire mortgage with one monthly rent check in some areas. Properties built in the 60's that are falling apart and lacking modern amenities should not be going for $2,500/month, but that's the reality I live in right now. I'm on the fucking brink and I'd do anything to have a chance at climbing on the real estate ladder right about now. I don't care if my house never gains a cent in value, at least it would be mine.
I manage the business lending department at a credit union ($400MM in assets) and lately we've just had a ton of investors looking for single family homes. For the most part, they're all just couples looking for properties and they only have a few of them but we also have some realtors buying up a bunch of them. Looking for a new job solely because of that. Feel like I'm contributing to the lack of affordable housing. I liked the job more when we were doing loans for farmers/truckers/commercial real estate/or people that needed equipment. I hate dealing with single family homes.
We need legislation now.
50% tax on any property past your 2nd. Let people downsize and rent their home to young families, while buying a condo for retirement or whatever. But if we keep on this path we will truly be living our entire lives as a subscription model and never own a thing
It's been the case in my town for decades that a mortgage is much less expensive than rent. The only way renting makes sense if you don't plan to live here more than a few years or don't want to deal with maintenance and taxes.
If foreign investors were a serious issue, local legislation would have already solved the issue. This is all about domestic greed.