They have lived in the same rent-controlled apartment in San Francisco for decades. After their landlords offered them tens of thousands of dollars to leave, they fear of not being able to afford to stay in the city. New from me: https://lnkd.in/gjieVJMy
This is the side effect of rampant speculation, creating commodities out of housing, lack of adequate commodity/ speculation regulation, and no vacancy rent control (as opposed to vacancy de-control, which we currently have).
Once you leave that kind of arrangement, there's very little chance earning power will increase so quickly so as to get back into the local housing market. This happened to me when I opted to leave my Berkeley apartment for the Midwest. Can't move back to the Bay now!
People with rent-stabilized apartments should try to hang onto them as long as possible. Once they leave, the apartments will lose their status as rent-stabilized. They will be rented out at the full market price.
I’m not sure if NY allows no-fault evictions from rent-controlled homes. I have not heard of this practice before. I think tenants need to be protected from no-fault evictions. I don’t think this is a decent way to treat tenants who have been living in their apartments for decades.
The amount of mandatory city subscriptions is soon going to inspire me to move to the taiga. No landlord, no buyout offer, just bears 🫣 😅
I have always found it absolutely wild that the most capitalistic country on the planet has the concept of rent control which is both socially acceptable and even expected, and that a a similar country with a so-called social safety net such as Australia would find the concept of rent control unacceptable.
How can renters be bought out? Do you mean landlords?
Cool! Also, I'm interested in what you have going on, my team at RBIT is offering 20% cashback to military folks and other renters who are moving ! Only 30 mins... You like coffee? 😅 I think our story is highly compelling!
Wouldn't it be an interesting experiment if all of the "low wage" earners left San Francisco, denying the city of the labor that provides all of its goods and services? Who would take your order at the cafe? Who would remove your waste? Who would fix your faucet? Who would deliver your groceries? Who would service your vehicle? Who would care for your child or elderly parent? In a city bloated with ultra-high earners who contribute little to the core function of their community, perhaps it's best they shoulder the true cost of their impact.