Rents reach 'insane' levels across US with no end in sight

[Conan]

If you can’t afford expensive rent in a city you can always move to those boring cheap cities and be an entrepreneur and create something that’s lacking in that city. At the end of the day that city is growing because of affordability which means the earlier you start your business the more clients you’ll reach out to

for example my company has jobs in Vegas. If I moved to the Vegas I’d definitely make a chopped cheese restaurant out there.

True.

 

[mobbinfms]

Then they would sell. Either to people willing to buy their first home purchase, or to another landlord who can make profit charging people less rent.

Again, won't happen in my lifetime, but very much doable.

That would send the rental real estate market into a downward spiral. Corporate investors? fukk Em.
Individuals who saved and bought a property to rent, making sure the mortgage was less than the amount of what it could rent for? They are going to get wiped out. That’s not right. That’s why I think the government needs to step in and buy the properties at fair market value. I don’t think you can legally do that to individuals, and not corporate investors, so the government would need to buy all their properties as well.

 

[MenacingMonk]

It has nothing to do with covid, it’s been in the works for years. Cali was the test to see if they could get away with it, they did

We need a Renter’s Union or something to help us out. Regular Joes stay getting fukked.

 

[How Sway?]

A guy at my job was telling me about how the plan is to eventually have all or most of us living as renters

And when I look at institutions like BlackRock and Blackstone and see how they’ve grown, combined with the lack of new housing being built, I think he might be right smh

Homeowners vs Renters Statistics [2022]: by Year + Demographic

“Homeowner vs. renter statistics reflect a decline in homeownership, with 36% of American households renting their home.”

What's the purpose of this though? Why do they want us all to be renting instead of owning?

 

[UberEatsDriver]

What's the purpose of this though? Why do they want us all to be renting instead of owning?

Basic lifestyle in many European nations. Might want to ask them

 

[Alvin]

I guess we should be specific about what we are taking about. When you say “where the women aren’t hideous”, do you mean a city with average women? Or women on par with LA, NY, Miami?
Average women would really open up what we are taking about here.
Also, places with job opportunities attract people. That is what leads to “interesting” things to do. The more people come, the more the rent and other COL increases.

I don’t need models but my city has no visible black middle class, everyone is downtrodden and blew out, that leaves the rest to white folk and dealing with that nuance and racism. My city isn’t too bad when it comes to rent or housing mortgages but I can go up north in Cleveland (population decreasing) and to Columbus and it’s rising and fast too.

 

[Jekyll]

What's the purpose of this though? Why do they want us all to be renting instead of owning?

Permanent source of income. Housing is always needed so as a capitalist you can take advantage of peoples inability to buy property. They basically put you in the hamster wheel. Charge you enough rent that you’re never able to save enough to buy a house. You basically pay them until you die.

 

[EffYou]

Yeah these prices are getting ridiculous, idk how the average earner is going to survive

 

[SleezyBigSlim]

Most of Mortgage gang is boomers who brought their house years ago before rent crisis started

I bought my house just two years ago breh and my parents are boomers not me

 

[Koli_Kat]

I bought my house just two years ago breh and my parents are boomers not me

Congrats on the house. However you are an exception, not the all. I don't think anyone is seeing Millennials buy houses in droves

 

[JetFueledThoughts]

Time to step your take home pay up drip or drown

 

[5n0man]

Keep in mind, this is very unlikely, or virtually impossible, in the USA. But short of flooding urban areas with new rental stock, I'd be all for this. Rent should not be exploitative.

I big part of the problem is how zoning laws are set up.

Major cities desperately need affordable housing but people vote against building the property they need in the places that need them. Not only are politicians on both sides guilty of not doing anything about it, the voters on both sides vote against it every single time so the politicians have their hands tied.

This video explains the problem pretty well.

 

[SleezyBigSlim]

Even if you payoff your mortgage you still have taxes due so in one way you’re still renting

Atleast you can control your cost and lower them unlike rent.

 

[Spade]

I have you a$$hole, America has horrible layout for its cities cause it’s almost exclusively built for car and suburb infrastructure

Yep. Single family zoning and certain policies such as parking minimums is exactly why you have expensive rental housing. It's funny that Houston, a city known for sprawl got this one right as zero percent of the city is zoned for single family (though they have other policies that increases the cost of living, land division, and aesthetics). That's why it's affordable.

 

[Chrishaune]

Ethically the U.S. is at it's lowest point. It shouldn't surprise that people are basically stealing from people now.

Cold hearts in the end times.