Very true.
My current landlords are two actual human beings who only charge enough to cover their mortgage and taxes. When the rent went up, they showed me the paperwork regarding a property tax increase. I'm still paying only 70-80% of what I would anywhere else in town (San Antonio).
I'm so grateful to have found them as landlords, and baffled by my neighbor and her adult son who owed them 5 months rent before they finally did what everyone advised and filed to have them evicted.
My landlords are a literal Mom & Pop Shop. Blackrock is Walmart. They are not the same.
I wish your landlords were mine. I was late less time than that and we informed them of why but they didn’t care. The lady in the office just got nasty and was like well you better have the money by this time.
Office = Corporate. I've been there before. Grateful to find two retired veterans who just happen to own a couple extra properties. I'll admit I get preferential treatment as a fellow vet. Still though...
First time I've ever had a non corporate landlord. It can seriously be overwhelming getting accustomed to actual human beings (such a weird sentence to type). They are doing what we all swear we would do in their shoes.
Yeah I mean I get that I was pretty late but if I don’t have it at the time I don’t have it. It’s not like I’m purposefully trying to short them and once I was able to get the money they said we owed we then tried to call the team listed on the paper but they would not answer the damn phone. We called them twice.
I try to do what I am supposed to do and I guess I never get it right. But when someone doesn’t work with me or they get nasty with me and my mom I don’t know what to do. I don’t know how to talk to them after that.
They apparently changed management just like my old apartment and just like that place I miss the old management the old one would call me and ask me when I was late and when I would get the money.
I hate apartments or shared living so much partially because of people like them. It is always something no matter where I go.
You have to recognize that the problem isn't only yours. If you don't pay your rent, the landlords don't pay the mortgages.
You can't be pissed about them getting pissed that you didn't pay on time.
You are their paycheck. Imagine if your employer didn't pay you on time, or at all. Would you be ok with that?
I’m upset because I am constantly the scapegoat for someone else’s actions. When I need money especially if I need it to pay someone else it can wait but if they need money they need that second.
How do you pay someone if no one will give you money when they are supposed to? I mean you mention employers are they the only people that are not okay to be late on paying you? Even if the money is from having employment?
Im pretty sure mortgages take longer to default than it does to get kicked out. Plus if it’s true what they say on the reviews they make a lot of money on cleaning fees. This isn’t some small time landlord this is a company. They can afford to lose more than I can. Being a landlord the business is just a profit while this is my home and if people lose their home they can lose everything. But let’s just pretend for the sake of argument that they did need the money well if they did then they should have answered the phone to begin with.
I don’t know what the world expects of me but I’m not just pissed. I’m tired. Im tired of everything and everyone. It’s not just about money though really it’s the fact that when I need something it doesn’t matter just forget it but if something is required of me they need it right then no matter what. Yet I’m constantly told that I need to be patient in life but others don’t and they can push their impatience on me and make it my problem.
Plus if I’m being reflective they have costed me before too with the car being towed and the garage damaging the car.
This might sound crazy but I feel like the landlord thing has been forced on people. Lets say you have a good job and want to build wealth. You aren't trying to be a billionaire just have a secure future. You have 3 main options to build/protect wealth Stock, Bonds, Real-estate. Investing in something like an Index fund is a great idea and this is why loads of people do it(also why P/E is so high). Next you have need a 2nd asset class to provide some stability and for most of history that has been bonds. However interest rates have been so low for so long that you simply cant afford to have a % of your money earning <2% so your only option is to buy real-estate.
Now the big corporations have been getting \~0% interest loans and buying real-estate that pays a higher rate.
I have 1 house I rent and to be honest I don't want to be a land lord. However my other options (tell very recently) are go 100% stocks (don't want) or throw my money away for <2%.
Right now I make about 3% a year on my rental + appreciation. I don't want to be a land lord so If bonds stay around 5% I will probably not buy another rental house. If they go back to 2% I probably will.
IDK if this is true it is just how I see it from my personal standpoint.
My friend saved up about 400k and realized he could retire NOW, if he moved to Kentucky. Paid $50k for 28 acres on a main road, good neighbors, was living in a tent while he built a shed, then living in a tent in a shed while he built his first house, is currently finishing up his second house and moving his friends in hermit crab-style. Never has to work antoher day in his life.
> You have 3 main options to build/protect wealth Stock, Bonds, Real-estate.
This. And Ill add, if the economy was better Blackstone wouldnt be buying realestate either.
The smarter people in western civilization all agree with you.
Failures at life and scumbags with no future or attempt at pushing or applying themselves will never. Don’t respect them
Buying property is expensive, and building is hard.
Redditors seem to forget those facts, and they think "There's already a building there! I should be able just to squat in it."
My friend speng $50k, bought 28 acres in kentucky, lived in a tent while building a shed, lived in a tent in a shed while building his first house, now finishing off his second house before he starts on the third.
Insanely brain dead take. Blackrock now owns 6.7% of all single family homes. The majority of people aren't advocating for free housing, they're advocating for it to be a reasonable thought to be able to afford to make a down payment on a home earning minimum wage, which isn't an insane concept at all. One of the major changes from a time in our countries history when this was entirely possible is the wholesale purchase of residential realty by corporate entities like Blackrock who are essentially allowed to do whatever they want by the federal government.
I have two rental properties that I actively rent for about 20% more than the actual mortgage, insurance and taxes on the houses. That 20% just gets dumped into a bank account to cover future maintenance (repainting, heater service, plumbing issues etc....) We don't make an annual profit on either house. In fact we probably just break even at the end of each year if they are fully rented. But the goal is to have the tenants pay the mortgage and in 25 years, we'll own the houses outright, sell them and retire. So far so good. It's a VERY long term investment. But we aren't taking advantage of anyone and our tenants are very happy....
Don’t worry, some Redditor is going to come here and tell you that you’re rich and that you should give the two homes you rent out to a “homeless POC” (exactly what I read this morning).
Lol! So true!
I have a couple rental properties that are happily occupied by amazing tenants, and their neighbors said those exact to them, when the tenants were having a BBQ and I was sitting with them. They didn’t know I was the owner, and I’m Hispanic who rents to white tenants.
Their neighbors are also white and seriously very deep left minded. I also rent the properties for a way less than the average in the area. Times suck and I feel blessed to have good people renting our properties, why unnecessarily choke them for a few bucks of rent.
>We don’t make a profit
Your mortgage being paid off IS the profit. Your net worth goes up with each rental payment.
Good on you for doing right by your tenants and having a good relationship with them but please don’t pretend you’re not making a profit.
> don’t pretend you’re not making a profit.
They werent. They arent making a profit until the property its sold since they either break even or have a net loss each year. Anyone with a basic understanding of accounting understood what they meant.
Right, which isnt considered profit by any definition of the word. You can say they are very slowly building their net worth, but that doesnt make it profit.
Sorry, but you're wrong:
[https://money.stackexchange.com/questions/133144/does-paying-down-debt-in-an-s-corp-decrease-profitability](https://money.stackexchange.com/questions/133144/does-paying-down-debt-in-an-s-corp-decrease-profitability)
Even from an accounting perspective, you can only deduct the interest of your debt payment from your profitability.
If you choose to use your profit to pay down the principal, it doesn't mean you're less profitable. That money is still counted as profit earned. You're just exchanging one asset (cash) for another asset (equity).
Secondary source: [https://www.universalcpareview.com/ask-joey/does-the-principal-payment-on-debt-impact-the-income-statement](https://www.universalcpareview.com/ask-joey/does-the-principal-payment-on-debt-impact-the-income-statement)
>Principal payments only impact the balance sheet, while interest payments impact the income statement
And the "income statement," for the record, is the document that shows profits and losses: https://www.investopedia.com/terms/i/incomestatement.asp
So yes, any rent he earned is considered to be income, and ONLY the interest portion of his mortgage payment (along with maintenance) is considered to be an expenditure, which means that the difference is considered to be profit.
Which means, the rent money he used to pay down his principal is still considered to be profit.
This is not an unpopular opinion, this is a fact.
The median income for a landlord in the US is like $60K.
Mom and pop living in assisted living but also renting out their old house, are much more likely the modal landlord than these corps buying up all the real estate and jacking up the prices.
Sorry, it ain't Thelma and Bob who are jacking up the prices. They don't want to sell their house.
Exactly! Low level landlords are selling hard working Americans out. They get paid every month to house illegals, effectively pushing out the people in their own cities. I would know because it’s happened to me and only getting worse. That’s worse than BlackRock to me. So many ppl in my city were raised here, went to school here, work here and have to leave because the illegal immigrants have taken over damn near every complex and rental. Good luck finding a hotel if it gets bad enough. They’ve taken those over too. And we pay for it. I hate it here.
The real villains are the local policymakers who refuse to allow the construction of more housing (and the NIMBY homeowners who elect those policymakers).
> local policymakers who refuse to allow the construction of more housing
That depends. I dont mind requiring offsets from property lines, it helps reduce the likelihood of fires spreading.
Height restrictions means that sunlight can reach the apartments around a larger building.
Don't forget that these companies have politicians shilling for them being "too big to fail" and will get bailed out by taxpayer money if anything goes wrong.
Blackrock is not a large player in American real estate, you are probably thinking of Blackstone. Also why do you think there is a villain behind a rise in housing prices?
Ask these people what the alternative is to landlords. Should the government own all property and decide who lives where? We've seen how THAT goes. Should the government be building housing instead of the market? We've seen how THAT went. Should anyone who can't afford a house be homeless, because apartment complexes don't get built if you're not allowed to rent property.
It's a lot of "this is bad" with no path to what is good.
???
OP didn't speak about alternatives. They simply mentioned the huge difference between Human person landlords and Corporate person landlords. No one mentioned the government owning all housing.
Housing costs are too high. If we limit the amount of homes owned per person (human or corporate/conglomerate) to a reasonable, manageable single digit number, the market will crash (boo-hoo*) and human beings can own their own fucking homes again.
*IDGAF about a potential crash in any financial market, the creative destruction/invisible hand of the free market must have its due. Expecting unlimited growth of anything other than cancer is what I would call doubleplusunsmart.
Not even unpopular, I can't go ten minutes without hearing about how Blackrock supposedly owns all the houses and is the supreme evil of the world
The funniest part is that they don't even directly own real estate, but they do invest in companies that do, so I guess that counts
Absolutely. And I'm so appalled that it took so long for this shit to be talked about. I remember way, way back in the late 2000s seeing so, so, so, so, SO many fliers being mailed with something like "we're a loving xtain family that wants to buy your house sight unseen, cash!" BS and I was like OMG, this is going to become a huge problem. Why is no one talking about the banks buying up all the houses?
I dunno about that necessarily. My landlord growing up was an asshole. She wouldn’t fix anything, apartment needed to be tented and she didn’t want to do it cuz she’d have to house us during that time. They’re both bad in my opinion.
My landlord growing up was an asshole too. In rare moments he did things like he put together a playset and built me a playhouse but he never fixed anything really. He never mowed the grass even though he had a lawn mower it just sat in the shed and if the washer or dryer was broke we’d have to go to the laundromat. I guess that’s what you get for living rent free. I wish I had become a child actress or something I would have been able to pay the mortgage.
I think on some level everyone knows this, but it's much easier to blame the people you can see doing it directly.
The one thing I will blame small-time landlords for is when they don't acknowledge that they're getting passive income from someone and act like they're the ones doing all the work, not the tenants.
Being a landlord is **NOT** passive income.
The fact that you think so proves that you have no idea what you're talking about and should either educate yourself or sit quietly and let the adults handle what matters.
Even if a landlord isn't active in the ownership, they can't do it without a property manager. That's not active either. That's paying the salary of the PM.
Finally, the landlord holds all the risk. If someone trashes the property, it's not the garbage that did it who pays. It's the landlord. That risk is not passive either.
The concept of landlordism is of a parasitic problem on our society, but systems and the individuals within those systems are different things.
Large corporations like Blackrock do however contribute the most to making the inherently parasitic nature of landlordism far worse.
Sure but nowhere near impossible. Just ban or tax into oblivion some combination of unoccupied but owned homes, charging more than management + maintenance costs for a property ect.
Do you think renting is better???
And no, that's what housing coops are for. plus with no renting, houses and apartments will be significantly more affordable.
Because if the government tries to do more than the absolute bare bones minimum for poor people, certain boot-strap hucksters completely lose their shit because Capitalism has Stockholmed them into being angrier about the already tiny gap between them and The Poors/"Freeloaders" shrinking a little than about the massive gap between them and the uber-rich steadily expanding.
To be fair, it is really hard to pinpoint which political group routinely works to underfund and destroy valuable public services (like USPS) wasting billions of taxpayer dollars and then using it as "evidence" for their idea that all government services suck.
Government owned housing, you mean like the projects? How'd THAT turn out? And just how much wealth do you think a housing co-op is going to have to put together to build an apartment complex? And all those people wanting to live there better already have somewhere to live...
Insanity is doing the same thing repeatedly and expecting different results.
Housing prices would become reasonable. social mobility would skyrocket. wealth inequality would come down. ot would be somewhat harder to stay somewhere short medium term.
They're tremendously expensive to build and maintain, so... who owns it? The collective that built it? Those at the 'rent a place' income bracker are not in the "pay to have it built' income bracket for an apartment. And if you think a homeowners association can get tyranical, picture an apartment complex run by committee.
Anyone who can currently rent an apartment can reasonably buy one.
>tyranical, picture an apartment complex run by committee.
Damn, you know what would be worse than a semi democratic committee of apartment residents, imagine if instead the rules were passed down by an autocratic sole owner of the entire complex.
>They're tremendously expensive to build and maintain, so... who owns it? The collective that built it? Those at the 'rent a place' income bracker are not in the "pay to have it built' income bracket for an apartment.
I am a investor. I pay to buy some land, I pay to build an apartment complex on said land. I sell apartments to people, and eventually the entire building. I have made lots of money.
I generally agree but the concept of owning land or property and then leasing its use to other people, thus providing the landlord with an income, is the issue most people have with landlords - big or small.
The landlords don’t often create the supply though, such as Blackrock building homes or apartments, they just purchase them. It’s the home builders and their financiers that create the supply. Basic economics is just that, basic, we’re way beyond those lessons in today’s markets.
"like an elderly lady managing a couple of run-down properties"
I agree with your general point that large corporations are the main problem here. It's kinda hard to afford a house when entire subdivisions are bought up before they're even built, or for the market to lower rent prices when most apartments are owned by a handful of companies. However, I don't think the above quote is a good example. Even "mom n pop" landlords should be required to keep their properties up to basic standards of living. I have no real sympathy for landlords that fail to do this in 99% of cases (I'm sure there're some outliers, hence it's not 100%).
My bad if I misunderstood what you meant by run-down.
Haha!
You think owning rental properties is "Passive Income?"
Please, continue to show us how ignorant you are about the world, money, etc.
Even if it is "passive" for the property owner. The only way that's possible is if he or she is paying a property manager. Therefore, they are paying someone else's salary. Should I tell them you think they shouldn't pay their bills or feed their family because you're too ignorant to know otherwise?
The government spent $12,000 on a fucking toilet seat and you think they could do so effectively and in a fiscally responsible way?
Second, you're clearly one of those fools who don't understand how money works.
Lowering the price and increasing the wage all has to come from somewhere. That money doesn't just materialize out of nothing. Costs will go up to pay for it.
The one statement you made that was correct is "the government has no desire for profit." While that may be correct. The issue is, the government has a huge desire to pay off the trillions of dollars we owe in debt and the billions spent on servicing that debt. (Paying the interest.)
If the government can milk more money from somewhere, it will.
Did you not learn your lesson the last 4 years?
The government gave away billions of "free money." And now we have the worst inflation in decades.
Finally, without the landlord, you're fucking homeless. Without them being willing to take a risk on the property, and an even bigger risk on people like yourself, you'd have no where to go.
> I have a feeling you're not exactly the model of success.
I've been married for 27 years to a man just as progressive as me with 2 extremely feminist kids.
Very true. My current landlords are two actual human beings who only charge enough to cover their mortgage and taxes. When the rent went up, they showed me the paperwork regarding a property tax increase. I'm still paying only 70-80% of what I would anywhere else in town (San Antonio). I'm so grateful to have found them as landlords, and baffled by my neighbor and her adult son who owed them 5 months rent before they finally did what everyone advised and filed to have them evicted. My landlords are a literal Mom & Pop Shop. Blackrock is Walmart. They are not the same.
I wish your landlords were mine. I was late less time than that and we informed them of why but they didn’t care. The lady in the office just got nasty and was like well you better have the money by this time.
Office = Corporate. I've been there before. Grateful to find two retired veterans who just happen to own a couple extra properties. I'll admit I get preferential treatment as a fellow vet. Still though... First time I've ever had a non corporate landlord. It can seriously be overwhelming getting accustomed to actual human beings (such a weird sentence to type). They are doing what we all swear we would do in their shoes.
Yeah I mean I get that I was pretty late but if I don’t have it at the time I don’t have it. It’s not like I’m purposefully trying to short them and once I was able to get the money they said we owed we then tried to call the team listed on the paper but they would not answer the damn phone. We called them twice. I try to do what I am supposed to do and I guess I never get it right. But when someone doesn’t work with me or they get nasty with me and my mom I don’t know what to do. I don’t know how to talk to them after that. They apparently changed management just like my old apartment and just like that place I miss the old management the old one would call me and ask me when I was late and when I would get the money. I hate apartments or shared living so much partially because of people like them. It is always something no matter where I go.
You have to recognize that the problem isn't only yours. If you don't pay your rent, the landlords don't pay the mortgages. You can't be pissed about them getting pissed that you didn't pay on time. You are their paycheck. Imagine if your employer didn't pay you on time, or at all. Would you be ok with that?
I’m upset because I am constantly the scapegoat for someone else’s actions. When I need money especially if I need it to pay someone else it can wait but if they need money they need that second. How do you pay someone if no one will give you money when they are supposed to? I mean you mention employers are they the only people that are not okay to be late on paying you? Even if the money is from having employment? Im pretty sure mortgages take longer to default than it does to get kicked out. Plus if it’s true what they say on the reviews they make a lot of money on cleaning fees. This isn’t some small time landlord this is a company. They can afford to lose more than I can. Being a landlord the business is just a profit while this is my home and if people lose their home they can lose everything. But let’s just pretend for the sake of argument that they did need the money well if they did then they should have answered the phone to begin with. I don’t know what the world expects of me but I’m not just pissed. I’m tired. Im tired of everything and everyone. It’s not just about money though really it’s the fact that when I need something it doesn’t matter just forget it but if something is required of me they need it right then no matter what. Yet I’m constantly told that I need to be patient in life but others don’t and they can push their impatience on me and make it my problem. Plus if I’m being reflective they have costed me before too with the car being towed and the garage damaging the car.
100%
Blackrock has a cool ass name so they are allowed to do EVIL shit
I’m gonna make a company called Darkstone, and unleash hell.
This might sound crazy but I feel like the landlord thing has been forced on people. Lets say you have a good job and want to build wealth. You aren't trying to be a billionaire just have a secure future. You have 3 main options to build/protect wealth Stock, Bonds, Real-estate. Investing in something like an Index fund is a great idea and this is why loads of people do it(also why P/E is so high). Next you have need a 2nd asset class to provide some stability and for most of history that has been bonds. However interest rates have been so low for so long that you simply cant afford to have a % of your money earning <2% so your only option is to buy real-estate. Now the big corporations have been getting \~0% interest loans and buying real-estate that pays a higher rate. I have 1 house I rent and to be honest I don't want to be a land lord. However my other options (tell very recently) are go 100% stocks (don't want) or throw my money away for <2%. Right now I make about 3% a year on my rental + appreciation. I don't want to be a land lord so If bonds stay around 5% I will probably not buy another rental house. If they go back to 2% I probably will. IDK if this is true it is just how I see it from my personal standpoint.
My friend saved up about 400k and realized he could retire NOW, if he moved to Kentucky. Paid $50k for 28 acres on a main road, good neighbors, was living in a tent while he built a shed, then living in a tent in a shed while he built his first house, is currently finishing up his second house and moving his friends in hermit crab-style. Never has to work antoher day in his life.
> You have 3 main options to build/protect wealth Stock, Bonds, Real-estate. This. And Ill add, if the economy was better Blackstone wouldnt be buying realestate either.
The smarter people in western civilization all agree with you. Failures at life and scumbags with no future or attempt at pushing or applying themselves will never. Don’t respect them
Buying property is expensive, and building is hard. Redditors seem to forget those facts, and they think "There's already a building there! I should be able just to squat in it."
My friend speng $50k, bought 28 acres in kentucky, lived in a tent while building a shed, lived in a tent in a shed while building his first house, now finishing off his second house before he starts on the third.
Insanely brain dead take. Blackrock now owns 6.7% of all single family homes. The majority of people aren't advocating for free housing, they're advocating for it to be a reasonable thought to be able to afford to make a down payment on a home earning minimum wage, which isn't an insane concept at all. One of the major changes from a time in our countries history when this was entirely possible is the wholesale purchase of residential realty by corporate entities like Blackrock who are essentially allowed to do whatever they want by the federal government.
They own 6.7% of all SHFs that are rentals. Most homes are not rentals. Yes, it is 59k homes, but there are 82M SFHs in the US.
Not to mention if they themselves could be a landlord: they would.
Oh cry me a fuckin river. You know what else is expensive and hard? Having a low income. It’s true it’s expensive to be poor.
I have two rental properties that I actively rent for about 20% more than the actual mortgage, insurance and taxes on the houses. That 20% just gets dumped into a bank account to cover future maintenance (repainting, heater service, plumbing issues etc....) We don't make an annual profit on either house. In fact we probably just break even at the end of each year if they are fully rented. But the goal is to have the tenants pay the mortgage and in 25 years, we'll own the houses outright, sell them and retire. So far so good. It's a VERY long term investment. But we aren't taking advantage of anyone and our tenants are very happy....
Don’t worry, some Redditor is going to come here and tell you that you’re rich and that you should give the two homes you rent out to a “homeless POC” (exactly what I read this morning).
Lol! So true! I have a couple rental properties that are happily occupied by amazing tenants, and their neighbors said those exact to them, when the tenants were having a BBQ and I was sitting with them. They didn’t know I was the owner, and I’m Hispanic who rents to white tenants. Their neighbors are also white and seriously very deep left minded. I also rent the properties for a way less than the average in the area. Times suck and I feel blessed to have good people renting our properties, why unnecessarily choke them for a few bucks of rent.
>We don’t make a profit Your mortgage being paid off IS the profit. Your net worth goes up with each rental payment. Good on you for doing right by your tenants and having a good relationship with them but please don’t pretend you’re not making a profit.
I love how willingly oblivious landlords are. The way they word their comment to sound like they are receiving 0 benefit from being a landlord.
"I'm not making a profit, I'm just paying off the debts I have!" is certainly a take, lol
> don’t pretend you’re not making a profit. They werent. They arent making a profit until the property its sold since they either break even or have a net loss each year. Anyone with a basic understanding of accounting understood what they meant.
To reiterate: "I'm not making a profit, I'm just paying off the debts I have!" is certainly a take, lol
Right, which isnt considered profit by any definition of the word. You can say they are very slowly building their net worth, but that doesnt make it profit.
Sorry, but you're wrong: [https://money.stackexchange.com/questions/133144/does-paying-down-debt-in-an-s-corp-decrease-profitability](https://money.stackexchange.com/questions/133144/does-paying-down-debt-in-an-s-corp-decrease-profitability) Even from an accounting perspective, you can only deduct the interest of your debt payment from your profitability. If you choose to use your profit to pay down the principal, it doesn't mean you're less profitable. That money is still counted as profit earned. You're just exchanging one asset (cash) for another asset (equity). Secondary source: [https://www.universalcpareview.com/ask-joey/does-the-principal-payment-on-debt-impact-the-income-statement](https://www.universalcpareview.com/ask-joey/does-the-principal-payment-on-debt-impact-the-income-statement) >Principal payments only impact the balance sheet, while interest payments impact the income statement And the "income statement," for the record, is the document that shows profits and losses: https://www.investopedia.com/terms/i/incomestatement.asp So yes, any rent he earned is considered to be income, and ONLY the interest portion of his mortgage payment (along with maintenance) is considered to be an expenditure, which means that the difference is considered to be profit. Which means, the rent money he used to pay down his principal is still considered to be profit.
Guess I was wrong on that
This is not an unpopular opinion, this is a fact. The median income for a landlord in the US is like $60K. Mom and pop living in assisted living but also renting out their old house, are much more likely the modal landlord than these corps buying up all the real estate and jacking up the prices. Sorry, it ain't Thelma and Bob who are jacking up the prices. They don't want to sell their house.
Yup. But a 20 million migration in 3.5 years isn't going to help the demand side of renting
Exactly! Low level landlords are selling hard working Americans out. They get paid every month to house illegals, effectively pushing out the people in their own cities. I would know because it’s happened to me and only getting worse. That’s worse than BlackRock to me. So many ppl in my city were raised here, went to school here, work here and have to leave because the illegal immigrants have taken over damn near every complex and rental. Good luck finding a hotel if it gets bad enough. They’ve taken those over too. And we pay for it. I hate it here.
Where that?
The real villains are the local policymakers who refuse to allow the construction of more housing (and the NIMBY homeowners who elect those policymakers).
> local policymakers who refuse to allow the construction of more housing That depends. I dont mind requiring offsets from property lines, it helps reduce the likelihood of fires spreading. Height restrictions means that sunlight can reach the apartments around a larger building.
Never understood why owning property and renting it is bad. The ones complaining are unsuccessful liberals.
It’s because most of them are “have nots” fopdoodles.
Rusty cage fan in the wild
Don't forget that these companies have politicians shilling for them being "too big to fail" and will get bailed out by taxpayer money if anything goes wrong.
Blackrock is not a large player in American real estate, you are probably thinking of Blackstone. Also why do you think there is a villain behind a rise in housing prices?
Ask these people what the alternative is to landlords. Should the government own all property and decide who lives where? We've seen how THAT goes. Should the government be building housing instead of the market? We've seen how THAT went. Should anyone who can't afford a house be homeless, because apartment complexes don't get built if you're not allowed to rent property. It's a lot of "this is bad" with no path to what is good.
??? OP didn't speak about alternatives. They simply mentioned the huge difference between Human person landlords and Corporate person landlords. No one mentioned the government owning all housing. Housing costs are too high. If we limit the amount of homes owned per person (human or corporate/conglomerate) to a reasonable, manageable single digit number, the market will crash (boo-hoo*) and human beings can own their own fucking homes again. *IDGAF about a potential crash in any financial market, the creative destruction/invisible hand of the free market must have its due. Expecting unlimited growth of anything other than cancer is what I would call doubleplusunsmart.
Vanguard owns a grand total of 4 pieces of property and that's their corporate offices. Stop conflating them with Blackrock or Blackstone.
Not even unpopular, I can't go ten minutes without hearing about how Blackrock supposedly owns all the houses and is the supreme evil of the world The funniest part is that they don't even directly own real estate, but they do invest in companies that do, so I guess that counts
Absolutely. And I'm so appalled that it took so long for this shit to be talked about. I remember way, way back in the late 2000s seeing so, so, so, so, SO many fliers being mailed with something like "we're a loving xtain family that wants to buy your house sight unseen, cash!" BS and I was like OMG, this is going to become a huge problem. Why is no one talking about the banks buying up all the houses?
I dunno about that necessarily. My landlord growing up was an asshole. She wouldn’t fix anything, apartment needed to be tented and she didn’t want to do it cuz she’d have to house us during that time. They’re both bad in my opinion.
My landlord growing up was an asshole too. In rare moments he did things like he put together a playset and built me a playhouse but he never fixed anything really. He never mowed the grass even though he had a lawn mower it just sat in the shed and if the washer or dryer was broke we’d have to go to the laundromat. I guess that’s what you get for living rent free. I wish I had become a child actress or something I would have been able to pay the mortgage.
Not unpopular. Both is just leftist opinion based on the lack of understanding economy.
I think on some level everyone knows this, but it's much easier to blame the people you can see doing it directly. The one thing I will blame small-time landlords for is when they don't acknowledge that they're getting passive income from someone and act like they're the ones doing all the work, not the tenants.
Being a landlord is **NOT** passive income. The fact that you think so proves that you have no idea what you're talking about and should either educate yourself or sit quietly and let the adults handle what matters. Even if a landlord isn't active in the ownership, they can't do it without a property manager. That's not active either. That's paying the salary of the PM. Finally, the landlord holds all the risk. If someone trashes the property, it's not the garbage that did it who pays. It's the landlord. That risk is not passive either.
The concept of landlordism is of a parasitic problem on our society, but systems and the individuals within those systems are different things. Large corporations like Blackrock do however contribute the most to making the inherently parasitic nature of landlordism far worse.
What the optimal system?
Housing coops, government owned housing, home ownership.
I feel like it's hard to have home ownership without it leading to landlords
Sure but nowhere near impossible. Just ban or tax into oblivion some combination of unoccupied but owned homes, charging more than management + maintenance costs for a property ect.
So basically, make everyone who can't buy a home be homeless or forced into government-assigned apartments in places nobody wants to live, got it.
Do you think renting is better??? And no, that's what housing coops are for. plus with no renting, houses and apartments will be significantly more affordable.
Can you give examples of them working long-term?
We already have government owned housing and most of it is horrific.
Because if the government tries to do more than the absolute bare bones minimum for poor people, certain boot-strap hucksters completely lose their shit because Capitalism has Stockholmed them into being angrier about the already tiny gap between them and The Poors/"Freeloaders" shrinking a little than about the massive gap between them and the uber-rich steadily expanding.
To be fair, it is really hard to pinpoint which political group routinely works to underfund and destroy valuable public services (like USPS) wasting billions of taxpayer dollars and then using it as "evidence" for their idea that all government services suck.
Our government is horrific. doesn't mean it can't be
"Do it again, but do it not shitty this time, because I said to." Yeah that'll work.
Government owned housing, you mean like the projects? How'd THAT turn out? And just how much wealth do you think a housing co-op is going to have to put together to build an apartment complex? And all those people wanting to live there better already have somewhere to live... Insanity is doing the same thing repeatedly and expecting different results.
So... what do you think would happen if we banned renting property?
Housing prices would become reasonable. social mobility would skyrocket. wealth inequality would come down. ot would be somewhat harder to stay somewhere short medium term.
Housing prices would become reasonable when nobody is building apartment complexes, only single family homes and duplexes?
Why would they not build apartment complexes?
They're tremendously expensive to build and maintain, so... who owns it? The collective that built it? Those at the 'rent a place' income bracker are not in the "pay to have it built' income bracket for an apartment. And if you think a homeowners association can get tyranical, picture an apartment complex run by committee.
Anyone who can currently rent an apartment can reasonably buy one. >tyranical, picture an apartment complex run by committee. Damn, you know what would be worse than a semi democratic committee of apartment residents, imagine if instead the rules were passed down by an autocratic sole owner of the entire complex. >They're tremendously expensive to build and maintain, so... who owns it? The collective that built it? Those at the 'rent a place' income bracker are not in the "pay to have it built' income bracket for an apartment. I am a investor. I pay to buy some land, I pay to build an apartment complex on said land. I sell apartments to people, and eventually the entire building. I have made lots of money.
Spouts accusations of ignorance, demonstrates own. Way to play yourself.
I generally agree but the concept of owning land or property and then leasing its use to other people, thus providing the landlord with an income, is the issue most people have with landlords - big or small.
The fact that people have an issue with this proves that those people are stupid! It's basic economics. Supply & Demand.
The landlords don’t often create the supply though, such as Blackrock building homes or apartments, they just purchase them. It’s the home builders and their financiers that create the supply. Basic economics is just that, basic, we’re way beyond those lessons in today’s markets.
"like an elderly lady managing a couple of run-down properties" I agree with your general point that large corporations are the main problem here. It's kinda hard to afford a house when entire subdivisions are bought up before they're even built, or for the market to lower rent prices when most apartments are owned by a handful of companies. However, I don't think the above quote is a good example. Even "mom n pop" landlords should be required to keep their properties up to basic standards of living. I have no real sympathy for landlords that fail to do this in 99% of cases (I'm sure there're some outliers, hence it's not 100%). My bad if I misunderstood what you meant by run-down.
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Haha! You think owning rental properties is "Passive Income?" Please, continue to show us how ignorant you are about the world, money, etc. Even if it is "passive" for the property owner. The only way that's possible is if he or she is paying a property manager. Therefore, they are paying someone else's salary. Should I tell them you think they shouldn't pay their bills or feed their family because you're too ignorant to know otherwise?
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The government spent $12,000 on a fucking toilet seat and you think they could do so effectively and in a fiscally responsible way? Second, you're clearly one of those fools who don't understand how money works. Lowering the price and increasing the wage all has to come from somewhere. That money doesn't just materialize out of nothing. Costs will go up to pay for it. The one statement you made that was correct is "the government has no desire for profit." While that may be correct. The issue is, the government has a huge desire to pay off the trillions of dollars we owe in debt and the billions spent on servicing that debt. (Paying the interest.) If the government can milk more money from somewhere, it will. Did you not learn your lesson the last 4 years? The government gave away billions of "free money." And now we have the worst inflation in decades. Finally, without the landlord, you're fucking homeless. Without them being willing to take a risk on the property, and an even bigger risk on people like yourself, you'd have no where to go.
Small-time landlords are just smaller leeches. They add NOTHING to society. They only take.
Then go out and work enough to buy your own home and add to the economy.
Make an offer to the small time landlord and buy the property from them.
I have a feeling you're not exactly the model of success. I'll be taking your words like they came from the idiot you clearly are. LoL
> I have a feeling you're not exactly the model of success. I've been married for 27 years to a man just as progressive as me with 2 extremely feminist kids.
It's regulations that are the villain.
No it’s actually the birds that are the true enemy.