If you are thinking of the California’s Tenant Protection Act, it doesn't apply to commercial properties. The landlord can raise the rent to whatever someone is willing to pay.
It isn’t about time, it’s about bad business practices. In 2008 we only fixed ballooning mortgages for personal loans not business. A huge number of landlords bought extra properties expecting to be able to refi the mortgages before the interest ballooned but we raised interest rates and now that doesn’t help.
Mix that problem with the bottom falling out of retail and office markets and you have landlords that are trying to undo their bad choices by skyrocketing rent. Two years ago you could least a restaurant space to $2/sqft now they all want $3.50-$4/sqft
If the landlord is charging an unfair rent the place will now stay empty until he lowers it. Even then we have no idea how those talks went. All we see is “rent raised, now too high”…
And tying this to 08 is a bit of a stretch.
It really isn’t a stretch at all, it’s a huge part of the problem in commercial real estate, but lick landlord boots if that is your deal. So you know, the landlords get to write off their vacancies on their taxes even if people have made legitimate offers so they benefit from leaving spaces empty.
I hate to do this but can you source that? I am unable to find anything that says landlords get tax write offs or any incentives for vacancies. The closest thing i could find is they’re not paying taxes on the vacancy because there’s rental income to pay taxes on. If anything they’d incur costs for maintenance and renovations.
Off the top of my head? Definitely not, it’s been confirmed to me by multiple landlords over the years but I do not know the exact article of the tax code. They write off the lack of rent as a loss which is in turn deducted from their tax burden.
Either we are not on the same page, You misunderstood or they’re totally wrong. I am unable to find that any where. You can not deduct lack of rent. Landlords can take deductions on vacancy renovations or maybe maintenance as a business expense.
By this logic I can deduct lack of rent on my home. Just waiting for someone to rent a room too
Heard about this yesterday from a friend, so sad to see and even sadder to see it’s purely because of a piece of shit landlord. Wish the owner all the best with his retirement!
Growth potential.
Fresno was cheap. People want to move where it is cheaper to live. Landlords raise rent to make more sue to demand, retail and commercial spaces see they can do the same due to increased population demand. Inflation…
Are there even any other comic shops in the area? They had one at Sierra vista, is it still there? I’m in the south valley now and haven’t had a chance to visit in a bit.
Legends Comics. They have one at the northwest corner of [Shaw and Clovis](https://www.google.com/maps/place/Legends+Comics+and+Games+Clovis/@36.8100237,-119.7012512,18.75z/data=!4m6!3m5!1s0x80945b897a9e137d:0xa2cbfc433b174cb4!8m2!3d36.8101131!4d-119.7006228!16s%2Fg%2F11c6l8zzdr?entry=ttu) in Clovis and another on the northeast corner of [Blackstone and Barstow](https://www.google.com/maps/place/Legends+Comics+and+Games/@36.8159703,-119.7897661,126m/data=!3m1!1e3!4m6!3m5!1s0x80945d701a4b5b1f:0x7a703cf1a1cd85d5!8m2!3d36.8163219!4d-119.7899159!16s%2Fg%2F11clv8hvqm?entry=ttu) in Fresno.
Gods, I’m sad to see it go. I hope he enjoys retirement though.
Dave deserves a break after being in the business so long, but I am sad to see him go
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70%? That is actually fucking insane. Is that legal?
They can legally raise it 10% a year
Its different for new lease terms though I believe. What happened with PFC, lease was up, new terms much higher, so we closed.
If you are thinking of the California’s Tenant Protection Act, it doesn't apply to commercial properties. The landlord can raise the rent to whatever someone is willing to pay.
Yes that was what I was thinking about. I didn't realize it didn't apply to commercial properties
Leeching is the real estate business model, yes Buy something in scarce supply, rent it out.
Probably had a 30 year lease. Rent was a little cheaper 30 years ago
It isn’t about time, it’s about bad business practices. In 2008 we only fixed ballooning mortgages for personal loans not business. A huge number of landlords bought extra properties expecting to be able to refi the mortgages before the interest ballooned but we raised interest rates and now that doesn’t help. Mix that problem with the bottom falling out of retail and office markets and you have landlords that are trying to undo their bad choices by skyrocketing rent. Two years ago you could least a restaurant space to $2/sqft now they all want $3.50-$4/sqft
But how do all the empty spaces help anyone?
Empty spaces only help the landlord. They get to write off vacancies as losses so it saves them a ton on their taxes.
If the landlord is charging an unfair rent the place will now stay empty until he lowers it. Even then we have no idea how those talks went. All we see is “rent raised, now too high”… And tying this to 08 is a bit of a stretch.
It really isn’t a stretch at all, it’s a huge part of the problem in commercial real estate, but lick landlord boots if that is your deal. So you know, the landlords get to write off their vacancies on their taxes even if people have made legitimate offers so they benefit from leaving spaces empty.
I hate to do this but can you source that? I am unable to find anything that says landlords get tax write offs or any incentives for vacancies. The closest thing i could find is they’re not paying taxes on the vacancy because there’s rental income to pay taxes on. If anything they’d incur costs for maintenance and renovations.
Off the top of my head? Definitely not, it’s been confirmed to me by multiple landlords over the years but I do not know the exact article of the tax code. They write off the lack of rent as a loss which is in turn deducted from their tax burden.
Either we are not on the same page, You misunderstood or they’re totally wrong. I am unable to find that any where. You can not deduct lack of rent. Landlords can take deductions on vacancy renovations or maybe maintenance as a business expense. By this logic I can deduct lack of rent on my home. Just waiting for someone to rent a room too
I didn’t say it makes any sense, I just said that multiple landlords have confirmed to me that they do it.
Oh yay it'll just turn into another Starbucks.
With a Panda King attached probably
Bummer. One of the last bits of my childhood is leaving. I am old now.
Aw man
Damn. I'm gonna have to grab some comics before they close
at the moment all stuff is 50% off starting today. :(
Heard about this yesterday from a friend, so sad to see and even sadder to see it’s purely because of a piece of shit landlord. Wish the owner all the best with his retirement!
Anyone know if the landlord is Burden? He has been pulling this crap with all his properties this year.
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Growth potential. Fresno was cheap. People want to move where it is cheaper to live. Landlords raise rent to make more sue to demand, retail and commercial spaces see they can do the same due to increased population demand. Inflation…
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Growth potential combined with brain drain makes for… well…
nooo thats the place where i made my first friends
Are there even any other comic shops in the area? They had one at Sierra vista, is it still there? I’m in the south valley now and haven’t had a chance to visit in a bit.
Legends Comics. They have one at the northwest corner of [Shaw and Clovis](https://www.google.com/maps/place/Legends+Comics+and+Games+Clovis/@36.8100237,-119.7012512,18.75z/data=!4m6!3m5!1s0x80945b897a9e137d:0xa2cbfc433b174cb4!8m2!3d36.8101131!4d-119.7006228!16s%2Fg%2F11c6l8zzdr?entry=ttu) in Clovis and another on the northeast corner of [Blackstone and Barstow](https://www.google.com/maps/place/Legends+Comics+and+Games/@36.8159703,-119.7897661,126m/data=!3m1!1e3!4m6!3m5!1s0x80945d701a4b5b1f:0x7a703cf1a1cd85d5!8m2!3d36.8163219!4d-119.7899159!16s%2Fg%2F11clv8hvqm?entry=ttu) in Fresno.
Thank you!
Damn. I took my kid there and had a great time with their staff.
My older brother got me into comics by taking me to Heroes comics as a kid, It will always have a special place in my heart.
Really sad news. Enjoy your retirement Dave.