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L.A. County wants to cap rent hikes at 3%. Landlords say that would push them to sell
(www.latimes.com)
this post was submitted on 09 Jun 2024
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This would driving down the cost of housing because of an increase in inventory. Sell them to whom? Other landlords? Or would it be workers?
I think I just found my latest political campaign
Private landlords would just sell to large corporate landlords who could profit with smaller margins.
Sounds like that should be blocked too.
There was a proposal about how there should be heavy fees if you own more than one house, which would solve this problem.
Great. That isn't going to happen and doesn't fix the initial problem.
Could, but typically refuse to.
And these corp landlords can choose to not rent any longer, let the property remain empty for the legal length of time and then start renting again at the new and more profitable higher rate.
I don’t know the laws in California, but isn’t there just a surplus of houses empty for this very reason? If you look at the numbers, they could be sitting on these houses and get low interest loans on the value, which earns higher invested interest elsewhere. Anyone squatting can get away with it because the company will just do the legal route and get more money from these people (even if it’s debt that just hangs over their heads for a while). The rich just keep getting richer…
I'm guessing landlords would just property swap.
Buy, evict, rent at a higher price
Yes, other landlords that can get new tenants for more money. If the houses just change hands every year, there is no cap since everyone plays musical chairs