this post was submitted on 16 Jan 2024
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You run into a problem that you need to mitigate for this to work: qualifying for a mortgage.
A landlord can rent to you for a year--or less--and they assume the risk of you not paying and needing to evict you. Their income verification can be a lot more loose as a result. A bank is going to be in a relationship with you for 15-30 years; they want to be pretty sure that you're going to be able to meet your financial obligations for that whole time period. As a result, they're going to be quite a bit more strict about proof of income, etc.
Renting can be cheaper, too; a tenant isn't on the hook for repairs to a unit, but when I need a new roof in my house, or the water heater goes out, I get to pay every penny of that myself. Yeah, the mortgage is cheaper, but just because you can afford the mortgage doesn't mean that you can afford everything else that goes into owning a home.
You also get into weird and perverse tax and zoning incentives that can make it difficult to build any kind of affordable housing; Dems say they want affordable housing, right up until someone wants to put it in their neighborhood, then they start acting like Republicans.
Yes, the lack of affordable housing is a huge problem. But it's not quite as black and white as it often seems.
They don’t assume the risk? The moment I don’t pay by the third they are threatening to evict me. They charge rent that covers their monthly mortgage payment and then some. It’s the same shit. The place I rent now is owned by progress and it’s 50/50 it seems what they cover. On top of that I have to clean it all (professionally now , that’s new) when I move out. When I moved in the place was 1700 and now it’s 2400. There’s so much risk they’re taking in renting me a place , charging rent , but not getting anything back for it.
They're threatening to evict you, yes. But actually evicting you, in at least some states, can be challenging. I know someone that rented out his entire home (long story), and got paid about three months of rent before they quit paying. It took him nearly two years to get them out. (Last I knew he was suing the agent that vetted them; apparently there was collusion, and the tenant has done this multiple times before.)
The flip side is that if you quit paying your mortgage, it's also going to take months or years to get you out of the house, but then the bank has a piece of real estate. Banks don't want to own real estate; that's not their business. They're not set up to buy and sell real estate. Foreclosing on a house costs a bank a lot of money.
One factor that might be interesting is if renting was banned, then property values would plummet – making mortgages more affordable. But I don't know if this would fully offset mortgage risk premiums and water heater (etc) insurance.
Don't worry about that, landlords have figured that out. There's a new 500 unit apartment complex that is currently being built in the Philadelphia suburbs that is taking applicants for units at the affordable price of $3500 per month.
A roof that fails on a 500-unit apartment complex will be cheaper to replace per unit than the roof an a single family home. Same with a water heater that serves multiple families rather than a single family. Honestly, it's a good argument for communes, but communes have their own set of social problems, since it can be hard to get people to take responsibility for shit unless you go into it with the same kind of contract that you'd have when renting.
Landlord apologists can freely choose between sucking my cock or eating shit.
In my experience, this isn't the case unless someone (sometimes Republicans, sometimes just politicians) try to put ALL the affordable housing into specific neighborhoods for selfish reasons, or the place the affordable housing is going doesn't have jobs because someone actively avoid putting them in the places with jobs because "them poor people are criminals and will hurt business".
New Bedford, MA was a great example. It was an open secret that MA acted to ship a high percentage of projects and Section 8 to New Bedford. It's also an open secret that budgeted commuter rail plans to New Bedford kept getting cut despite the rail running to the rural ass-crack of Western Mass, creating a job-starved desert of one of the otherwise most established economies in the state. Solely because somebody didn't want people in affordable housing to have mass-transit access to most of the state.
I don't blame "The Dems" for that. Neither should anyone. This isn't NIMBY, this is "Let's put them all in your back yard. Then put more in your back yard. Then keep it coming. Then burn the bridge. Aren't I doing good?"
It really is the Dems on this one. Esp. in MA, which has a Democratic supermajority. And California, and New York, and Illinois. All of those things you are saying are problems are problems created by Democrats, in Democratic-controlled states, because wealthy Democrats don't want to live near poor people.
I'm not saying Republicans are better; Republicans absolutely have a "fuck them poors" attitude, and the Dems are at least claiming to want to treat people decently. But Dems aren't following through with what they say they want to do--affordable housing for all--while Republicans are definitely following through with their promise to fuck everyone that isn't already in the top 10%.
BTW - section 8 should be great for a landlord. You are guaranteed payment on the 1st of every month, and you can still initiate eviction if the tenant is trashing your property or doing crime. But most landlords that aren't slumlords generally hate that shit, because they don't want poor people living there even if they're getting their money. It's stupid and short sighted.
I'm not sure you understand how Massachusetts politics works (or perhaps any local politics). I can't speak for the other states with in-depth knowledge, but boy can I school you about Massachusetts.
Federally, we're a deep-blue state, but that's just not all of how it works at the state level. With a few exceptions we usually have a Republican governor. Yeah, the rest of the US like to call them "RINO" because the're not on board with the craziest shit the alt-right has to offer. Most (if not all) of these changes happened under Romney and Baker, both Republican. Of note, none of these changes I'm talking about have ever shown up in a bill in legislature. They've all be driven by the executive action upon the mandate. That is, they fall on the governor. Who was Republican.
...and yet, I didn't say it's The Republicans, either. Democrats could've stepped in by passing laws preventing that behavior. We didn't because our Democrats like to keep peace with our Republicans and, frankly, because the Democrats don't care enough to involve themselves in the HOW as long as subsidies are happening.
Again, I can only speak for MA. With one very recent exception (and excepting the recent excessive price spikes), MA does fairly well with providing affordable housing for all as long as it's outside of Boston. But I think I wasn't being entirely clear. I am mostly talking about Housing Project availability. Section 8 is, as you suggested, up to the landlord. It's worded to allow people to live basically anywhere, even in the heart of Boston, with a limited income.
From family experience, the issue is that "trashing your property" can cost you years of profits or even force you to sell the building. I've had family deal with the notorious "cement in the toilet" meme for real. People really do it and it really costs a massive amount of money to handle. Home and landlord insurance does not cover intentional damage by tenants. We're talking up to $15,000 damage just because they're mad you're evicting them.
Most landlords don't care about "not wanting poor people" with Section 8. They care about having judgement-proof tenants who can cause damage and never be held accountable due to being poor. They also have to meet certain building code and quality standards that non-section-8 landlords don't! There's a LOT of non-section-8 rentals in New Bedford for this reason. No, they're not trying to gentrify Durfee Street, I promise you that!
There's two sides to the section 8 coin. Side 1 is that the rent is slightly above-average and some of it always shows up on time. Side 2 is that the rest of it is often late, overall risk is higher, and then you actually can't be a slumlord. I mean, look at the list of rules. Everyone I know living in New Bedford apartments have (checks list) shitty or broken HVAC, decaying building foundation, crappy interior stairs, pest issues, flaking paint, etc. Not only can landlords get away with a lot of that (and worse) normally, but Section 8 includes annual and spot inspections for all of them.
I don't fault the state making these demands, but it leads to a lot of people not registering their rental with Section 8, for reasons that have nothing to do with Poor tenants (and in many cases BECAUSE they're going to have poor tenants who won't pitch a fit about a not-to-code apartment). I've rented from places that would have failed Section 8. And I kept my mouth shut.
In Illinois you didn't have to 'register' for section 8 (I believe it was called 'housing choice'), but it's been a long time ago. (I owned a house that had two apartments; I lived in one, rented the other out.) Most tenants are functionally judgement-proof, unless you only rent to upper-middle class people. Sure, you might get a judgement against them, but that doesn't mean you'll ever see a penny of it. As far as not being a slumlord, I have absolutely no tolerance for landlords that don't want to keep properties in good repair, full stop. Yeah, it's expensive to replace a roof, but fuck you, that's why you're taking in rent.
This is fair on large damage numbers, but you can often squeeze someone making $40-50k/yr if they owe you $5-$10k in malice-caused damages... but more importantly, for that kind of damage, you're talking about small-claims court. You don't need a lawyer, just time, and "they poured concrete into the toilet - here's my bill" is the kind of open-and-shut case small-claims court thrives on.
100% agree. But even super-renter-friendly states do little to hold landlords accountable. If you want to be a slumlord, you can be a successful slumlord. Tenant holds you to task with the state? You don't renew the lease. There's ways they can fuck with you if they know better, but often they don't. From someone I'm involved in a lawsuit with (can't give details), slumlording is a no-brainer as a numbers game. 100 slum apartments, get sued once a year, huge win.
Fuck yes. I'm not a huge fan of the whole "all landlords are evil" tankie rhetoric, but boy do I sympathize with them on the specific topic of slumlords.