It is happening in more places than just California. We will nt rent our extra home ever again.It will be sld and until then it will stay empty. I know other people who used to have some of the oder houess that were divided into 2 and 3 apartments years ago. A decade or so ago most started turning those back into single homes and then sold them.No one wanted to buy them divided because the laws are so in favor of the tenants.
In Washington DC if your house is vacant more than a month you have to register it, pay a $250 fee and be inspected. If the house remains vacant you get charged a Class 3 tax which is 6 times the regular tax. In other words if your tax should be $5,000, you would be charged $30,000.
I figured this out as a “landlord by default” in Rochester NY back in the early-mid nineties; when I couldn’t sell my home for what I owed on it due to the poor neighborhood. I simply had to get out of that school district for the sake of my children.
I rented out my “starter” home which happened to be located in the inner city.
WHOOO BOY!! TOTALLY militantly pro tenant. There are about four agencies alone that make sure the “pooooooooor tenant doesn’t get shafted.”
You’re lucky to get a tenant who ISN’T a felon. And then there’s always so much tenant caused damage after they leave to cause a 3 month vacancy alone. Never mind all the excuses when rent comes due.
Being a rental property owner is for the extremely well monied who are looking for a bottomless pit tax shelter; and the ability to hire property management staff who do most of the unpleasant work (evictions, repairs, rent collection)
I also walked away after a long period of unemployment where it was a choice between supporting the house I live in and my two children or supporting high maintenance welfare queen tenants.