Posted on 07/25/2022 3:54:38 PM PDT by DFG
For as long as anyone can remember, rent increases rarely happened at Ridgeview Homes, a family-owned mobile home park in upstate New York.
That changed in 2018 when corporate owners took over the 65-year-old park located amid farmland and down the road from a fast food joint and grocery store about 30 miles northeast of Buffalo.
Residents, about half of whom are seniors or disabled people on fixed incomes, put up with the first two increases. They hoped the latest owner, Cook Properties, would address the bourbon-colored drinking water, sewage bubbling into their bathtubs and the pothole-filled roads.
When that didn’t happen and a new lease with a 6% increase was imposed this year, they formed an association. About half the residents launched a rent strike in May, prompting Cook Properties to send out about 30 eviction notices.
“All they care about is raising the rent because they only care about the money,” said Jeremy Ward, 49, who gets by on just over $1,000 a month in disability payments after his legs suffered nerve damage in a car accident.
(Excerpt) Read more at apnews.com ...
You will own nothing and be grateful for the bugs, if they let you have any.
That’s good. But sometimes the manager is in on it for a kickback. Seen that, too.
How much revolution are you going to get from poor destitute people who have one foot in the grave and the other on a banana peel?
The article also states increases of 87% over three years in taxes and fees in one case and over 40% over three years in another case.
Of interest to anyone that may actually be interested:
‘This Is a Housing Crisis’
https://www.youtube.com/watch?v=fhq0VLYTqEo
The housing crisis far larger than simply putting it off as those who destroyed their lives due to drugs, etc. You have China via third parties buying up loads of housing and rental properties to Blackrock and Blackrock Aladdin buying huge swaths of such to straight out greed.
Boomers have hit the roads with their shiny new RV’s
“Campsites” are increasingly full and reservations perhaps months in advance are required.
Rentals are too much hassle around here. They trash the place and then stop paying rent. We own the most expensive house ever sold in this town and the two houses across from me are rentals. One of them is tidy and the other is a trash heap. My wife wants to buy them and make a deal “We’ll drop the rent $100 a month if you get rid of all this debris. If it comes back, the rent goes up”.
Please share your experiences if you would. Did you deal with them as a customer, supplier, investor? This recent trend is going to have a large impact on not only their customers but also communities around their rental communities.
Interesting that, over time, one can point to certain things and definitely show where things started to go wrong.
16th Amendment
17th Amendment
Repealing the Glass-Steagall Act and allowing them to do what they want.
The aforementioned are three of those things.
The big money is in RV parks
It’s up to the potential owners to do their due diligence prior to making an offer. Your friend should just smile and laugh all the way to the bank.
It’s the Wall St/Hedge Fund/Equity Group/Wealth Management group way of management. It’s pretty simple.
You don’t like it, leave. We have people lined up to take your job/house/apartment/storage unit.
Until they don’t.
"Get 'Em Out By Friday!"
Yes, much of the insane drive up of home prices over last few years is because of large investment firms buying up houses and other things....
Not the only factor, but definitely a player in it.
Every so many decades we have this sort of thing happen, deep pockets decide to start playing games in real estate for various reasons, and generally it ends the same way... eventually the bubble bursts and big players get destroyed.
Real Estate investing is what took down Westinghouse... They had an investment division to make money off their reserves, they did really good with some land and oil speculation and made some really big returns... so the powers that be gave them access to more and more of the company funds.... and then the bottom fell out... and Westinghouse went from being a $10 Billion dollar company, to a $5 Billion company virtually overnight... and they just slowly sold off parts, and shrunk, etc etc...
Consulted Briefly at their Energy Center HQ’s.... it was a sad state of affairs.... building had 2 massive wings, one wing was completely empty... other wing pretty skeleton.... keeping the lights on and things.... At that time they were hoping to get permission to sell their nuclear reactors into China... they did have a bit of a resurgence years, bought by Toshiba I think in 2005.
Boomed for a while, even built a new HQ, and moved about 30 miles from their old HQ... and then went formally BK in 2017, and sold by Toshiba to a Holding Company in 2018.
“deep pockets decide to start playing games in real estate for various reasons, and generally it ends the same way... eventually the bubble bursts and big players get destroyed.”
Good post.
The “smart money” can turn into big time losers in a hurry—real estate is one of the best ways to do it—there are inevitably wild swings in the market over time.
Glass-Steagall stood strong for 70 years, allowing families and local businesses to live in a stable housing and commercial market.
In the 1990s, Senator Phil Gramm of Texas pushed repeal of GSA to make banks more “competitive”. That was the sales pitch. Americans had fallen asleep at the switch forgetting why GSA was vital to stability.
What followed were Wall St Banks gobbling up as many state chartered banks that they could.
What empowers Wall St Banks is their ownership and access to central bank facilities (Federal Reserve). Fed dollars can be ‘created’ at special computers and a click can send billions to thousands of accounts worldwide instantly.
Money is no problem to these banks. They run what amounts to casinos intertwined with federal statutory hands in paychecks taking their cut for ERISA retirement funds. They deposit funds into employer/employee accounts. They’re not allowed to touch such accounts but they borrow against them at leverage ratios of 1000:1.
We witnessed our state banks bought out, their names and logos at neighborhood branches were replaced with names like :
Bank of America
Citibank
Wells Fargo
Chase
US Bank
Etc.
After Wall St acquisition managers completed takeover of Main St banks, they used their access to central bank dollar creation to offer teaser loans to home buyers and homeowners refinancing.
By 2005, Mortgage Brokers working for these Wall St loan pushers were signing up anything with a social security number and a pulse.
In the background, Wall St bond managers were creating Mortgage-Backed Securitues (MBS) using the personal information of people that Mortgage Brokers submitted, and many of the spreadsheets had fictitious names.
By 2008-2009 Wall St collapsed both the markets and the economy while they made off with trillions. Yes, trillions. Documented.
Coming into the 2010s until the present, Wall St sharks are using the same Mortgage Brokers to act as “investors” offering to buy dwellings for cash, sight unseen. Most have seen the junk mail.
And the market grab now extends to farm land.
Long and short, Americans need a new Glass-Steagall and Trump supports it.
My daughter rented a house from Invitation homes for a couple years and moved to another of their homes in another location. After that lease was up she moved again but not to an Invitation home.
Her first move from one of their places they gave back almost all of the deposit. When she moved out of the second house they had a guy come out and inspect the house and he was happy with the condition of the place. A few days later she gets a letter stating she would not get any deposit back ($1775) and that she owed THEM $550! They charged for the yard being unkempt even though there was no yard at all when they moved in. My daughter put stuff at the street to go with the trash and they charged her a couple hundred for that.
I co-signed on the lease and I went around and around with those thieves. We didn’t pay the 550 and they sold the debt to a collection agency. I negotiated with them to get it down to $300 and I paid that. We believe they steal deposits when you leave their houses because they can. I didn’t have the time or the energy to take them to court.
Interesting, thanks.
I have heard horror stories from people who served in the military about post/base housing. There is one, per perhaps a few, "unofficially" approved cleaning services. Use them, and all is well when you transfer to somewhere else. Don't use them, and no matter how immaculately you cleaned the place before leaving, you are hit with a massive bill for cleaning. Fail to pay it promptly, and you are cross ways with your branch of service. Try to fight the charge from you new posting, and you will spend $$$ and leave time amounting to more than the charge.
The best part is that the place was filthy when you moved in, even though the last occupant paid a cleaning fee to the approved cleaning service.
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