Posted on 04/11/2017 10:26:50 AM PDT by SeekAndFind
Because of the housing crisis in LA, it is much cheaper to buy a home than to rent. Problem is: the down payment. But the rental price each month is formidable.
This will work out as my Econ 101 professor predicted. Those who vote for it deserve the housing shortage and limited maintenance that they will receive. I feel sorry though for the decent people who will, as usual, become the victims of liberal policies.
Just wait until they start taxing ‘accumulated wealth’.....already taxed money, trying to earn interest. Socialism is alive and well in California
When landlords stop re-renting when a tennant moves out because of the regulations, then what will the snowflakes do?
Utterly predictable result of the way in which economics are NOT taught in our public schools.
Once the Cold War ended we stopped teaching why Socialism was NOT a good idea too.
Otherwise known as "a Democracy."
It is sad that we have let the State with the most abundant resources and the best climate, get taken over by a bunch of leftist loons and illegal immigrants. Oh well...
Move back to mom & dad's basement?
NYC has 75 year history of meddling with rents.
Result : 1%ers living on Central Park West in $10 million apartments for $350/month at same time some poor working stiff in Queens pays $3,000/month
> Move back to mom & dad’s basement?
We are downsizing, not only to make life easier in a smaller, lower maintenance setting, but to make resettlement by adult kids impossible.
Rent control will bring down those pesky property values/s.
Calls for rent control are a symptom of a housing shortage. Maybe if there were fewer Mexican nationals in California there would be enough housing for Americans in California.But the effect of rent control is to limit the quality of housing by inducing landlords to skimp on maintenance. You arbitrarily limit the rent which can be charged, you ineluctably limit the value of the property being rented. And landlords are not so foolish as to pay to maintain the quality of the property above the legal limit on its value.
And efforts to prevent landlords from reacting rationally to rent control simply drive the value of rental properties even lower.
Rent controlled buildings worked out so well in New York City in years past. The fiscally sound policy of the property owner was to “milk” the property, by deferring maintenance and declining to provide other services, while the practice of subletting by the designated renter for a payment much larger than the controlled level of rents.
Utopia! /s
The problem is, most people in CA don’t sell and relocate here to a “better” property because of punitive taxes on their new property. if they’ve been in their homes for decades they’re taxes are pretty low. But if they sell and relocate in CA, they’re punished by insanely sky high taxes.
This is just another reason why there is little or no housing available in the state.
Actually, that’s the last nail in the coffin for that place as far as I’m concerned. I really don’t think I’m going to go looking for products from CA if I can help it.
No kidding!
“We are downsizing, not only to make life easier in a smaller, lower maintenance setting, but to make resettlement by adult kids impossible.”
BOL! A couple in their mid to late 40’s just did what you noted. They moved from a 4 BR home to a barely 2 br home.
They have two very smart kids one is a senior in highschool and one is a Junior at Stanford.
However, both kids are or will be in IEDs, Instant Unemployment Degrees.
The adults have told the the youngest one, that her BR becomes an office for the parents as they will be working from home as soon as she starts college this summer or in the fall at the latest. When, the oldest one visits from college, he gets an air mattress and a sleeping bag. Their new home has 1.5 bathrooms versus the 3.5 before.
My wife couldn’t understand this. I pointed out that our adult children after college or trade school have only visited during holidays after a one or two night stay to gather their stuff after finishing trade school or college.
They some times plan a one day visit on a weekend day.
My wife belongs to two bridge groups an a bible study group with several other women her age. The group is divided with adult children that still live at home or are on their own.
These stay at home adult children are in their late 30’s or ealry 40’s. Most of these homes are not happy ones.
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