Posted on 02/21/2022 10:54:11 AM PST by devane617
Krystal Guerra’s Miami apartment has a tiny kitchen, cracked tiles, warped cabinets, no dishwasher and hardly any storage space.
But Guerra was fine with the apartment’s shortcomings. It was all part of being a 32-year-old graduate student in South Florida, she reasoned, and she was happy to live there for a few more years as she finished her marketing degree.
That was until a new owner bought the property and told her he was raising the rent from $1,550 to $1,950, a 26% increase that Guerra said meant her rent would account for the majority of her take-home pay from the University of Miami.
“I thought that was insane,” said Guerra, who decided to move out. “Am I supposed to stop paying for everything else I have going on in my life just so I can pay rent? That’s unsustainable.”
Guerra is hardly alone. Rents have exploded across the country, causing many to dig deep into their savings, downsize to subpar units or fall behind on payments and risk eviction now that a federal moratorium has ended.
“ Also, I wonder if someone could clarify something for me. When a refugee is settled in the US, initially the federal government picks up the tab for everything. And they get a lot. I thought that there’s some type of sunset clause on that ”
I’d be amazed if uncle sugar ever cut off the cash to their favorite foreigners.
I might add that over the past year, only one or two of our condos been up for sale and they never even made it to the listing phase before being sold. It is worse than it was in 2005.
Maybe. But I’m pretty sure even he stops with the ones that have been here. He always seems to have new ones to pay for.
Like you, id like to know the answer on how they do that.
“$1,550 to $1,950, “
tHAT’S “NORMAL” here in Hollywood. So many moving trucks for tenants moving out, not in. The important note here is that there has been a FREEZE on increase since China virus appeared 2020. Moving out right now/this year has it’s drawbacks.
“It was all part of being a 32-year-old graduate student...”
What if they didn’t ask for it?
Only a moron would pay that kind of rent for a spithole. I live in S. Florida, and there’s a lot of pretty nice places for a lot less than that.
When I was 32, I already had two kids and was paying a mortgage.
Remember, landlords couldnt collect rent for almost 2 years.
Right? 15,000 Afghans going to Northern Virginia.
Which politician...or wife, son, daughter, or brother, owns large apartment complexes in that area?
Follow the money.
bttt
Rd later.
Back during the 2008 financial crisis a talking head on a news program said the new status symbol would be having a job; seemed a bit far-fetched, but I did believe at the time that having a full-time job with full benefits (health insurance, paid vacation and holidays, etc.) in the private sector would indeed be a status symbol - and for many people, that is where we are today. ObamaCare made this situation worse, and now we see the companies, rather than suck up the cost of the required insurance provided, have just dumped it on workers. This has rippled through the healthcare industry, as Americans put off treatment for many things due to the cost.
Most people can’t commit to mortgage payments due to employment uncertainty, and that helps drive up rents - more and more people aren’t buying homes.
“...more and more people aren’t buying homes.”
WRONG WRONG! I’ve never see the RE market like it is now. For Sale signs are a thing of the past because houses are sold before they hit the market.
One of my kids was telling me of 16% rent increase on kid’s apartment.
Increasing home prices, plus uncertainty of being able to collect rent, has probably led to many owners selling their rental properties to people who want to live in them.
A large extended family can buy a small multi family building and move in.
“What if they didn’t ask for it?”
They’re going to be dragged down unless there is change. If the pain is moderate, and it’s explained away by the media, everyone suffers. Shared misery is no misery.
However, if it becomes extremely painful, perhaps some of the sheep wake up, and some of those who didn’t ask for it will be more motivated to awaken those around them and be involved in which criminals get elected. Many of those who didn’t ask for it also weren’t engaged in the process.
Or, it all goes to heck, in which case, none of this matters.
In my area 99% of the buyers are foreign; I should have been more specific - young Americans are not buying homes. They don’t need them; they marry and breed much less. They just need pet-friendly apartments.
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