Can the Renters stop renting or are they stuck for life ?
Just wait until all those rental complexes and condos are mandated to install EV charging facilities, upgrade all appliances, and adopt other environmental mandates.
What a lousy market to be a landlord.
Sell and get out!
And what about property taxes? Do those stay static?
Do the property taxes go down as the value of the houses increase?
Between Taxes and Insurance. Getting bad renters and evicting non paying tennants. Going to be hard to be a landlord as a business.
Oh, gee.
Rent Control. That’ll fix the problem. For sure.
I guess they have never read Thomas Sowell’s book “Basic Economics: A Citizen’s Guide To The Economy”.
Trying to build a house in SoCal, specifically Los Angeles County is a monumental affair. First it will take a Minimum of 1 year to get any initial permit, during which time you can expect to spend a minimum of $100,000 Dollars trying to satisfy the building dept. If you are lucky and have a good expediter you should be on the way in 1 1/2 years. But that is just the beginning of the nightmare. You should expect to spend another $200,000 in misc crap over the next 3 years before you get your Actual Building Permit.
In other words:
If you plan on building your own home in SoCal, go out in the backyard with $100,000 in CASH and LIGHT IT ON FIRE FIRST, just to get warmed up for what is to come.
Rent control is the government unjustly interfering in a private transaction between an owner and a renter.
The government does not have to right to set rental rates. If it takes that right, it proves by that very fact that the country is no longer in a free market economy.
These lefties who promote rent control never, ever accept the consequences of such actions - fewer rental units.
In SoCal, 80% of rentals are owned by “mom and pop” outfits - who are busy selling out to developers as quickly as possible due to rising costs, rent control mandates, people living rent-free for years due to COVID restrictions, exorbitant taxes, fees - owning rentals becomes untenable.
The developers, buy up the properties, come in - they know how to get around all kinds of restrictions - kick out the renters, renovate the units and turn them into pricey condos WAY out of the former renters’ ability to pay.
Gov’t cannot take control of someone’s property.
This should be in court asap.
Do they now...