nykballa2k4 wrote:Neutral 123 wrote:nykballa2k4 wrote:
Lots to unpack here, but I will keep it brief.
a) this is circumventing rent laws, IMO there needs to be better action in place to protect renters particularly those on fixed income such as disability or retirement
b) yuppies simply mans young upper class. You make assumptions of how they got there. Could be their uncle is paying their way, it could be they have a good job, it could be generational wealth. It's not always going to be just the scrappy smart upstarts.
Judging by the totality of your post, I am assuming that you are pretty much just baiting here, so I don't think I need to respond to that last bit.
A) rent controls result in higher rent prices and often do it at the expense of the poor. In NYC wealthy people often end up in rent controlled buildings. People hang onto apartments for generations. Their discount is effectively subsidised by everyone else. A disgusting and unfair policy.
B) I have to address this generational wealth nonsense. What wealthy people pass on is the work ethic and skills to be successful. Any savings passed on to lazy, unskilled and irresponsible children will be eaten up very quickly. The ability to create your own wealth is what is truly generational.
These things can go hand in hand.
Renters are not the problem here, it's landowners. People who OWN the land, the building etc are sitting on appreciating assets. People who are renting are just that - renting. Spending money for borrowed time.
Rent control allows for landlords to collect rent and to beat inflation over time. It doesn't allow for them to maximize their earnings at the expense of a person just looking for stable housing.
I haven't blamed the renters. I am blaming the politicians who make things worse for both landlords and most renters. It wins votes and hurts everyone else. It sounds good, and sounds like they are doing something, but it doesn't work. It's simple, if you want lower rents, you must increase the supply. You increase the supply with less regulations, less waits for permits, less interference with third parties. The highest rents happen to be the places with the strictest rent controls. A coincidence? Of course not.
.