We’re cheering a bunch of rental properties being removed from the market?
Sure, some homes will enter the market for private buyers, so those doing quite well might have a slightly cheaper house but a lot are going to be sold to less scrupulous/more corporate landlords who feel they can extract more value, or in packages to developers.
I get it, we hate landlords hut this feels like cutting off one’s nose to spite the face.
Sure, some homes will enter the market for private buyers, so those doing quite well might have a slightly cheaper house but a lot are going to be sold to less scrupulous/more corporate landlords who feel they can extract more value, or in packages to developers
I actually think that buying a property to let it out should be illegal. There’s just no benefit to society to let people do that. And we don’t do that in other areas of business so why housing?
You’re not allowed to go and buy a bunch of Coca-Cola and then sell that Coca-Cola at a 40% markup while doing nothing to add value. It’s explicitly banned, if you do it with valuable enough products it’s called profiteering.
However I don’t necessarily see your point, why people giving up on being landlords is necessarily going to result in those properties being sold to other landlords, if they could still make money being landlords then surely they would keep at it.
However I don’t necessarily see your point, why people giving up on being landlords is necessarily going to result in those properties being sold to other landlords, if they could still make money being landlords then surely they would keep at it.
Think of most commercial properties: usually, when a business closes, another of the same type will occupy that spot. Generally the newcomer feels they can cut the margins enough to make a profit. (Often why you’ll see something family owned being replaced by a corpo chain version.)
As I noted, some houses will enter the private market but I’d expect the much more likely buyer to be a developer or corpo landlord.
We’re cheering a bunch of rental properties being removed from the market?
Sure, some homes will enter the market for private buyers, so those doing quite well might have a slightly cheaper house but a lot are going to be sold to less scrupulous/more corporate landlords who feel they can extract more value, or in packages to developers.
I get it, we hate landlords hut this feels like cutting off one’s nose to spite the face.
do you think these landlords are just gonna sit on empty homes? doing nothing with them?
As I noted:
I actually think that buying a property to let it out should be illegal. There’s just no benefit to society to let people do that. And we don’t do that in other areas of business so why housing?
You’re not allowed to go and buy a bunch of Coca-Cola and then sell that Coca-Cola at a 40% markup while doing nothing to add value. It’s explicitly banned, if you do it with valuable enough products it’s called profiteering.
However I don’t necessarily see your point, why people giving up on being landlords is necessarily going to result in those properties being sold to other landlords, if they could still make money being landlords then surely they would keep at it.
Think of most commercial properties: usually, when a business closes, another of the same type will occupy that spot. Generally the newcomer feels they can cut the margins enough to make a profit. (Often why you’ll see something family owned being replaced by a corpo chain version.)
As I noted, some houses will enter the private market but I’d expect the much more likely buyer to be a developer or corpo landlord.