this post was submitted on 26 Sep 2024
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Rent is really the worst out of all of them. Everything else, you're dealing with questions of production, supply, optimal price points, fungible commodities, substitute goods, etc. Housing? It's land. Non-fungible. It's agonizingly slow to create, the people who get the money from landlording are generally not the ones involved in funding increased production, there's no 'substitute good' available for having a roof over your head, and the only form of 'competition' is to do literally what everyone else is doing.
It's just a racket, with no real economic justification for how fucked it all is - just a political/social one that boils down to 'It makes some people rich, and those some people have outsized influence on policy'.
My favourite is when an old building raises prices to closer match new buildings. The property tax didn’t go up that much but now the same complex is renting units for twice as much as only a few years ago? The price they paid for the building didn’t go up so how are they justifying hundreds more per month as if anything has changed?
It’s not even starting to be hidden, it’s just straight theivery.
Ok I don't understand everything about American property stuff, but Luis Rossman explained it in a video.
Basically if you have a building as your asset in your portfolio then it's value is determined by it's rent. (independent of the fact that no one is renting it for that price) so because lowering the rent would lower your value at the bank, nobody is lowering the rent. And many buildings are empty and cost money, but they can't lower the rent, because it would lose them much more money. And the selling prices increase also because number must go up.
Well that’s super broken what the fuck.
Also I hate every single person who buys a house or whatever for x amount, watches it jump to 3x, and then bitches and moans that they’re “losing” money when the value threatens to go to 2.5x. Like, you GAINED money!