• JohnDClay@sh.itjust.works
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    1 year ago

    Best case scenario, rent is low and only covers taxes and building upkeep. Then you’re essentially getting a zero interest loan since property is valuable and it’s being loaned for free.

    • BonesOfTheMoon@lemmy.worldOP
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      1 year ago

      Rent is obscene virtually everywhere. Rent should not preclude someone from saving money towards owning their own home, and it really does.

      • Hot Saucerman
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        1 year ago

        Also, the available, functionally livable land is going to quickly get smaller with climate change. So the more viable land is hoarded, the more people are pushed into desperate and bad living situations. (For example, who are the people with homes on coastlines affected by rising sea levels going to actually sell their soon-to-be-underwater property to? Won’t it effectively be valueless under water?)

        https://www.semafor.com/article/11/02/2022/climate-change-alters-way-of-life-in-michigans-upper-peninsula

        Michigan’s Upper Peninsula is being gentrified because it’s an area least likely to be affected by climate change. A lot of the mega-rich are buying property around that area.

      • JohnDClay@sh.itjust.works
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        1 year ago

        I don’t disagree. Obscenely high rent is common and bad. That means the interest on the loan that you are getting is extremely high. The solutions would be subsiding it by government owned housing, allowing new housing (especially high density) to be built, and discouraging people from living in cities. I think we should do both the first two.

      • Maalus@lemmy.world
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        1 year ago

        Shoulda coulda. Owning a property you rent out isn’t “free”. You do have to work on it too, you still have to fix stuff, small and big, or pay others to fix it for you. You are shelling a lot of money for something that will bring you more money from rent in 15 years or so.

        The issue isn’t with a family renting out their old flat to people, or building a box of flats with their retirement money. The problem is huge corporations owning every single flat in a city, or huge corps building all the houses and having insane prices.

        • Hot Saucerman
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          1 year ago

          The issue isn’t with a family renting out their old flat to people, or building a box of flats with their retirement money.

          It actually is the issue if they can’t actually afford to manage/maintain the property. Maybe it’s not their fault they’re a slumlord, but they made a choice to use a property as a rental, and if they can’t keep up with upkeep… that’s on them.