Rent going through the roof

[DoggyDaddy]

It is NOT the proper role of government to be involved with "housing" of ANY kind. Not as far as building and funding "low income housing" at taxpayer expense. There is SO much the government does with taxpayer money that is NOT their role.

Especially when the eventual residents of said "low income housing" show no appreciation for it. That's been going on forever. I remember Dad (who was in charge of the part of Marion County Health Department's division that was in charge of condemning properties for unsafe living conditions at the time) commenting on it back in the 1960's. His view was that the people that took advantage of it would just tear the crap out of it and not keep it up, and that was and is true. When something is "given" to you, you have no incentive to keep it nice. You just move on to the next thing that is "given" to you. See any Section 8 housing project. Cabrini Green anyone?

 

[gregr]

Especially when the eventual residents of said "low income housing" show no appreciation for it. That's been going on forever. I remember Dad (who was in charge of the part of Marion County Health Department's division that was in charge of condemning properties for unsafe living conditions at the time) commenting on it back in the 1960's. His view was that the people that took advantage of it would just tear the crap out of it and not keep it up, and that was and is true. When something is "given" to you, you have no incentive to keep it nice. You just move on to the next thing that is "given" to you. See any Section 8 housing project. Cabrini Green anyone?

There once were a great many Christian charities, that helped people through the "rough patches". Some were "offended" by these Christian charities and didn`t want anything from them, or for them to continue to provide short-term help. Liberals hate "religion", and don`t want anything to do with it, and besides, government is their "god". They want government to provide everything from cradle to the grave. Plus, government provide literal generations of welfare. Not short-term to help people get through the rough patches, but generational squelching of incentive, personal accountability and so on. Again, it is NOT the proper role of government to generationally feed and house ANYONE. But yet, it`s happening because we don`t demand that government stay within the boundaries laid out by the United States Constitution.


In 1794, when Congress appropriated $15,000 for relief of French refugees who fled from insurrection in San Domingo to Baltimore and Philadelphia, James Madison stood on the floor of the House to object saying, “I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.”
-James Madison, 4 Annals of congress 179 (1794)

 

[pmbiker]

I just cashed out of a REIT about 6 weeks ago. I put in a substantial amount (for me) and doubled my initial investment in less than 3 years. I never felt good about how they made me money, which was part of why I got out. That, and the guy who brought me in advised that the risk for loss was starting to creep up. Between the prices about to reach critical mass and the likelihood of Fed interest rate hikes in the near future....I decided I was in a little over my head.

I also bought my own home just before the current pricing insanity. The agent I used emails me once a month or so letting me know how much money he could make me if I wanted to sell. No thanks, I'll keep my little farm.

 

[hoosierdoc]

It's not just homes, it's land also. At least that's who is buying up all of it around here. One group of Dr.s in particular

Group of doctors or a massive "not for profit" corporation that runs hospitals?

 

[Jaybird1980]

Group of doctors or a massive "not for profit" corporation that runs hospitals?

I'm not sure. It was bought by an LLC and all the farmers said it was a group of doctors buying up the land, I just figured they were familiar with them. Never looked into it as they passed my price range very quickly in the bidding.

 

[Ingomike]

It's not just homes, it's land also. At least that's who is buying up all of it around here. One group of Dr.s in particular

Well Obummercare ended doctor ownership of surgical centers and like so they are probably branching out with the cash they got for selling their practices…

 

[hoosierdoc]

I'm not sure. It was bought by an LLC and all the farmers said it was a group of doctors buying up the land, I just figured they were familiar with them. Never looked into it as they passed my price range very quickly in the bidding.

Ah, may be their own investment then. Seems to be the major hospital groups buying land

 

[BigRed]

It’s a bad deal and getting worse. I’d like to know more about the “investors” mentioned in this article:

Rents reach 'insane' levels across US with no end in sight

Krystal Guerra's Miami apartment has a tiny kitchen, cracked tiles, warped cabinets, no dishwasher and hardly any storage space. But Guerra was fine with the apartment's shortcomings. It was all part of being a 32-year-old graduate student in South Florida, she reasoned, and she was happy to...

wsbt.com

I hope it works out for that 32 year old student still working on finishing her graduate degree in marketing.

Something tells me she will have many difficulties ahead of her.

 

[SumtnFancy]

They bought the 400 acres behind me that was divided up into large parcels. They paid 3.5m for a 160 acre parcel, and paid the same rate for the others. I don't see them being able to sell it at triple.

The farmers pulled together and still didn't stand a chance at the auction.

That comes back pretty quickly when you sell a quarter acre lot for $100k. Tough for a family farm to turn down 3.5m, even tougher for inheritants not to give up inheritance.

 

[BigRed]

There once were a great many Christian charities, that helped people through the "rough patches". Some were "offended" by these Christian charities and didn`t want anything from them, or for them to continue to provide short-term help. Liberals hate "religion", and don`t want anything to do with it, and besides, government is their "god". They want government to provide everything from cradle to the grave. Plus, government provide literal generations of welfare. Not short-term to help people get through the rough patches, but generational squelching of incentive, personal accountability and so on. Again, it is NOT the proper role of government to generationally feed and house ANYONE. But yet, it`s happening because we don`t demand that government stay within the boundaries laid out by the United States Constitution.


In 1794, when Congress appropriated $15,000 for relief of French refugees who fled from insurrection in San Domingo to Baltimore and Philadelphia, James Madison stood on the floor of the House to object saying, “I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.”
-James Madison, 4 Annals of congress 179 (1794)

Maybe there would be less room for the state snake to slither in if the "church" was doing its job?

 

[Jaybird1980]

That comes back pretty quickly when you sell a quarter acre lot for $100k. Tough for a family farm to turn down 3.5m, even tougher for inheritants not to give up inheritance.

It's definitely not buildable. The 30ish acres that could be buildable if it had access to they didn't buy, and no one is going to pay that money for lots in this area.

 

[tbhausen]

There once were a great many Christian charities, that helped people through the "rough patches". Some were "offended" by these Christian charities and didn`t want anything from them, or for them to continue to provide short-term help. Liberals hate "religion", and don`t want anything to do with it, and besides, government is their "god". They want government to provide everything from cradle to the grave. Plus, government provide literal generations of welfare. Not short-term to help people get through the rough patches, but generational squelching of incentive, personal accountability and so on. Again, it is NOT the proper role of government to generationally feed and house ANYONE. But yet, it`s happening because we don`t demand that government stay within the boundaries laid out by the United States Constitution.


In 1794, when Congress appropriated $15,000 for relief of French refugees who fled from insurrection in San Domingo to Baltimore and Philadelphia, James Madison stood on the floor of the House to object saying, “I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.”
-James Madison, 4 Annals of congress 179 (1794)

And now it’s all done, not out of benevolence, but in pursuit of votes. To the detriment of our country.

 

[tbhausen]

That comes back pretty quickly when you sell a quarter acre lot for $100k. Tough for a family farm to turn down 3.5m, even tougher for inheritants not to give up inheritance.

Bring back the jubilee…

 

[bwframe]

What do we think will change the direction of this, short of a complete depression?

 

[tbhausen]

Difficult to say… I think it’s a problem that’s going to be with us for quite some time.

 

[Ingomike]

What do we think will change the direction of this, short of a complete depression?

I think so. Possibly when China convinces the rest of the world they are their friend and that the Chinese should run the worlds currency and to drop the dollar. I believe the only thing propping up the dollar is the Saudi insistence that oil be paid for in dollars. When that changes the world will immediately turn on the US and cozy up to China.

The US will fall into financial and mental depression the likes we cannot imagine…

 

[Ingomike]

Difficult to say… I think it’s a problem that’s going to be with us for quite some time.

We all pray it will…

 

[gregr]

Maybe there would be less room for the state snake to slither in if the "church" was doing its job?

You`re kidding...right? Liberals scream about their mythical "separation of church and state", I`m sure some here believe that myth as well. Satan is doing his work exceedingly well.

 

[armalitesheepdog]

There was a news story on this this morning on channel 8. Out of state companies are buying whole neighborhoods. My wife and I are considering moving but when you look online, the listings are 90% pending. The rest are so overpriced outta reach.
Might just have to add on/remodel.
Younger people will be priced out of home ownership. "You will own nothing and like it" The great reset at work.

 

[Nickbau5]

if I remember correctly, something like 60% of all home purchases in the last 2 years have been from Blackrock (to be specific) and various Chinese national (to be less specific) companies and then putting them up for rent. Homes that were previously owned by individuals, now owned by massive conglomerates renting them out. And I'm not even talking about Californians buying property over asking price, sight unseen, either.