Why is rent so high and not illegal?
I live in the Bronx and i pay $950 for a studio apartment (one room w/kitchen and a bathroom).
I've wondered about this and have concluded that it's nuts. Rent is not an investment or anything, money you'll never see again! As if we don't have bills to pay, the rent has to be a giant portion of our monthly income (as if the taxes weren't enough). WHY IS THIS LEGAL?? Did somebody sit around one day and say "Hey, we should charge people to live in our building monthly and let's make it something nearly in the 4 digits."
WTF! What is wrong with society? Why would we tolerate this stupidity?
- King ELv 68 years agoFavorite Answer
It's the same age old problem of GREED. Rent and housing has gotten way out of hand while my salary has stayed the same. Gas prices are no exception as well. Oil company's with record profits while we suffer at the pump. I doubt there will be any changes because the politicians are also Greedy and will side with the land owners. Around here a simple 2br apartment that rented for 195 a month in the 80's in now 795 a month while in the 80's I made 15 and hour and now make 16. That just dosen't add up.
- bad girlLv 78 years ago
Buying investment real estate is very expensive, as follows:
1. Larger down payment than buying a single family home.
2. Taxes, insurance and maintenance are very high.
3. Lender will disallow 25% of estimated rental income due to vacancies.
4. Much higher rate of interest on investment property mortgages as opposed to single family home.
People who buy income property are trying to provide for their retirement. Personally I had to work a job and a half and every weekend and spare hour renovating in order to buy rental property.
I can only advise you to get a second job, save every penny and buy your own home. You will still be paying plenty but one day it will be paid off.
Common wisdom: The only place you can live free is in jail.
- HeidiLv 78 years ago
It's legal because the government is not in the business of telling people how much they can charge. It is a free economy, and the property owner will charge as much as people are willing to pay. If you move out, someone else will take your place immediately, probably for more money.Source(s): $1600/mo one bedroom in Orange County, CA
- TonyLv 78 years ago
then buy your own place