Why are there no laws that landlords have to have income based rental properties?
All of the rentals in my area are priced so high that a single parent cant afford them unless they can get section 8 (which is now closed). Only a couple can afford rent.
I work two jobs- a full time job and a part time job- and still cant afford rent anywhere in my area!
Moving outof my area to the low income apartments would mean LOOSING my jobs... And theres NO jobs near that area.
If landlords want to make money, then they need to get REAL jobs. A tenant already essentially pays the mortgage.. The landlord is basically getting PROPERTY FOR FREE, while they take advantage of people who arent able to afford to save up for a down payment.
These slumlords also buy all the affordable houses on the market so they can rent it, and making it so NO ONE can get a house!!!!
I tried to find a roommate. The only people interested are those who have a history of not paying rent.
A less desirable area means LOOSING MY JOB and moving to an area where there ARE NO JOBS.
Actually, it isnt based on supply and demand. I know of rental properties in this area that have sat empty for months because the slumlord has it in his head that he can get twice what its worth.
Rental prices went up in this area about 10 years ago when there was TALK of fracking. Landlords expected to get oil field workers and raised rent prices.
Ok then.. How can I afford to live on my own IN THE SAME AREA WHERE I WORK?
"You're not entitled to housing".. Well no one is entitled to income either
I dont live in an expensive area... But landlords here THINK it is an expensive area, and rent prices are TWICE what they should be!
Tenents SUBSIDIZE the landlords!!!!
- Anonymous1 month ago
There are some laws in some areas that require landlords to offer low-income housing, often in exchange for tax breaks. If a landlord had to offer low-income housing, then a landlord wouldn't buy a property to rent out in a high-priced area because it wouldn't make any money, and could lose money.
I am a landlord. I work in a regular job, 60 hours a week, and took money that I worked hard to save and invested in rental properties. I didn't make much money at all; with a mortgage, taxes, repairs and costs of renting a property, rent barely covers all of that, and often does not.
I also own my home in a condo building in which a lot of apartments are for rent. My mortgage is about 50% higher than the rents charged for similar apartments in the building. If I wanted to be a landlord and rent out my home, clearly I couldn't charge 50% more than other landlords were charging for similar places in the same building, so in my case, rent wouldn't even cover this mortgage.
You hate landlords but landlords are people, too, who work hard. No way would I want you as a tenant.
- Anonymous1 month ago
Is there a LAW THAT FORCES YOU TO SPEND your money and buy STUFF? No, there isn't. It is your choice.
LL's will find out in short order that their rents are too high (as it is their income) so they HAVE TO ADJUST to the market.
- FLv 61 month ago
Blame the low interest rates manipulated by the worlds governments to make their borrowing super cheap.
It is pointless having money in the bank earning 1% or less when you can get a much better return renting out property.
So to be cruel but no one is obliged to subsidise you.
- Christin KLv 71 month ago
The simple answer to your question is that landlords, like any other supplier, are living in a capitalist society--where everyone who wants to can make as much money as they want to if they sell their product (or service) to someone who will buy it. That's what capitalism is.
When a landlord raises his/her rent too high, they simply will not get any tenants. That will eventually teach them that they can't do that. But it takes a while. They will have to go through many prospective tenants before doing anything about the high cost of housing. Just like any other supplier of goods or services, you can price yourself out of your market. Landlords are subject to this just like anyone else.
I'm not trying to be harsh with you--but you cannot condemn ALL landlords because you can't find affordable housing. It isn't easy even in a non-pandemic society. And landlords don't get property for FREE--they are spending money to maintain the property and they pay the taxes on it. That's not anyone's definition of free. Yes, the rent is supposed to pay the mortgage--but I've BEEN a landlord--and I've seen what tenants can do to a property you DID maintain--and the damage is usually going to fall right on that landlord's shoulders. So rents get raised because the people who CAN afford that rent are far less likely to damage your property. And when tenants decide they don't want to pay rent anymore, it costs money to evict them and clean up after them, and your property earns NOTHING while you are doing this.
Get a grip on reality. Landlording is a job like any other job--and it has its ups and downs, and it has its advantages and disadvantages. It's not "special" and landlords, even those who have high rents, are not getting freebies because they are landlords.
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- Anonymous1 month ago
actually, in my state there are laws. not for all landlords, but some new housing IN EVERY TOWN without affordable housing must have a percent set aside for 'affordable housing' in return the owner gets a tax break.
- SSP Bowl DudeLv 71 month ago
It was tried in NYC in the 70s and failed miserably. The apartments weren't maintained as the property owners didn't have enough rental income to do so, or the properties went coop or condo leaving fewer available places to rent.
- 1 month ago
It's not discrimination; it's pricing based on supply and demand.
- Coffee DrinkerLv 71 month ago
Let me flip your question -
Why SHOULD there be any laws forcing private citizens to allow a tenant to occupy their privately owned property at discounted prices? The way I see it each property is owned by a person or business (which is really just a group of people) who invested their own money into buying and maintaining that home. They should be free to do whatever they want with that home.
You do realize that "income based" properties are not just benevolent landlords that accept "whatever you can afford to pay" as rent. They are registered with government assistance programs and get paid by the government for the difference between what they could charge and what the tenant actually pays.
I'm sorry that you are struggling to make ends meet financially, but another law restricting landlords isn't going to solve your problem. You need to either find a way to earn more money, accept a cheaper & less desirable housing option (such as getting a roommate), or move to an area with lower housing costs.
- sunshine_melLv 71 month ago
Because that's not how the market works; they're running a business essentially.
- R PLv 71 month ago
True, it's discrimination, but not the illegal kind.
Landlords are running businesses.
Businesses don't stay in operation if they are not turning a profit.