I mean I guess if it takes you most of your life saving up to buy a house to rent out, but thats not really what we have now we have all these equity firms and stuff
Who got that landlord money?
Submitted 1 day ago by n7gifmdn@lemmy.ca to memes@sopuli.xyz
https://lemmy.ca/pictrs/image/381a5863-0b91-4e79-98cd-572d4dc43fb1.png
Comments
xylol@leminal.space 1 day ago
jaybone@lemmy.zip 1 day ago
This is the real problem. People on Lemmy like to lump “landlords” into this one big group. If someone buys a second house as an investment property and rents it out to cover the mortgage and if fair and responsible to the tenants, I don’t see why that’s a problem. They could have put the money in a brokerage account in stocks. Then some equity firm buys the house instead. The renter rents either way. But in the first scenario the property still belongs to members of the working class. In the second scenario it belongs to the equity firm, slowly eroding middle class residential ownership, and if that continues soon all property will belong to corporations rather than individuals.
Also no one person owns a large scale apartment complex. Pretty sure those are all owned by corporations.
And that’s really why people should be upset. Not uncle Bob renting out his in-law unit so he can make a few extra bucks. (What’s he supposed to do, let it sit unoccupied when that’s housing someone could use?)
AntiOutsideAktion@lemmy.ml 1 day ago
If you’re making passive income from someone else’s labor by leveraging the fact you own the basic necessities of survival, you’re not in the working class. “Lemmy” lumps landlords into one big group because there’s literally zero difference in the fundamental relationship. Mom and Pop landlords aren’t better than small business tyrants and the exact same bullshit is spread around defending them.
spoiler
Tell me you expect to inherit your parent’s house without telling me
bluesheep@sh.itjust.works 1 day ago
What’s he supposed to do, let it sit unoccupied when that’s housing someone could use?
Letting it sit unoccupied? How about not hoarding basic necessities and at the very least sell it instead of letting it “sit unoccupied” because he can’t make a quick buck over the backs of the working class?
dangling_cat@piefed.blahaj.zone 1 day ago
More like you spend most of your life savings to buy a house, but you can only afford it in a rural area, and the mortgage is so high that you require to rent a room out for like $3000 to even it out, and nobody is willing to pay that much for a room.
chocrates@piefed.world 1 day ago
In Madras fucking Oregon houses in town are going for $500k. What insanity is this?
shalafi@lemmy.world 1 day ago
Back in the 90s I’d get rejected by landlords if my take home wasn’t 4x the rent.
outhouseperilous@lemmy.dbzer0.com 1 day ago
Get rejected now for less than 3x.
FinalRemix@lemmy.world 1 day ago
No, that’s illegal. They’re pushing through legislation to scoop up the homeless and throw them in the camps, too.
chocrates@piefed.world 1 day ago
In the 2010's it was down to 3x. Are the kids being asked to pay more than half their income for rent?
Zangoose@lemmy.world 1 day ago
According to recent data from NYC (pretty expensive example but still) the rent-to-income ratio (median yearly rent / median yearly income) is ~55% citywide but up to 80% in the Bronx (which has the lowest income of the 5 boroughs)
Nanook@lemmy.zip 1 day ago
Atropos@lemmy.world 1 day ago
You wouldn’t download a house
taiyang@lemmy.world 1 day ago
The fucked part is to buy a house, there’s a debt income limit because nobody thinks you can afford the payments otherwise. That limit is much lower than 2/3, a bit under 1/2 when I bought (and we were forced to buy points to lower interest to get the payment there, which could have been down-payment instead).
It’s all very fucked.
n7gifmdn@lemmy.ca 11 hours ago
I was amazed how much “financial advisers” claim I can afford to pay for things like housing. Like you are absolutely nuts that I’m going to pay 50% of my income just on a place to sleep.
taiyang@lemmy.world 10 hours ago
We manage at 50%, but we don’t have car payments or student loans and the alternative, renting, is much higher. With a mortgage, you also get equity and pay down principle, so it’s not just a place to sleep. It’s like 25% to bank and 25% into nonliquid savings.
Renting at 50% or higher is a full loss, though. And honestly, if you have plans to travel, have kids, or just expensive hobbies, it really eats into your ability to fucking live your life.
ZILtoid1991@lemmy.world 1 day ago
How else those poor landlords will be able to afford a Porsche SUV? They can’t just own only a mere BMW or a Mercedes!
roguetrick@lemmy.world 1 day ago
Landlords getting you to pay off the mortgage. Banks getting landlords to take the risk of failing mortgages to pay off low interest central bank loans. Central Banks using your economic activity to issue loans that entrench the powerful. What a system of extraction.