return2ozmaBiden to call for 5% cap on annual rent increases, as he tries to show plans to tame inflation
SteveTreating the symptom.
Okay I guess. I’ll get excited when I see a plan to treat the disease.
Okay I guess. I’ll get excited when I see a plan to treat the disease.
SirDerpyNot even. Can’t charge more for rent when it’s already max out against income. It’s a place o that’ll have zero effect. Don’t get too excited about a “plan”. This is the plan.
What world are you living in when they can’t raise rates too high for your income level? Not the one the rest of us are living in.
The vast majority of individuals must be able to afford to house, feed, and cloth themselves, as well as travel to and from work. If not they will riot. This is bad for economic growth, the mandate of capitalism. It’s particularly bad when the market is still significantly inflated relative the economy.
It’ll never be written into law. However, Biden’s proposed rent caps under projected inflation, signifying rent has fully saturated its allocation of income. Housing began balancing systemically naturally, human sellers drying up. Landlords have no obstacles.
I live in a world of nuance. The rent sucks.
Historically that’s actually not what causes people to riot. The slow chipping away actually almost never causes riots. It’s the immediate stripping of a right or privilege. Look back at history that’s how it Works nearly every single time. You’re basically making the same argument people who you sanctions as a political tool make. That if you keep making life shittier and shittier and shittier slowly the people will riot. Doesn’t work.
If you look at history, the last half century is far from “slow chipping away”.
The last half century of political sanctions? What does that even mean? I feel like you were trying to be clever and you lost the point somewhere. If you ever had one.
I responded to the part that wasn’t strawman with a response of equivalent quality.
Why do you expect more than you give?
I would expect a coherent thought but after four comments you haven’t given one once.
Read more books.
Best of luck.
There’s no reason to get excited at all. Biden can call for it, but Congress has to write and pass the legislation. Republican House majority won’t let that happen.
Vote in November.
SamiThat translates into rents doubling in less than 15 years
Good thing wages are going up!
Where I’m at it’s indexed to inflation (but circumvented by evicting renters then raising rates illegally like someone else mentioned). Setting a target higher than the target inflation is mostly symbolic. Outside of specific situations like Covid, it is not likely to change much materially at 5%.
Well mine went up 28% in a year so I’ll take 5%
treadfulAs if would ever last the captured supreme court.
Would be good if he coupled it with a promise to stack the Supreme Court
Cool, my rent is still 70% of what I make in a month. It’s almost like it’s already too late, but I’m poor and uneducated to be an expert. Got any other ideas?
IrremarkableThe best time to do it was any point in the last 100 years. The second best time is now.
That assumes the perpetual increase of property value, outpacing median incomes levels in many places, is infinitely sustainable.
In my city, housing costs represent over 100% the national median income. Of course urban median incomes would be higher than the national median, but when reviewing the history of this metric, the bank economist’s quote was, it’s never been as expensive to own a home anywhere, anytime in my country as it was in my city Q4 2023.
Really tough to accept that it’s only going to get worse and that there is no breaking point on this cycle.
Move to another country
If only it were that easy I totally would. Trust me I’ve tried looking into it before.
sigmaklimgrindsetI don’t think people realize how hard it is to move and obtain legal residency (never mind citizenship) in another country. The United States is actually one of the easier places in the world to do so, and look at how hard THAT already is.
You don’t need citizenship, only residency. Lots of places it’s not that hard, and it’s significantly cheaper to live. Adjust your expectations or appreciate what you have
DominusOfMegadeusHow long do you think you can stay without citizenship?
Indefinitely if you have residency?
Do your boots have straps?
And then roll it back to 2016 +5%
Woah, an actual campaign promise? Maybe the Dems do want to look like they’re trying after all.
If Democrats kept their promises we’d have codified Roe, have free healthcare for all, and literally no one would carry student debt but those that haven’t yet had time to graduate.
Rent’s max’ed against income. The rent cap they’ll never deliver doesn’t even effect change.
If Republicans kept theirs, we’d be living in a christofascist, ultra-capitalist, white ethnostate.
We’ve got this instead. Behold the power of compromise.
It’s not compromise. It’s just turning right. They’re just arguing about how fast and which corporations should get the money.
Timely.
robocallLet’s build a million new homes and sell them to people that don’t currently own any homes.
PugJesusLet’s build seize a million new homes and sell them to people that don’t currently own any homes.
FTFY
Fuck these ogres hoarding real estate.
AurelianDoesn’t help if there is housing available but it’s 3 hours from where my work is :/
There’s no shortage of homes in the US. They’re just being hoarded for their increasing value.
BlackmistI don’t believe that is the case. There is no value in letting a property sit empty accumulating value, when it could be doing exactly that while pulling in a hefty monthly rent.
It may well be the case that there’s enough homes empty to house everyone, but only if they’re happy to move somewhere they don’t want to be, and where there’s no jobs to pay for them.
renters bring risks. if the home is on the market, they also make it a half to sell
Eliminate zoning and force cities to build up. Nobody wants a house in the middle of nowhere
This guy is clearly not scared of "crime"
Edgelord
Please expand on what you mean.
For context, I live in greater Boston. The state here has actually forced towns and cities in the inner belt around Boston to remove their zoning laws anywhere within a mile of a train or subway stop. Thousands of additional condos and apartments have been (and are being) built as a side effect and we will have dozens of new squares with shops and businesses on the ground floor surrounding our transit hubs.
It’s not been smooth. Some towns are suing the state and doing other random bullshit to slow the process. Pushing these rules to the federal level would actually help states and metro areas consisting of multiple connected cities address the issues more efficiently.
Where I live we’ve had a 4% cap for a long time. It just means tenants get evicted. It’s illegal, but the procedure to after landlords cheating the system is so grueling and adversarial, it puts justice beyond the reach of many victims. I can only imagine this being even worse in the US.
If this caps rent even if the tenant changes it’d be something. I don’t see how this passes an R house or gets through the “moderate” Dems in the senate.
I don’t see how a national rent cap survives even the most liberal courts either.
It’s not a cap on rent it’s a cap on raising it. Not much different than setting interest rates imo. I don’t know enough law about it but at least it’s an attempt? There’s a lot of talk here about how it doesn’t solve the underlying problem but I don’t see people providing another solution.
I’d like to see property taxes increased with more single family homes owned. Let businesses keep the apartments let homes become a place to live and not an investment though.
The problem is rent isn’t interstate commerce. There isn’t a way to justify that there is a national mandate for this, it’s a matter left to states.
As for property taxes, many states already do this with exemptions for a primary residence that reduces taxes.
I’m talking about increased taxes for each additional home so that owning more than 2 or 3 homes becomes financially unviable. This causes an incentive to sell if you own a lot and prevents someone wanting to own a lot in the first place.
It’s certainly an essential piece of the puzzle, but without the other puzzle pieces it is only going to have a minimal effect and is easy to abuse. Better than nothing nothing though, it won’t be a wasted effort if it passes, it won’t fix anything but it will help people out here and there.
We have rent stabilization in nyc (for some buildings). It caps the increases, and landlords are obligated to renew your lease if you want to unless you violated it in some serious way. In returnfor haveing a building stabalized, the landlord gets tax incentives.
TheDemonBuerI suppose he has to do something to signal to voters that he’s going to try to fix the housing affordability crisis, but this is pretty meaningless. But, what can he say? The truth? That the housing crisis is an extremely complex problem that will take decades to fix? Probably not going to go over very well.
How is this meaningless?
Well, for one, it almost certainly won’t pass. So the chances of it becoming law in the first place are pretty low. But even if it were passed, I think it would be difficult to enforce. Even if it were enforced, landlords would just hike the rent 4.99% every year.
Not to mention that unless wages also rise by 5% per year, which mine haven’t recently not sure about others, then it’s still unsustainable for renters.
4.99% is way better than the 50% my previous landlord tried. You can always vote Republican if you want. See what they’re going to do for you.
You can always vote Republican if you want.
No thanks.
Not allowing landlords to drive people into homeless on speculation and greed is a good first step to solving the very complex problem that will take decades.
niftyThat the housing crisis is an extremely complex problem that will take decades to fix?
No? There’s currently on cap on single housing investments, and at the very least private equity needs to be banned from buying housing in any form.
God this is embarrassingly lame.
3 years of absurd rent prices and we are just now seeing legislation, wonder why…