854
L.A. County wants to cap rent hikes at 3%. Landlords say that would push them to sell
(www.latimes.com)
this post was submitted on 09 Jun 2024
854 points (98.4% liked)
News
23267 readers
3061 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
This would driving down the cost of housing because of an increase in inventory. Sell them to whom? Other landlords? Or would it be workers?
I think I just found my latest political campaign
Private landlords would just sell to large corporate landlords who could profit with smaller margins.
Sounds like that should be blocked too.
There was a proposal about how there should be heavy fees if you own more than one house, which would solve this problem.
Great. That isn't going to happen and doesn't fix the initial problem.
Could, but typically refuse to.
And these corp landlords can choose to not rent any longer, let the property remain empty for the legal length of time and then start renting again at the new and more profitable higher rate.
I don’t know the laws in California, but isn’t there just a surplus of houses empty for this very reason? If you look at the numbers, they could be sitting on these houses and get low interest loans on the value, which earns higher invested interest elsewhere. Anyone squatting can get away with it because the company will just do the legal route and get more money from these people (even if it’s debt that just hangs over their heads for a while). The rich just keep getting richer…
I'm guessing landlords would just property swap.
Buy, evict, rent at a higher price
Yes, other landlords that can get new tenants for more money. If the houses just change hands every year, there is no cap since everyone plays musical chairs