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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
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Landlords will complain every time any government, local, regional or national, attempts to regulate their bullshit, and plenty of people will rush in to take their side because they see themselves as temporarily embarrassed ghouls. Tax them to hell and back.
Even beyond that, there's little understanding of landlordism as a patronage system. "Oh, that person just saved up a bunch of money to buy a second property and then spends a lot of time and energy maintaining it, so they deserve a profit!" is just people regurgitating real estate propaganda.
You're not describing the lion's share of properties owned by hedge funds, wherein cheap access to low interest debt gives a handful of mega-banks and billionaires the ability to gobble up 40%+ of outstanding real estate. You're not describing the process of slumming a neighborhood through deliberate public-sector disinvestment, before forcing people out through petty fines and over-policing until you can snatch up the real estate on the cheap at public auction or estate sale. You're not discussing how red-lining and eminent domain can be used to shrink housing supplies by limiting who has access to which schools or public utilities. Or how tax incentives can be used to drain off public funds for profit-chasing private sector enterprises.
Even before you get into the delusional would-be landlord, you've got this enormous network of socio-economic back slapping and dick jerking that is fundamental to the creation of a landlord class that we simply don't talk about.