Rent Control in Massachusetts

TLB

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Looks like Beacon Hill is thinking about interfering with private property rights again. There seems to be more and more discussion of reviving rent control in mAss. It was previously struck down statewide by a voter referendum in 1994.


What could possibly go wrong?
[banghead]

In the past, tall Devil has said it is not the right direction to go. Too bad we can't trust him as far as we could throw him.
 

CrackPot

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Rent control is definitely not an answer. That said I just left an apartment that was ~1,200 square feet that costed around $3,500. How thats a thing I don't know.
You paid it... Must have been worth it on some level.

Rent control causes shortages of affordable housing. Just look at the analysis of places with rent control. But actual evidence should never get in the way of what “feels” right
 

Dench

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Basic economics, supply vs demand.
I get that. This place was ~30% full. I guess they are waiting for enough people to eventually fall for it.

Another property semi near by recently had to slash prices, so that's good for a change I suppose. The prices are wildly high right now.

You paid it... Must have been worth it on some level.

Rent control causes shortages of affordable housing. Just look at the analysis of places with rent control. But actual evidence should never get in the way of what “feels” right
I don't live in this building I just had to go through it. I couldnt afford it, anyway. Not that I'd want to ever live in it.
 

Waher

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Housing costs too much due to regulatory friction limiting production of supply, so their solution is to add more regulatory friction that will reduce if not eliminate incentives for production of supply, further increasing scarcity and prices. Dumb power hungry commie shitbags and their looter enablers.
 

drgrant

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Rent control is definitely not an answer. That said I just left an apartment that was ~1,200 square feet that costed around $3,500. How thats a thing I don't know.
Loose lending, big cup region salaries and general market hysteria. Most MA shit dump cities don't allow for high density construction either to bleed off pressure.
 

drgrant

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I get that. This place was ~30% full. I guess they are waiting for enough people to eventually fall for it.
If it's cup region won't take long, if further away thats just bizarre. One of my customers just put up a building in Brighton the bigger apartments went for 5g a month. He filled the building in under 6 months. He's got another going up a hundred yards away I bet he will have that place filled by, at worse, October assuming he gets occupancy permits in springtime/early summer....
 

Dench

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If it's cup region won't take long, if further away thats just bizarre. One of my customers just put up a building in Brighton the bigger apartments went for 5g a month. He filled the building in under 6 months. He's got another going up a hundred yards away I bet he will have that place filled by, at worse, October assuming he gets occupancy permits in springtime/early summer....
If I had to guess it will fill up. It's geared towards people working in the city. Apparently the cash is flowing big time there now
 

Alien

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I’ll sell my multi then. I’m not making any money with it as it is. Was hoping to use it for retirement some day
I am completely against rent control. The govt wants cheap housing, they can buy it, maintain it, etc.

But to say you're not making any money? Equity?
 

BUMPA01603

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Rent control always leads to a situation wherein the tenant has more rights than the property owner. Fraud through subletting soon ensues and housing courts always take the tenants side.
 
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I am completely against rent control. The govt wants cheap housing, they can buy it, maintain it, etc.

But to say you're not making any money? Equity?
Well I’ll sure make out in the long run. Owning any property is a win. But I’m not putting any money in my pocket monthly.
 

LoginName

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Didn't help matters any the last time when the system was heavily abused.

It was a common sight seeing flyers posted offering $1,000.00 for any info leading to a rent controlled
apartment. Even the f***ing mayor of Cambridge at the time lived in a rent free unit. I had a cousin
that was making ok money (enough to pay market rate), and she was thrilled she had the opportunity
to move into a rent controlled place where the previous occupants were a lawyer couple.

Some people had the right idea though. I knew of a landlord that owned a 8-10 unit apartment building in Brookline, and
by law x number of the units were subject to rent control. His response was not to rent those units out at all.
He had rather take the full loss, rather than a reduced one if he complied with the BS.


Heard this on the way home. One of the Activists claimed "Housing is a basic human right."
And for some it even means illegally entering and occupying a residence in order to execise that right...

"Judge orders homeless women to leave house they’re occupying

Homeless women who are illegally occupying a house in the expensive San Francisco Bay Area do not have the right to stay and must leave within five days, a judge ruled Friday.

Alameda County Superior Court Judge Patrick McKinney previously issued a tentative ruling in favor of Wedgewood Inc., a real estate investment group that bought the Oakland property at a foreclosure auction last year.

Still, he allowed lawyers for one of the women, Dominique Walker, and her recently formed collective, Moms 4 Housing, to make their case. They argued that housing is a right and that the court must give the women the right to possess the house, especially because it sat vacant for so long and the alternative would be to send the women to live on the streets.

The judge denied Walker’s request to offer expert testimony on the right to housing through federal and international law.

“The court recognizes the importance of these issues but, as raised in connection with Ms. Walker’s claim of right to possession, finds that they are outside the scope of this proceeding,” McKinney wrote.

The case reflects California’s severe housing shortage and growing numbers of homeless people. Federal officials said last month that an uptick in the country’s homeless population was driven entirely by a 16% increase in California, where the median sales price of a home is $500,000 and is even higher in the San Francisco Bay Area.

The women and their children moved into the three-bedroom house in November, partly to protest the methods of speculators who they say snap up distressed homes and leave them empty despite the housing crisis."


more... Judge orders homeless women to leave house they're occupying
 

MisterHappy

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I am completely against rent control. The govt wants cheap housing, they can buy it, maintain it, etc.

But to say you're not making any money? Equity?
You make your money when you sell it, if the market allows you to. In the interim, you're watching the roulette wheel spin. Over time, will you make money on real estate? Probably. But think back a few years, at all the under-water houses that were not selling. Unless they did, and the owner took a loss.

Two houses on my street: house A sold in three days. Boom. The house next door sat for 9 months. Because they listed six months later. In the interim, they'd moved, so had to cover two houses.

A while back there was a debate on the radio between a " fair housing" person and a developer. The developer said that their goal was to make a 4% annual return on their investment. Fair housing person thought that was too much. Developer said, "OK, you build a building, and do it for no profit."
 

Roland Deschain

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You make your money when you sell it, if the market allows you to. In the interim, you're watching the roulette wheel spin. Over time, will you make money on real estate? Probably. But think back a few years, at all the under-water houses that were not selling. Unless they did, and the owner took a loss.

Two houses on my street: house A sold in three days. Boom. The house next door sat for 9 months. Because they listed six months later. In the interim, they'd moved, so had to cover two houses.

A while back there was a debate on the radio between a " fair housing" person and a developer. The developer said that their goal was to make a 4% annual return on their investment. Fair housing person thought that was too much. Developer said, "OK, you build a building, and do it for no profit."
4%.... what a capitalist PIG
 

MisterHappy

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It is a right that's why cardboard boxes are free
Yeah....I think they were aiming a bit higher. Probably an ocean view in Boston, on someone else's dime.

Time was, housing became too expensive, and people migrated. I'm surprised that all the companies are opening in overpriced Boston, instead of going to Springfield, and being heroes for redeveloping a depressed area.

Now, people want what they want, where they are, and right now. Oh, and for free.
 

RHJJ

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If you cant afford Boston rent there is plenty of rentals you can afford in Brockton, Fall River and New Bedford. Push this too far and history will repeat itself and the apartment becomes a condominium.
 

PennyPincher

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Rent control is definitely not an answer. That said I just left an apartment that was ~1,200 square feet that costed around $3,500. How thats a thing I don't know.
easy, look at what it costs to buy wherever that apartment is. figure out mortgage, taxes, insurance, maintenance. It all adds up. then, you know, the person who owns the apartment has all that plus advertising, legal fees, accounting fees, tax prep, etc and probably would like to be able to make a few bucks at the end of the month for the time they spend on making sure all that stuff gets done or for doing it themselves.

We started renting 6 years ago out of necessity (financial hardship). Since then we really love it. It allowed us to pick up and move to get my husband quality and stable employment, better weather, etc. Where we live now we decided to only rent as we are "close" to retirement and don't want to get stuck with a property in an expensive location in a down market. plus, we have no maintenance costs. But we value our time and we can always move to a smaller place if we want to save money or move to a different nearby city or neighborhood.
 
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