Like running for Student Council or Class President and promsing free pizza and ice cream everyday.DannyDuberstein said:
Libs truly have the minds of children. This will just lead to less affordable housing available. Price controls of any sort lead to less supply. Period. And less supply leads to…. anyone, anyone?
So instead of holding rent steady for a few years when inflation isn't out of control and they know what their costs are going to go crazy one year to the next, they'll just raise it 5% every year to cover those once every 5-years out of control costsC@LAg said:
Biden's plan which would need to be approved by Congress calls for stripping a tax benefit from landlords who increase their tenants' rent more than 5 percent per year, the people said. The measure would only apply to landlords who own more than 50 units, which represents roughly half of all rental properties, the people said. It wouldn't cover units that have not yet been built, in an attempt to ensure that the policy does not discourage construction of new rental housing. The people spoke on the condition of anonymity to describe a proposal that isn't yet public.
C@LAg said:
Yes, "rent control" is an exaggeration, but this does put artificial barriers onto the rental process and serves the same purpose by punishing landlords and mgmt companies by preventing them from maximizing their revenues streams and interfering with their business operations.
I get the property tax appraisal issue - that's broken.Burdizzo said:Quote:
Biden's plan which would need to be approved by Congress calls for stripping a tax benefit from landlords who increase their tenants' rent more than 5 percent per year,
Meanwhile Texas law puts a cap on property tax appraisals at 10%.
Good luck, Mr. Landlord, capturing that 5% deficit from your tenants.
The 5200 Acres said:
Apartment owners in several jurisdictions in Texas have seen their property taxes double in a year due to higher appraisal district valuations. They've also seen property insurance climb 40% to 50% in a single year even with deductibles that have risen from 1% to 3%. The inability to pass those costs on to tenants will disincentivize more construction.
Multi-family real estate is one of the most price competitive markets around. The market will punish those that try to "price gouge".
If you want lower apartment rents, you need to incentivize more construction/supply. Rate increase caps do the exact opposite.
More unadulterated pandering by the Biden campaign
dmart90 said:I get the property tax appraisal issue - that's broken.Burdizzo said:Quote:
Biden's plan which would need to be approved by Congress calls for stripping a tax benefit from landlords who increase their tenants' rent more than 5 percent per year,
Meanwhile Texas law puts a cap on property tax appraisals at 10%.
Good luck, Mr. Landlord, capturing that 5% deficit from your tenants.
Not in favor of rent control, and I'm not a landlord, but explain to me why a landlord should get a tax benefit for raising the rent more than 5 percent per year? I'm missing that logic...
BuddysBud said:The 5200 Acres said:
Apartment owners in several jurisdictions in Texas have seen their property taxes double in a year due to higher appraisal district valuations. They've also seen property insurance climb 40% to 50% in a single year even with deductibles that have risen from 1% to 3%. The inability to pass those costs on to tenants will disincentivize more construction.
Multi-family real estate is one of the most price competitive markets around. The market will punish those that try to "price gouge".
If you want lower apartment rents, you need to incentivize more construction/supply. Rate increase caps do the exact opposite.
More unadulterated pandering by the Biden campaign
If I read it correctly in OP, new construction would be excluded. It almost looks like it forces new construction and older units would be abandoned. Imagine thousands of empty decaying apartment complexes in your neighborhoods. With Biden I am sure that it only applies to construction done by union workers.
You would end up with a lot of empty complexes and a lot of unnecessary building of new units in open spaces. So much for the 'E' in ESG.
C@LAg said:the E stands for emptyBuddysBud said:
You would end up with a lot of empty complexes and a lot of unnecessary building of new units in open spaces. So much for the 'E' in ESG.
You see tents.richardag said:
Unintended consequences, we would see a lot more of this
If the President's idiotic plan succeeds.
You could do what Austin did... increase property taxes to pay for low income housing.aggieforester05 said:
The best way to keep housing affordable is to quit voting for Democrats.
The first lesson of economics is scarcity. There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.IceAg22 said:
Do your children a favor and have them read Basic Economics by Thomas Sowell. Then you can talk to them about how stupid ideas like this never work. I wish more people read books by Thomas Sowell, but here we are.
This.CS78 said:
Owners will sell and get out of the rental business. Those that can't afford to buy will end up in the new government housing complexes. Right where they want you. .
It's in the same section as the ones detailing Presidential Powers providing the President the ability to wipe out debt between a private citizen and a private business.bonfarr said:
How is this Constitutional?
Not for commercial which multifamily falls under. Properties that saw 30%+ revenue growth over the last 5 years likely are looking at NOI flat to slightly up right now due to taxes, insurance, and inflationary rising controllable expense like labor, administrative costs, R&M, and contract services.Burdizzo said:Quote:
Biden's plan which would need to be approved by Congress calls for stripping a tax benefit from landlords who increase their tenants' rent more than 5 percent per year,
Meanwhile Texas law puts a cap on property tax appraisals at 10%.
Good luck, Mr. Landlord, capturing that 5% deficit from your tenants.
For the first time, I find myself starring your post. Bravo.Old McDonald said:
rent control is pants on head re******
houston and austin had rent decrease over the last year by employing the crazy and never before heard of strategy of building more housing. this isn't hard.
Burnsey said:
Somebody explain the tax break at issue here…I don't support Biden's idiot idea. Just want more info.
Probably more to do with getting rid of the tax benefit that Trump's opportunity zones offered.BusterAg said:Burnsey said:
Somebody explain the tax break at issue here…I don't support Biden's idiot idea. Just want more info.
It's not perfectly clear from the article, but Biden had previously kicked around the idea of eliminating the affordable housing tax credit unless there was a 10% cap on increased rents company wide.
I'm not sure this is the same tax break, but if not, I imagine something similar.
Terrible idea, imo.
Exactly. It's a load of commie crap. Why is the Fed Gubmint involved in the rent I pay for an apartment?bonfarr said:
How is this Constitutional?
HalifaxAg said:
Restructure your leasing contracts on a per-resident basis or do it like Spirit airlines with upcharges for everything.
more people in the unit = higher rent
you want a refrigerator = you're renting the fridge from me
you want multiple bathrooms = higher rent
assigned parking spaces = higher rent
pool usage fee
mailbox fee
pet rent
higher or lower floor unit = higher fees
more than 1 way to play the game, but I'd rather not make adversaries out of my tenants...
just another socialist idea to destroy community
