When I was a child, we were warned that this is what communism would look like. It appears that this is what capitalism looks like in 2018. The lives we dreamed of for our children are draining away into the pockets of a small number of billionaires.
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Real estate industry mag: There is an "oversupply" of apts, so they're no longer building. "Oversupply" means not enough people able to pay the rents, even if they need the housing. They will not build apartments that regular people can afford.https://www.nreionline.com/multifamily/apartment-permits-us-hit-two-year-low-glut-rising-costs …
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The lack of affordable housing is not primarily caused by zoning issues or bureaucratic permitting. New construction is aimed at highly compensated people because that's where the big money is made. The market simply does not create housing that most people can afford.
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$1,400 a month?!
In the 90s a room in Venice rented for $500
YES ON PROP 10! YES ON RENT CONTROL!
*Opponents of Prop 10, primarily landlords, have contributed $62.4 million to defeat it.http://www.latimes.com/politics/la-pol-ca-usc-latimes-poll-rent-control-housing-20181019-story.html … -
It is absurd that there are no limits on rents. The argument against LOCAL rent control is that developers will not build housing, if they can't jack up rents. They'll go elsewhere. However, if we had NATIONAL rent controls, those who wished to build in the US would accept it.
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Yes! I co-led fight in Seattle 35ish years ago, won a "Housing Preservation Ordinance." To demolish housing, had to build/include or pay into fund to build affordable housing. Ten years later, State Supreme Ct. ruled it unconstitutional "taking" w/o incentives. Incentives work.
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As someone currently attempting to live in Seattle, thank you for trying. Even if it wasn’t a long term fix.
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Out of curiosity, what is the land value and property tax for these places. Rent control can only work if taxes are also fixed at a value proportional to the rent.
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Actually, rent control does not work that way. It's always permits the property owner to increase rents based on cost increases, including taxes.
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Work, sleep in a pod, work, sleep in a pod. What a life!
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Work being: toil to enrich someone else, and then spend over half your salary to sleep in a bunk bed in a room full of at least 7 other people, save no money for yourself, never advance; your privation is more money in the billionaires' pockets.
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Flop-house. Doll it up all you want but that is a flop-house.
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Came here to say this exact thing. Labor history education in the US is practically nonexistent or everyone would see this for what it is.
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It's called warehousing the poor.
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Poor people can't afford $1,400/mo. This is encouraging poverty among the lower middle class by charging them exorbitant rent to live in a barracks.
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