Apr 30

“Historically, the typical single-family landlord was a local person who owned a few houses,” said Julia Gordon, executive vice president of the National Community Stabilization Trust, an anti-blight nonprofit organization. “They would basically oversee things like collecting the rent, do home repairs themselves, or employ a handyman to do home repairs. It was a very mom-and-pop type industry.”

Today, Gordon said, it seems like rental homes “are almost always owned by somebody whose last name is ‘LLC.'”

Source: In Georgia, Sean Hannity is just another landlord hiking the rent

Apr 27

The takeaways:Homeownership is a gerontopoly. Most housing wealth is held by older Americans.Inequality in the US is increasingly intergenerational. The old get richer and the young get poorer.Most of the growth in intergenerational equality is fueled by home ownership. More older Americans own homes, own more valuable homes, and owe less debt on these homes.Homeownership isn’t making younger generations wealthier. Rising real home prices effect a transfer of wealth from younger generations to older ones.

Source: Gerontopoly: Homeownership, wealth, and age | City Observatory

Apr 25

Tenant-rights advocates say they have enough signatures to ask voters to repeal a 1990s law that sharply limits cities’ ability to impose residential rent control, potentially setting up a multimillion-dollar fight at the ballot box in November.

Source: Bid to repeal rent-control limits in California could be headed to ballot – San Francisco Chronicle

Apr 25

Under this assumption, Barron et al. find that the true impact of Airbnb on rents is very small. A 1 percent increase in Airbnb listings, they found, raises rents by only 0.018 percent. That’s a minuscule effect. It means that doubling the number of Airbnb listings would raise rent by less than 2 percent overall. The effect is so small that in their presentation at the American Economic Association meeting in January, the authors referred to it as a “zero effect on rental rates” overall (though the effect i

Source: Airbnb Plays a Minuscule Role in Rising City Rents – Bloomberg

Apr 25

Home prices posted an annual gain of 6.3% in February, according to the latest S&P CoreLogic Case-Shiller Indices, and have been rising continuously for the past 70 months.

Source: Home prices are on an epic run

Apr 25

Would you plunk down $300,000 for a studio that measures 350 square feet — about the size of two surface parking lot spaces — to live in the heart of Miami Beach? If the idea seems preposterous, micro-units are not for you.

Source: Micro-units are sprouting in hot Miami neighborhoods

Apr 25

More and more tenants are reporting that landlords are threatening them with deportation in attempts to raise rent, evict, or simply avoid fixing things in their units.

Source: Landlords Are Using ICE Threats to Evict Tenants

Apr 23

You’ve heard those statements, right?“I’m sick of throwing money away on rent.”“Buying is always better than renting.”“Your home is your biggest investment.”I’m going to explain why these clichés are ludicrous. Preposterous. Outlandish. Nonsensical.

Source: Renting is Throwing Money Away … Right? – Afford Anything

Apr 23

The records link Hannity to a group of shell companies that spent at least $90m on more than 870 homes in seven states over the past decade. The properties range from luxurious mansions to rentals for low-income families. Hannity is the hidden owner behind some of the shell companies and his attorney did not dispute that he owns all of them. Dozens of the properties were bought at a discount in 2013, after banks foreclosed on their previous owners for defaulting on mortgages. Before and after then, Hannity

Source: Michael Cohen case shines light on Sean Hannity’s property empire 

Apr 23

Although I envied them from my dark and squalid quarters, the San Francisco long-timers who lived in rent-controlled apartments were in situations nearly as precarious as my own. I met a musician who lived in a $600 rent-controlled apartment in the Mission. When I met her, she was terrified that her landlord would evict her and sell the building so that it could be rented out at six times the price to white techie colonisers such as myself. With landlords eager to cash in, formal evictions had increased 55

Source: How to get rich quick in Silicon Valley 

preload preload preload