877
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 15 Aug 2024
877 points (99.0% liked)
politics
19148 readers
1914 users here now
Welcome to the discussion of US Politics!
Rules:
- Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.
Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.
Example:
- Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
- Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
- No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive. Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
- Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
- No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning
We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.
All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.
That's all the rules!
Civic Links
• Congressional Awards Program
• Library of Congress Legislative Resources
• U.S. House of Representatives
Partnered Communities:
• News
founded 2 years ago
MODERATORS
That does nothing to answer the question of how a single building with multiple occupied units could be converted into a rent to own property.
In most states that have a program like this the property tax exemption is laughable compared to the average annual income from owning an apartment building with 10+ units. For example, in California you get $7000 towards your annual property taxes for living on property. The average rent for an apartment in San Francisco is right around $3500/month.
Condos are deeded properties. Convert the building from apartments to condominiums, and use land contracts instead of rental agreements. Anyone who stays longer than the initial period of the land contract begins to gain equity in their property.
The "stick" is the massively increased property taxes on residential properties, so that the exemption can be larger. I would say that San Francisco is an outlier, and should not be used as an example when considering a general rule. They will require special consideration.
Apartments get converted to condos all of the time. I don't necessarily agree about a rent to own mandate, but long term renters ought to see something back.
In the system we have right now the owners take the profit, keep the equity, and have very few (if any) constraints on how much they can charge. Modern software allows even small landlords to collude and price fix just like the big guys.