Mass ownership of rental property should be illegal: a rant.
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- Опубліковано 28 вер 2024
- Use code LEEJA50 to get 50% off your first Factor box at bit.ly/3lJJNlZ ! | The housing marking in the US is abysmal with a major housing shortage being caused in large part by short term rentals like Airbnb, mass rental ownership especially by private equity firms, and politicians who will literally never do anything about it.
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HAHAHA I was renting this nice brand new apartment, finally had myself a good job, COVID hit and I was swimming in benefits and I asked “I was thinking someday I might like to buy this apartment” they told me that wasn’t possible because it was owned by a corporation 🤣
So I started looking around me into different rentals. Places you’d think were mom and pop places, only to find out the “landlord” basically doesn’t exist outside of some amorphous legal entity.
Those apartment buildings are basically hotels
I work in community development for my local city! We have what I would consider a nice middle ground code for air b n b. To run an air b n b we require that you have a business license (super cheap,easy process). Our code says that the rental property must also be the owners primary residence. This means homeowners can rent out space in their homes to make some extra income but a house cannot be bought just to be used as a short term rental.
That's a brilliant concept! I really like that because it still allows people like Leeja who are trying to support their mortgage a way to do so while also not depleting the market of long-term housing. If you don't mind my asking, how long have you had this policy in place and how is it going so far?
Congrats! That's the way to do it
@@EyeGlassTrainofMind it’s going well(ish). State law makes it more difficult to pursue a case against people with Air BnB’s who don’t meet our code. State law says we can’t use their online listing as proof that they are breaking our laws. We need other forms of proof. Our code enforcement officer has more pressing tasks. For the most part however it has been enough to detract businesses from trying. Not perfect but its better than most!
I love that! Totally agree, that seems like a great middle ground.
This is the way to go. I've seen many Airbnbs where the owner lives in the main house, but has a small addition in the yard to rent out. This prevents people who just want to prey on the community for easy money, and ensures they actually live there and are a contributing member of the community.
Greystar bought out the apartment complex I used to live in 2 years ago and last year I was forced to move out, along with many other residents, when they raised the rent by over 30% over the previous year. It makes me sick to my stomach to know that my tax dollars helped fund the loans they took out to buy properties like my previous home.
Your tax dollars had nothing to do with it.
@@glenn7721your tax dollars are given to Freddie Mac, Freddie Mac funds Greystar 🥴👍🤡
If there are people willing to pay 30% more, you weren't paying enough.
@@diggernash1 Bullshit and bologna 🙄
@@diggernash1 and it's there** for the love of God 🙄👍
This has happening in my neighborhood in Vermont. Our town has MAYBE 800 year round residents. We are in the Valley of Okemo mountain which is a huge ski resort. Our schools are closing. The elementary school went from 120 to 73 in 5 years. No one can afford a house and no families can afford rent. Renters can get a month worth of rent in a week. This town is a working class town. Sadly when they passed a mandatory fee to slow it down. It’s $200. So ridiculous because I know people on the board have an Airbnb properties. It’s easier to open an Airbnb than a long term rental. Long term rentals have to be inspected by fire marshal and have many many regulations. The airbnbs are killing our internet bandwidth, town water, we don’t do trash pick up so these people are putting their trash on us who PAY for every bag. I hate it. Mass ownership is straight up THE PROBLEM.
Oh wow! When you say they are charging a $200 fee, is it a fee that people have to pay to have short term rentals?
If left that way the entire economy of the area will collapse from no available labor. All so somebody could buy an extra yacht. Its gross.
I think you need to call Bernie in to raise some hell. He could do more good for you, I'm sure, than he will ever do appearing on Bill Maher's garbage show.
I could just say, oooh America. But I wont. I m disturbed by your post bc I m not far from you, Montreal. I have my own homes, in and out of the city. But I dont want to live on a planet where people cant afford to put a roof over their heads
Not going to lie by what you are describing it sounds like your town was already dying and this is what is making you realize it.
My husband and I were talking about buying a home. However, almost everything available in our city is out of our price range. It’s really sad, because together we make $120,000/year. We CAN buy a $400,000 home, but we don’t want to be house poor and spend every last dollar we have paying a mortgage.
This was awhile ago... But when my wife and were looking to buy our first home we found a nice fixer upper for $100k. Thing is, while we were filling out the loan paperework, the banker looked over at us and said we easily qualified for $250k loan. We said "cool", but bought the $100k house anyway. Paid it off in 13 years. Lived 'rent free' for the next 11 years. Which allowed us to save up enough money to fix up the fixer-upper. Now we outright own a nice little home. So just because you CAN affor the loan on a $400k house doesn't mean you should buy one....
@@bikebudha01I'm glad that worked for you, but unless someone is willing to move markets entirely AND afford to pay a mortgage and rent, fixer uppers that price today are uninhabitable or do not exist.
@@bikebudha01what if I don't feel like jumping through hoops? Why tf do we have to do that? Not everyone can do that bro
@@maybemablemaples2144 what are you talking about? what hoops? I simply bought a house way under what I could afford. That's smart, not a hoop..
Buy the home you idiot. It's an asset which pays for itself over time. Meanwhile you cash is losing value every minute. How in the world do you have 120k income and yet don't realize this? Oh that's two people's income nvmd. Buy the home. You live in it, and it increases in value. For most folks in the US, the home is the only real asset they own.
Back in 1988 I had a conversation with an elderly woman on a Greyhound bus. She said something to me that I never forgot. She said "you're going to see, this country is going to implode. I won't be around to see it, but you will because you are young. Selfishness is going to destroy this country." I never forgot her words and with each passing year those words become more and more prophetic.
Yea we baby boomers only taught the younger generation how to be greedy!
That lady nailed it so did Paul Harvey in a radio show in 1964! And here we are now! Shabbam!!!!?!!
Financialization has ruined this country
@@comradesillyotter1537what's financialization?
@@TheFlutterQueen commodification of housing, of education, of food and social contact
@@comradesillyotter1537 Yes… and especially nature.
Politicians being "in on the deal" in regards to anything that makes them a profit for voting in the interests of these big corporations, is a huge reason why things seem to be getting worse. It doesn't matter what side you take, both line their pockets one way or another and both of them voted for a pay increase during record high inflation. Our ancestors would have gone to war over this crap by now.
Not happening.
My mother's family went to war over this.
Bonnie Prince Charlie led us to Culloden, on the promise of an end to the enclosures and clearances.
Living in a tourist trap town - Las Vegas - this is a major problem here. We already had a housing shortage but short term rentals have created a nightmare. They’ve made rent so in demand that finding an affordable apartment is hard for people. Living in your car or van is literally happening everywhere. Last year we had homeless teachers who couldn’t afford apartments and were living in their cars with their kids because of all the application fees which aren’t refundable. It’s crazy. It’s unfair. It’s unsustainable.
@@RyolithRandil Actually I was forced to live here. I was born here and then raised here. This is where my family is and my husband’s family meaning our lifelines if anything ever happens. And moving costs money. So move along, troll. You are a troll because none of what your say applied to me and its just scamming BS as usual.
They *constantly* complain about homelessness, but they're also constantly vouching for or even actively participating in this trash. I tried moving out of my mom's house a couple years ago and none of the jobs in the area allowed me to afford my apartment that I lived in with another person who also paid bills with me. I've done the math- the building would make more than 1 million a year but they just don't care about tenants in anyway.
Buncha fkn ignorant hypocrites. They have the homelessness situation on their hands.
I've noticed that the homeless often hang out in the priciest zip codes. It's partially a choice. They could go where housing is cheaper.
@@johnpddmaybe they'd rather be homeless close to where they can find a job then homeless in a slum
@@youtub-fj8muThat's very true, and I do see both sides of the coin. I see homeless in both parts of my city, the good and the bad. I feel more bad for the homeless in the bad parts, especially when crime is very high over there.
@@johnpdd That's where the services are. If you move out to the sticks then you are homeless, and usually carless, without any access to shelters, public transit etc.
Whenever something becomes a commodity, it implicitly suggests that there should be those that will go without said commodity.
What isn't a commodity?
In the town i work in, there was a scandal about an apartment building whos owners just stopped paying the bills for all the tennants. The building was on the verge of having its water, gas and electricity turned off by the city in the midst of that recent winter storm! Luckily they made the news and people pressured the city to figure something out. Bc the tennets had been paying the bills for months but the owners just kept the money.
Then it turned into an even bigger scandal when the news found out that it had happened across the city in a couple other apartment buildings and owned by the same owners! How many could have died or lived but had to move out for no doing of their own, abd that's freaking expensive!!
I will never understand how poor republicans (its a poor red town) Don't see how the housing crisis is a DIRECT result of greedy real estate owners. Actually, I think I do: the possibility that THEY could become a greedy owner makes them not want to make this immoral shit illegal bc one day they could exploit it.
You did it best: this is what regulations are for!!
@@crimsonguy8696what’s virtue to profit margins? This is America, home to the ALMIGHTY dollar. Since when I’m the 200 years we’ve existed have we EVER not put money first? George MF Washington couldn’t properly arm this militia cause no one state wanted to foot the bill lol. This IS our culture.
@@natedagreat19 Go crack open a history book about mutual aid societies, then you can come back and speak after you've read up. Or perhaps you might want to learn about market scale and robustness in local sourcing? Maybe Agronomy based home production? Decentralized utilities, hell, decentralized political power?
Maybe you aren't aware, but how the country is isn't how it always was. We're on maybe the 7th iteration or so, depending on definitions.
No system is perfect, but we certainly have had a more perfect union than what we have no, and it could be so again, maybe even better than before.
@@natedagreat19 What are you on?
Any place owned by highmark do not rent at! Biggest slum lord in Denver. I heard workers laughing at a guard rail on the 3rd story being broken and laughing about the corporation getting sued when it happens. They haven’t paid any vendor in over 2 months in my old place and over 100 people don’t have ac in 100 degrees and they don’t have enough portable ac’s to cover it. Long rant but the place made me so mad cuz I loved my actual apartment I hated the people who treated it like a slum. Talking human shit in hallways security stalking me, security looking in windows at people changing, employees stealing. Absolutely nothing was ever done about any of this.
Perhaps you should earn enough to build hundreds of housing units and the set the rent as low as you wish. High income earners are already funding the government, but you also want to use the government to reduce their income.
Imagine allowing anyone to profit from restricting access to the necessities of life
Imagine Capitalism?
@@ericdecker2914 based reply
Like Eric Decker said, unfortunately this is an essential part of capitalism and is inevitable under it. Not that it's okay or right, though. I personally believe capitalism is a very flawed idea and system, and should be replaced with something else.
Dumbest post on the internet.
same with Healthcare in us
Im from Mexico, went on a trip to Bucerías, Nayarit, close to Puerto Vallarta and Sayulita. I was blown away with the aribnb prices and rentals, a horrible reality of gentrification, I was furious, the once small and easy going towns are turning into landlord aribnb farms, truly hate our economic reality
I was in Sayulita last year. I asked if the home prices in the window of a realtor's office were in pesos or dollars and was surprised when they said dollars.
Man, seeing your videos back to back, especially this one, makes me realize once again: greed has just f*cked America. Worse, those same ultra rich investors don't shy away from bying up property abroad too, including where I used to live.
Yeah, I think greed is a constant issue in every society throughout history. I believe America has been uniquely fucked due to the lack of regulating it. Our government went from FDR new deal to Regan trickle down and now we have this mess. Time to get out I think.
Greed from the poor to the rich. Don't leave our the mass damage the poor have caused
It's everywhere
The whole of the west is in a short
@@christopherbrooks6355 Lol, the "damage" caused by the poor is 99% because they are poor and resources aren't distributed equitably. And that's because of the rich. The rich are, in fact, the main cause of suffering in this world.
@QuintessentialQs first off most poor use resources they don't produce or help produce that is a drain on resources. Most these poor can't work a 40 our work week and dropped out of high school cause they didn't feel like going. Draining resources while producing nothing of value drags down all of society. Thinking u are entitled to resources u didn't is lazy and hurts everyone around u. The fact u think poor people don't hurt society is the problem with society. Go out and buy Jordan's and an iPhone while getting food stamps or living in government housing while driving an escalade is the problem. They always trying to steal others resources with putting in the work
My neighborhood has whole condo buildings that are basically ghost buildings - almost entirely owned by investors/AirBnB'ers. The housing & rent crisis isn't the only problem. We've had at least half a dozen major human trafficking busts in the area in the last few years. These scum are able to evade law enforcement by bouncing around from one luxury rental to another. We've also had a number of serious fires as a result of newly unhoused people trying to stay warm this winter. We even had a huge series of explosions when a stockpile of propane tanks blew up in an encampment.
The consequences of this problem aren't going to be fully known for a generation.
Not to mention the raise in suicides caused by t the noise coming from AIRBNB rentals
This is not only an issue in the housing market. This is a problem across the whole Silicon Valley Disruption Economy...
I live in Lisbon and the situation is horrible. There’s listings for single BEDROOMS going for upwards of 1000 euros and most people here make minimum wage which is around 700 euros. Young people here can’t get jobs not even if they’re academically accomplished so they end up moving out of the country. The “expat” situation has definitely worsened everything for us. I don’t know a single person my age that can afford an apartment by themselves, everyone always has a number of roommates, or we’re stuck living with our parents.
Please live with your parents. Stay away from any landlords. Save together with your parents to buy your own place rather the pay someone else mortgage. Me and my brother are going to help our daughters (cousins)to buy the flat so they can share it together when they go to UNI. No way we will pay any scammer our hard worked money.
Not only a limit on the quantity, we also need to revisit monopoly laws to prevent these large companies from simply creating an umbrella corp and having their subsidiaries "compete against each other". I used to work for a liquor distributor that does this with their sales subsidiaries to avoid violating anti-trust laws for occupying too much of the market.
@@TimbreWx I don't care if something is "smart business" if it is bad for society. Why folks venerate business owners like this is mind-boggling to me...
Precisely too much monopolization in America. It's outrageous
Feels like antitrust hasn't been seriously or genuinely enforced since standard oil got broke up
SIDE NOTE. In Berlin they have actually passes laws to limit the number of AIRBNB forcong hoszs to register with the local government and also provide their tax number. You can share a house you are living in but you cant rent an apartment only to rent it to others on Ait Bnb
Hey, you name-dropped Greystar! We're renting from one of their properties in Seattle right now. It's $1000 more per month with 1/2 the square footage of our last apartment (I'm not exaggerating), and the quality is awful. But it's dressed up real nice so we couldn't tell before moving in.
I live in a Greystar property in Denver, and will be meeting with a lawyer this week to discuss the rampant roach infestation across my apartment and others in the property. The management has done the absolute bare minimum, knowing that they can get away with it, since due to the housing crisis, people can't just easily move to a better property that is actually well managed.
I actually had stayed in a couple greystar apartments before, but the greystar I am staying in now is the absolute worst. I wanted to buy a house but the cost of housing is so crazy here in Denver and I make 6 figures, its crazy. Looks like I may have to renew my lease instead of buying
It all makes sense now. Greystar bought the apartment complex where I live about three years ago and then six months later we had new owners. Our rent has almost doubled since then. And the building, built in the 1970s, is not in good shape. BTW, I live in TN where our dear (ahem) Senator Blackburn's 3 largest donors are real estate investors.
Me, a landlord who owns property and has tenants, agrees with 100% of all of this. Oh and being a landlord or rep of a landlord (super) should require a license.
Edit: I should say I own a duplex in the same capacity as Leeja for the same reasons as she specifies. I live in Canada. We have a much similar issue up here too.
The private equity firms have done so much damage to the housing in the US. As a small landlord (3 units in San Diego) it's an absolute mess. The NIMBY crowd is also a disaster for the need for more housing. The frustration everyone outside of large landlord companies and policy makers is feeling is real. I just hope at some point we all get together and push for the change that should have happened over a decade ago
I rented out spare bedrooms on airbnb for several years - it was fun, a little bit like being a couchsurfing host, but better financially. We’d cook for guests, show them the sites - it was a good time. Over about 3 years the market became more and more saturated and the rates we could charge dropped by more than half. Also, more and more people expected whole house or whole apartment rentals and acted like me living in my own house was a huge inconvenience for them. I slowly converted to having a combo of roommates and airbnb guests, then 2020 happened and I quit airbnb altogether. I still rent out rooms, but mostly to seasonal workers and college students for 3-6 months at a time. Long term my plan is to build an ADU for myself to live in and rent out the main house to long-term tenants.
This is a huge problem in my area, an rent prices have only gotten worse after COVID. I live in a well-known college town, and its very popular to rent out Airbnbs during football season.
Its at the point where even a studio in one of those shared, rundown, college houses is over 1,000$ (For context, just three-four years ago you could find studio rentals in these houses for 400-500$. And no, minimum wage has not gone up). College friends I know are depending on the university for food- all their money goes to rent. Even with roommates these prices are unsustainable. I just graduated, but I dont think ill be able to stay here, despite the job opprotunities. Im just not paid enough.
College football has gotten so thoroughly evil. It's so obviously a racist cash cow for "sports drink" makers and a bottomless money pit for fat white men who think they have "coaching ability." I'm honestly amazed so many Black men put themselves through that meat grinder. You deserve better, dudes!
Congratulations on graduating, anyway. You are now well-educated and don't let any misogynist asshole tell you otherwise.
Asheville, N.C here this has been happening in our community for years and its heartbreaking for locals. People that have lived here for generations having to move away and leave their families because they cant afford to buy a home here. Its insanity
Charlotte and where I'm at Huntersville is in the same boat. The hike of rentals is insane
I grow up in Asheville, and the way all these people came in out of no where and started building hotels and taking away beautiful views and charging for homes with 6 other people living in it was absolutely devastating. I didn’t even get a chance to buy a home because I was 20 when I finished school and started working a real job. I can’t just pull half a million out of my ass for a 2 bedroom as a hairstylist.. I’ve had to consider a different career path because doing hair doesn’t pay what it cost to live. I just want a home. Just one. 😢
I grew up in Wilmington and no way I’d be able to afford to live here now
i love u for this thank u for voicing this i felt like i was the only one who saw this as immoral. this is everyone’s new idea of a “money move” and “buisness idea”… its not. it’s unethical and inhumane and there is nothing entrepreneurial about it.
All of this.
I have felt for a while now that we need a term other than "housing shortage" to describe what's happening. Cause the housing EXISTS, but it's in the hands of assholes overcharging for it. Or being used as hotel space.
Thanks for laying all the info out so well and with sources. I have been looking for a concise video to send to folks who ask questions about this issue.
Capitalism works best when the goods in question are able to be freely consumed and produced. Land cannot simply be produced
This is happening in Australia too.
My small town is over run with AirBnBs and vacation homes for wealthy retirees.
We have a rental crisis to the point where coworkers and friends have had to leave or move in with family.
Our rent has increased 20% in 3 years, and we were just forced to sign a clause that allows the owners to increase rent even before our lease runs out. We used to be able to put away a little for savings, but that's now eaten up by the rent increase. We can't even save to buy a house anymore, forcing us to remain renters at the mercy of greedy owners.
But even if we could save money. Homes that used to sell for 200,000 have gone up to 300,000 in just 2 years, so we couldn't afford anything anymore even if we could still save.
And our politicians refuse to do anything because they are all corrupt.
House prices in the Netherlands have almost doubled the last 15 years. It makes me depressed from time to time that I might never get to buy a house, because the prices are ridiculous.
I feel like what *could* help fix this mess is a two-tiered mortgage rate system where owners of a single family (or small multi-family) home who LIVE IN THAT HOME get a break on their mortgage interest rate and everyone else pays a higher rate. There would still be large corporations buying up properties with cash but it would dissuade new people from getting into the rental market.
Better yet, a two-tiered property tax system. You don't live in the unit? Pay 2x or 3x in taxes and contribute to the community.
@@justwhistlinpixie I'd be down for that too.
I honestly think zoning laws should be more restrictive and disallow corporations from buying homes in certain areas.
Not only that but there needs to be a crackdown on Air BnBs. I was looking at apartments in Nashville and there were entire apartment buildings that were just AirBnBs, it was ridiculous and it drives up living costs.
Interest on investment properties are about 1-2% higher than primary residences. Second homes typically have interests that are between primary residences and investment properties. The definition for 2nd homes for the most part only requires staying in the home at least 14 days out of the year. They do not have to be consecutive days. So there is technically already a tiered system. However interest is not the problem because when interests are lower more lower income people can afford all types of housing ( primary, 2nd homes, investment property). I do not hate people having multiple homes because sometimes you buy a home for a family member who can't themselves. Now what is BS is that you can take out loans against 2nd homes and sometimes investment properties, so as long as you own houses you have access to capital. This not only allows people to buy more houses but if you get hurt in a property that is owned by an LLC or corporation you can only get the equity in the home. Therefore if you are an LLC you will most likely take out mortgages on your home because equity is calculated as the difference between the value of the home and what you owe. These extra mortgages will keep rents high while the landlords can use that extra capital to buy more properties or other assets. In addition to that they are increasing the housing bubble because taking out the max loans will require that real estate values increase In summation renters fill the pockets of lenders and real estate investors.
I wouldn't want to dissuade apartment buildings from being built, though, so I think it makes more sense to focus on restricting the mass buying of existing housing rather than penalize apartment complexes.
EXCELLENT overview of an AWFUL situation and the decline of morality across the globe.
First off, I love your videos. They’re so well done. Glad I found your content.
You pretty much just described the apartment complex we live in in southern California. It was a nice place to live at until it was sold to Graystar like 2 years ago. They began removing amenities and features almost immediately and replacing or completely eliminating essential staff such as the cleaning staff and all of the security guards to cut costs. They replaced the entire security staff with cameras that have speakers on them so that they can use to yell at people who seem to be breaking rules…. It’s….. weird.
They began using this complex as a training ground for new managers that always come and go so we never know who our management staff actually is.
Our rental price and fees have gone up by about 30-35-% since we first moved in, which is so beyond inflated for the small space we live in and the lack of feature the complex now boasts.
We will be moving away from this complex later this year. This place is absolutely horrible as is this corporation that owns it.
Also a fair warning to anyone looking at these “nicer looking” types of apartment complexes: They maintain the leasing office and immediate surrounding areas in pristine beautiful condition. These are the showcase areas that sells you in signing a lease. The further away from the leasing office you get the dirtier and more neglected those parts of the complex are. Always take a look at the complex map before visiting and ask to see the furthest areas from the leasing office for a real feel of the place and management. They don’t want visitors to see these areas until they sign the lease. It’ll change your mind really quickly.
Why does she keep trying to defend her airBNB in a video about how landlords and especially airBNBs are immoral?? If you can't afford a bigger house without making it an airBNB, you shouldn't be purchasing that house. At the bare minimum, it should be a long-term rental property.
She is literally taking a long term rental or home off the market for a short term rental and then has the gall to complain that people treat it like a hotel. That is what it is.
Honestly all these people who own a air bnb saying “I’m not the bad guy” are exhausting and there are so many of them and it’s causing such a problem in our society.
Good for her for making her money but I’m unsubscribing.
I have to say Leeja, your utter destain and just pure exasperation regarding cooking is selling me more than any other UA-camr trying to sell me packaged meals. The entire rant about hating cooking I was just like GIRL SAME, LARRRGE MOOD
"Disdain"
Lolllll EXCELLENT i will tell factor
@@muirgirl No need to correct someone like that. You are technically right regarding the spelling, but it's not an important task and could make the other person feel worse about themselves. I am personally very bad at spelling so I can sympathize with spelling mistakes here and there.
@@Generic_786 Relax? Seems you are the only one here reading morality into someone else not knowing the spelling of some word. How else are we meant to learn from one another with oversensitive policing like this? Weird reply.
@@muirgirl Hi there. I know we have this idea of 'over sensitivity' and 'snowflakes' but I wasn't trying to police you and I am sorry if I came across that way. Personally, I was trying to give you a perspective or idea you haven't heard before. I think in our society we hyper focus on and villanize those trying to be sensitive to others. Some ways we do this are by generalizing outliers with an entire group. You can see this with accounts such as 'Libs of Tiktok.' One of the most effective ways of allying people is by alienating entire groups. (I know I might be reaching too far but bare with me) I personally believe it's more important to be conscious and mindful of others and try to give each other the most pleasant experience we can, if we can so that we can best communicate and get through to people. Again I'm sorry if I came across as aggressive or hostile but I did not mean to be. I'd be open to having a discussion on some of the specifics and logistics if you want. Thank you for taking the time to respond and I hope you at least consider what I've said.
I feel this in my soul. Thanks, Leeja. The housing situation is a hot mess and I am not optimistic it is going to get better anytime soon.
That's because you've found it easier to whine than it is to be resourceful and get out of your comfort zone.
Plus the extra fees now and expecting you to clean or do laundry. It's insane, staying in a hotel is easier and cheaper now
When we moved from Utah to Colorado and had to rent until we could buy. Every house was owned by a real estate agent who came across the houses before anyone else could. But … the other problem. Air BnB was the ONLY place where I could find a place that I could rent short term with a dog. One place was so DISGUSTING and Air BnB couldn’t care less about how filthy the house was.
It means the world you don't talk about COVID in past tense. Definitely still going on, including the pandemic. I like you more now than I already do, thank you 💜💜💜
I treasure your integrity, how you educate and use your platform. Including equity especially for vulnerable people (like me).
Everyone deserves a home 💜
Mentally ill leftists
THIS
The covid scam has been done for a long time
The pandemic is not still going on. Sure the world is still suffering from the effects of it, but that doesn’t mean we are still in a pandemic. Many thing happened after WW2 because of the effects of WW2. That doesn’t mean WW2 is still going on.
Thank you for mentioning the problem of zoning! It gets overlooked so often in discussions of the housing crisis. Smaller homes like apartments or townhouses not only save on material and labour cost per unit, they also help to create dense urban environments where you don't need a car for every trip, and we all know how expensive fuel (and cars in general) is these days. There's a lot of people who want that kind of lifestyle but can't afford it because of the zoning codes so heavily restricting where this style of housing can be built.
But if you dare say so you get droves of apologists crying "but some people LIKE single family homes" as if they'll all just instantly vanish the second zoning is opened to something else...
@@maitele yeah I'd like the choice, not to force everyone to choose the same as me (the way zoning often does)
@@birkett83 it's often a pretty blatant self report too, like they *know* the current paradigm is unsustainable but demand we all live under it anyway...
Yeah, my complex got bought out by a new company and upon renewing our lease, our rent will be going up 15%. My income did not go up 15%. I literally can't afford that.
Dude! Yes! My air bnb experience used to be staying in someone's spare room and getting to know people, and vice versa, taking air bnb visitors out to experience the city... it's had all the joy sucked from it.
I recently spent six months looking for a 1 or 2 bedroom apartment near Rochester NY with a budget of $1000 a month. I applied to 160 places and got two callbacks: one was a postage stamp, and one that was way over our budget (which is the one I ended up with). I took it because I was tired of living in a temporary space and filling out applications was making me irritated and angry. The complex is only half full, likely to the level of rent. It was a painful experience.
I would propose a tax that increases on every supplemental property you have. The income from that tax would then go to supplement those getting a long term rental
This video speaks to me. I’ve watched some of these UA-camrs talk of their rental property. Hoarding houses in a tight market sucks for those in need. However, those that actually build their rentals have more of my respect.
I live in Australia, and unfortunately American shenanigans filter down to us. I’m studying full time and living in a major city, and I do not have the hours in a week to be able to work enough to earn enough, to rent. I’m living with family right now, but if I didn’t have that opportunity I would not be able to study or make it out of my small town. And that’s definitely due to the nature of rentals in the city.
Same story in New Zealand. I visited Wellington recently. The shopping district has a lot of empty shops. A lot of my mates have been forced to move in with family up the coast etc, or straight seek work else where. As land lords (many of whom aren't local) would rather see their properties abandoned, and fall into disrepair, than lose a chance to extract as much money as they can out of a potential short term tenant.
"It's the fault of AirBnB, large landlord companies, and politicians."
"Huh, I wonder why she's letting small landlords off the hook?"
"Full disclosure, I am a landlord, graciously allowing a poor person to buy half of my house for me in exchange for not being homeless. I want to stress that I could not afford this home if someone too poor to get their own loan weren't buying it for me. Also, I did AirBnB to make more money."
"Ah, there it is."
I had to look way too hard for this comment^
Yep two wrongs don't make a right, she is indeed a class traitor unfortunately. But the good news is she can right her wrongs by selling the other part of her duplex to someone who needs it.
So many “charitable” landlord in the comments talking about buying homes and renting them out “affordably” are so busy patting themselves on the back that theyre missing the point. All of you, including Leeja, are part of the problem. This isnt calling you bad, it’s just a fact that you have to live with.
I will leave you with something else about airbnb: rented an apartment, and then two days later my apartment and other 5 in the same building got raided. We lost everything of value, including computers, passports, cash. Only the airbnb units were targeted.
Airbnb, as a platform it is, took no responsibility, despite they marketing their “Air Cover” policies with very, very ambiguous language of what would happen in case of a breaking in.
You can actually blame the government for creating such restrictive zoning laws that it makes it nearly impossible to build. I remember seeing a program on a guy who owned a laundry mat in San Francisco. It took if I remember correctly over 10 years to build a small apartment building there. The amount of red tape was so intense it made the moon landing a cake walk.
Yes but the government is controlled by these groups. People have been trying but because we live in a capitalist hellscape there's no incentive to change and even now there still isn't to them 😂.
It's $1500/month for a studio in Vancouver, WA according to several people I know looking for a place. I'm maxed out and work 40/hrs with Kroger. I'd have to work 120/hrs a week (at least) to afford that. So I live in a tiny 2 bedroom apartment with two other family members. Our landlord put us on a month to month lease so they can jack up rent/kick us out any month. We're scrambling to prepare to move in middle America as the far east and west coast is generally COMPLETELY unaffordable. Hey service sector...this is why you can't find workers and forced to close due to homeless theft!
My Town had the issue happen which you are exactly talking about. Companies or who knows were buying houses in our town and making them AirBnB (these are people that have never even set foot in our town) and then those AirBnB became party houses. So our Council passed an ordinance that you must be living in the Property if you are going to have a short term rental and/or you'll have to rent it long term, oh and you must also have a business license and report your income (which may or may not cause a loss of income to some).
Anyway, the new ordinance stopped an entire house being rented and used as a party house. Whether that was the right move or not I don't know but as a homeowner I am glad that if there are any short term rentals the owners of the property will be in the area or next door or living in the property.
I appreciate that your video is well researched and as a small time landlord, you described the exact issues I've seen working in this market. I do long term rental of rooms to working class people that don't want to/can't afford a mortgage. What's causing these issues are not people like me that scrubbed toilets for years before I could get my first house, it's massive real estate companies and the stupidly strict laws for zoning and number of people per plot of land in certain zones. It's refreshing to see someone actually recognize the real problem in the housing market and not just screeching that all landlords are bad.
Exactly. First thanks for all you do to provide housing, despite all the difficulties and rigged "market." The fake "single 'family' 'zoning'" that most working families aren't actually able to afford is at the root of the problem and whole mentality that's intertwined with the special interests destabilizing society, banks, nimby, wall st., big corporations mass buying up property, airbnb, HOA corruption, etc., of falsely treating housing as speculation, instead of genuine investment for what society needs housing in and of itself. It's crazy so many state legislatures are allowing this insanity sabotaging the good small landlords who actually live in the state, destroying the diversity of options and affordability while throwing their own populations out on the streets.
One thing I'd like to add on the contrary of paying mortgage is that banks can Infinitely sell your house to another bank. My mortgage used to be 50/50 interest at $500 now it's 90/10 at 40% higher price . I'm basically renting now because at this rate I'm never paying it off.
Didn't Dallas just ban short term rentals through excluding them through zoning laws? My knee jerk reaction to that was that it was bad, but after hearing your video essay I think that's actually a good thing. It sucks for small people like us that would like to rent one or two out (I don't have any, but the option sounds nice). But it sounds like a good step in the right direction.
I wish you talked more about the missing middle a.k.a midlevel rises. Here in the US we dont have 5-8 story middle level rises that people can own their own apartments in. The amount of space saved and micro economies creates would be a serious boon
It's because of the terrible nimby fake "home 'values'" fake "single 'family' 'zoning'" corruption and banking Wall St. "realtor" "home" "buying" industry the whole dysfunctional destabilizing corrupt "system" and people involved with enabling it short term no limits at all costs self-serving mentality treating housing as speculation instead of honest actual real investment for diversity of housing options for housing in and of itself to serve society, not syndicates or special interests. It's as if this country learned absolutely nothing from 2008 housing crisis and made it all worse and bankrupted the young generations to no limits homelessness
Such a great, concise primer on the myriad housing issues that face the U.S. right now 🎯🔥 well done, Leeja!! 🥇👏🏼
It was over when housing could be “for profit”. Housing, like all cost of living expenses,is inherently exploitative because people will pay anything not live under a bridge or in their car.
Would be great to see a follow up video exploring the amassing of airbnb properties by certain companies in PR. It would make a great case study.
I bought a condo back in 1984, paid it off 13 years in a nice area. However, I'm constantly & I mean constantly getting calls/text/email/letters from investors wanting to buy my unit even though I NEVER put it up for sale. They don't like to hear NO as an answer. They could careless if I become homeless & on the streets. 😢
Regardless of who owns rental property there should be some sort of rent control to prevent landlords from charging too much.
Honestly, this problem is basically the embodiment of capitalism. People who don’t need something but have the finances to buy it do so with the intent to sell it back to the people who couldn’t afford it in the first place… or in this case lease the property for a year at a little over the price of its mortgage before turning around and using whatever profit was made to buy more properties. Extrapolating the timeline would show the housing market in an oligopoly as providers compete with each other and buy out their competition or drown each other in legalities.
It’s actually disgusting that necessities for living can be held ransom and sold back to us by the people with a surplus. It’s disgusting that profit is the only motivator that spurs society’s decision making. It’s disgusting that we all know this and let the capitalists play their game anyway. All for the promise that you, too, can join in when the current players die off. But no, their wealth will be passed down within their family who will then use it to grow it again but this time they don’t have to earn it.
In movies, the word that defines the USA is "freedom", in reality, any word defines better the country than GREED.
This is an issue in Canada as well! I visited Penticton, British Columbia last summer for work and there are no (or at least very few) long-term rentals there so that they can appeal to tourists. And buying property there is insanely expensive, so many residents have no choice but to rent. During tourist season the rent spikes drastically, and many end up unhoused.
Just about all the factors are identical such as the conflicted interest politicians or politicians who kowtow to homeowners, large investors and zoning laws.
"AirBnb is bad and they should be ashamed of themselves. I rent out my place on AirBnb because I can make way more money. I am middle class so its ok." 🤨
So I am a Black male who grew up in stringent poverty. I own less than 10 doors(rental units) and my goal is to provide comfortable homes for my renters and to create something to leave behind for my kids. That being said, Air BNB is dying and I’m glad I never got into that. The fees are out of control and not work it at this point.
I will give Leeja some props for acknowledging and admitting to her hypocricy. It is more than so many people do who want you to empathize with them. And yes, she is not anywhere close to the worst type of predatory landlord or property investor.
Yeah. She strikes me as being a bit of a grifter as well. Also, her understanding of policy like zoning is rather misinformed niave.
@@jeffsmith9420 I'd be very curious to hear your explanation for that statement - in my experience (20 years in financial industry, 7 years community advocacy, member of multiple chamber of commerces and having attended a city Leadership program), everything she said was spot on including the zoning policy information. I have been to MANY city council meetings where we have had to speak up on the fact that elders and young families won't be able to afford to live in the community if we continue to kowtow to those who don't want low income housing in their neighborhoods. Some will use nicer words, but some will just explicitly come out and say lower income or apartments - this is EXACTLY what is taking place in major cities, in suburbia, and in exploding cities that used to be more rural and are turning into suburbans in the last few years.
There are so very many people who would love to purchase a home, and can't. There are so very many people who have had to sell the home they do have because keeping it isn't sustainable and selling it means they can survive longer; only to watch as they can't afford to get another one and watch rents continue to spike. We are in crisis as an economic and housing system, and it is only getting worse.
What? No hypocrisy here and she's not grifting. Jees...
@@dlo111 all landlords are grifters by definition
After she disclosed that, and aftet the ad for some company that resells white label frozen food online, I just quit watching. She's good for info, but remember, she's a lawyer. You don't need three years to learn what people learn in law school (The third year is all elective stuff.), but they do need that three years to kill your humanity. You can't trust a lawyer, and you can only come close to trusting one if they work for you.
What?? Politicians owning rental property? Didn't we once have a president who owned billions of dollars of rental units? Don't we have a front runner for the next presidential election who owns billions of dollars of rental units?
The same thing happened to me after living in the same place for 15 years. Last year a new landlord bought up several single families on my block real cheap, and we all received eviction notices, right in the middle of the housing crisis. I was the only one who lived alone after losing my husband to a fatal heart attack. We had no children. By this time i had lost much of my mobility and was in a wheeled chair. Nevertheless i was given 30 days to leave because he could make 'two to three times the rent'. No housing was available so i had to go into a homeless shelter, losing much of my belongings.
I never understood the hate towards landlords. Thank you so much for putting this video together.
It's easy to hate somebody whose passive income prevents you from having ownership and being able to save money.
Imagine if you can never buy a car and you could only rent.
@@stealthis Imagine saving your income for years, or even decades, to own a piece of land- and then being hated for being fiscally responsible.
Being a landlord is not passive- unless you hire staff to maintain the building, collect rent, and market the property, while still having enough money to pay taxes, insurance, utilities, waste collection, and special assessments. Being a landlord is a lot of work, and if you hire someone to do the work for you, you likely won’t be able to make a profit.
@@NG.. with all due respect, that's not the kind of arrangement that's being talked about
@@Envy_May the majority of rental properties in America are owned by individuals. That’s the reality of the situation.
@@NG.. individuals who own how many properties each ?
Mao was right about landlords
It's the same in London, where i live. In the last couple of years, rents increased by 50% because a lot of houses are let with airbnb.
THE CONCLUSION this is what we need 👌 thanks for making this content!
Airbnb is an AWFUL lodging option 90% of the time! The ONLY time we use short-term rental platforms is when there is no other option.
I think this might be the most important video you've ever done
Puerto Rican, my brother and his partner are raising two kids and just got their monthly rent jacked up by their landlord by over $1,000. They haven't been able to find any affordable houses because they're all owned by either these private equity firms or wealthy mainland Americans living in the island to not pay any taxes.
Every landlord my family has been through has been: completely incompetent, extremely rude, or extremely stingy with repairs to their shitty property
Landlords exist only to take money from unfortunate families, doesn't matter how nice you are as a landlord
YOURE STILL TAKING MY FAMILY'S MONEY
You: Agrees to Pay Money in exchange for service
Person: Okay i’m here for the money you agreed to pay
You: WTAF YOURE RIBBING MEE!!!
Agree that mass ownership of rental property should be illegal. It's crazy that huge companies like blackrock can suck up all the housing leaving people who just want someplace to live out in the cold since they can't possibly compete with the prices the companies can pay. There should be a limit like 100 houses or maybe even 50. As for apartments, perhaps 2000 or so units. Not sure about that but there should be some limit there too.
This is problematic, because we want people to be able to buy and own things and rent private property; we just want major companies to be limited on what they do.
AirBNB's practices definitely suck. You get told to make the bed, load the dishwasher, run the laundry, etc. and then you get charged a cleaning fee. In the end, it would have been cheaper to have stayed in a hotel.
This is beyond a dysfunctional slippery slope. Does anyone ask where this will end? It's self defeating for the greater good, that's what American domestic policy encourages. Get rich, by any means with no regulation in place that holds you accountable for corroding the common good.
The goal for these companies is to make housing inaccessible to private citizens & to own majority (if not all) of the housing & forcing the population into a subscription based model in perpetuity.
while i dont think renting out part of your home or one other home is totally wrong, i think there are ways to still make it wrong. Namely charging huge amounts for rent just because its in line with the "current market value". You shouldnt take more than you need, especially as someone who made the choice to take out a huge mortgage. While not the biggest part of the problem, i do think it is immoral to charge excessively, even to help pay your mortgage. It needs to be reasonable and those that take out huge mortgages should still have to take on the majority of that responsibility.
Currenrly in Canada we have interest rates going up and those with veriable mortgages are taking advantage of that to raise rent prices to extreme levels. An average one bedroom in the city that i live in is $2800/month and our minimum wage is $16/h. we are in crisis.
No logical reason one entity should own more than two buildings in a state that they didn't build
FYI I live in a ski resort community that has more STRs per capita than anywhere else in the country, and individual people owning one STR are absolutely part of the problem.
ETA: it’s Summit County, CO, which you mention in your video. And I work for the county govt on the exact program you mentioned. Most of the people who got that money were “mom and pop Airbnb owners just trying to build generational wealth”. They are not middle class. You can’t be middle class and own more than one property in summit county. It’s impossible. They are rich. And the program gives them money for being rich rather than give low-income locals money to afford rising rents or to save for a down payment.
Plenty of people here own one extra property to Airbnb it and claim they can’t afford their lifestyle without it. Well too bad. I can’t afford a house at all because people have one extra house for Airbnb and it means I pay $2700 in rent in workforce housing. If you can’t afford your mortgage without snatching up housing and raising other people’s rents, you shouldn’t have a house. You’re literally taking money out of the other locals’ pockets.
Yep, this happened to Sacramento. 8 years ago you could own in Sacramento making 45k a year if you had a good down payment. It's almost impossible now
Organize and lobby. We are so lazy we are just watching them without demanding action from our elected officials. We can demand they stop this mass ownership or vote them out.
I am a landlord with 8 units, i am good to my tenents and they are all long term tenets, the people i rent to can not afford to buy a home, if they could they would already own, i am not trying to cash flow a life style, im am trying to have an income when i retire
instead of focusing on government trying to regulate housing how about we abolish property taxes instead? that would be the better option. buying is ALWAYS cheaper than renting especially in the long run, and thats coming from someone who is still considered low income and who has been low income, renting is a scam, we need more homes to be for sale and not for rent. Also the government trying to regulate stuff would just make shit worse.
You are a brilliant brain, you are entertaining and you are ridiculously funny. Thanks so much for your content - for your hard work and for the time that you invest. I could not be more grateful, cause watching your videos is making me smarter and is giving me knowledge to brag with……… 🎉😂❤ Big hug from Germany 🇩🇪
A town near mine is nearly empty because all of the houses are STRs. Maybe a third of the houses are actually lived in long term. People drive an hour and a half one way to work there.
There’s a brand new neighborhood down the road. An investment company came and bought THE WHOLE NEIGHBORHOOD and now it’s starter homes for rent only. Not that anyone could have afforded the 300k plus price tags per house for a STARTER HOME.
It would also really help if people who sold houses would sell to people and not investment companies. Even if you take a hit on the home price.
Not only did the price increase for resources hurt housing but it hurt gardening and farming. Not only can I find a place to live in a price that can be bought by one house but I can’t buy and produce from home sustainably. What’s the point of my career and education when I can’t even do it or share it. My life has no meaning and I just don’t want to live
I’m on disability and I’m currently using my measly check to outfit a 22 year old Toyota 4Runner, so I’m not homeless when the bank foreclosure that’s pending on the house I currently rent a room in finally goes through. I probably only have a couple months left before I’m out and I’m really scared. I’m an almost 50 year old disabled woman with no family and 1 good friend (who has been helping me outfit the 4Runner thank goodness).
Yes I agree, but you're no different with your unnecessary duplex. There's a large family out here who could've totally used your space but they now can't and have been priced out and forced elsewhere because you just had to have the extra space that you can't afford and don't sleep in.
My bestie in Myrtle Beach has to live in a shoddy, bug-infested studio with her BF as they work in the service industry there for the tourists, but there's no housing for locals. Half the hotels now have Airbnb -including where I stayed - and the ones that rent long-term are for the most part, gross and too expensive. They don't have a car anymore (it broke down) so she needs to live by everything on the water. Also, it was the reason she moved down, to be with him on the water. I hope she can move a block or 2 away even soon as it's just not worth it anymore.
I'm a CPA that specializes in affordable housing. So many people resist affordable housing in their neighborhoods. But people dont realize the dangers of having too many people pay 50%+ of their income to rent. Everything becomes a crisis
How do we get the inflation on house prices back down? The last few years have had people/ companies paying way over asking , causing all houses to be listed at those prices, then selling for more than asking, and on and on!
If you weren't in a financial position to buy a home during the 2008 crash you're basically screwed!
*shakes head*
I should've bought a house instead of screwing around and being in elementary school as a ten year old!
No wonder you can't get ahead in life, seems as though you give up too easily and what you think is true isn't. I bought a foreclosure in 2016 for 135k that is now appraises for 312k 🤔
@@puppetmaster1403 I work 75+ hours a week. Am extremely lucky to get this overtime pay. I've pulled me and my 2 kids out of food stamps and Medicaid needs only to still have absolutely no banks that will lend to me for a small cheaper home in rural Nebraska, where my mortgage would be much cheaper than the house I rent here. Funny I can approved to rent for more per month with my credit than I can to buy a house where monthlies would be up to 3/4 to HALF the price I rent for.
@puppetmaster1403 wow I wonder how much wages has gone up since 2016 oh wait
Can you scream this louder for the people moving to Hawaiʻi, buying homes in Hawaiʻi, creating more AirBNB in Hawaiʻi and forcing Hawaiians to leave because we canʻt afford to live here in our home? Mahalo.
Sorry to hear that boss, same thing in Oklahoma
It's a major struggle over in Puerto Rico too, pushing so many of our families out of our homes of decades. It's really sad.
Okay so the issue thay makes the situation in HI way worse than the one anywhere on mainland is that it’s Hawaiian locals being priced out of their own land. Do you know how difficult it is to leave the island? Shit ain’t cheap. So, yeah what’s happening in Oklahoma isn’t even comparable.
@@krissybee2484 yeah...imagine being trapped on an island....versus being in the middle of bumfuck OK. Just load up the uhaul and move...
Say it louder! For the haoles in the back!!!
I watched my parents turn from lovable hippies to trump supporting multi property landlords in a decade or 2. My mom always vilifies others for their excess … like once she said to me , I think a person should only own 4 shirts . I said I think a person shouldn’t own more than one house , and she got incredibly defensive. They completely forgot what it was like to be starving with 2 children , it’s really sad that even smaller landlords like my parents became totally selfish and greedy people. I became physically disabled at 26 and they had the nerve to ask me to vote against disabled housing in my area bc “it would help them out “
Hippies serve Satan and capitalism. Google the Congress for cultural freedom. Hippies were funded by the CIA.
I'm sorry for the parents, I know what it means to have a disappointing parent. So I wish for you many blessings. We need to keep fighting the good fight. I know how disheartening it can sometimes be.
I am in the same situation. I was working hard and broke my back. Now I am fighting workmans comp. I have a plan though to work remote. You might try looking into some online positions. Good luck.
I'd love to hear their version of this story. Lmfao.
@Erika Valles disappointing parents? His parents worked hard, blood sweat and tears first years to build wealth. I would be proud as gell for them providing for thier family. You people are trolls.