This CNN Segment Made Me So Angry. I Think This Is Greed, Not Inflation.

Remy

Remy

Well-known Member
Location
California, USA
3 people profiled about rising costs in the Phoenix Arizona area. Starting at 2 minutes the woman featured is having her rent increased over 300 dollars. How is this inflation? It seems like greed to me. I'm sure others will disagree.

 

RadishRose said:
Yes, people know they could make a killing these days. :mad:
It's true, their own costs of living have gone up, but this rent hike seems disproportionate.
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This was my thought. I don't know what is going on with property taxes in that state and water/garbage could increase. But this is greed. I guess it keeps up with the market? Clearly this woman lives pretty simply and now she can't afford that. I think there needs to be some kind of cap on increases. I know this is a capitalistic country but enough is enough.

I worry if I bought a mobile in an all ages park, something like this could happen where a senior park a all at once super high increase would make the local news.
 
Remy said:
I worry if I bought a mobile in an all ages park, something like this could happen where a senior park a all at once super high increase would make the local news.
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Remy, I do not know if it is the same in your country as it is here in Ontario but here, once you are moved in the lot rent can only go up 1.2% a year. UNLESS the landlord can claim they made improvements, but must submit to the rent board first with an estimate. We are facing this in our park, they are improving water main and road repair, estimates should be that we are going up about $50 a month.

I know of one nearby park where a new owner came in and jacked the rent up for anyone new coming into the park with rents increasing from approx $350 to $625 and while this does not affect the old tenants who are still under the 1.2% per year it makes it almost impossible for them to sell unless they reduce their asking price drastically.

Also some parks increase rent for any newcomer by $50 a month, a little more reasonable.

Something to consider before you buy, not after.
 
Remy said:
This was my thought. I don't know what is going on with property taxes in that state and water/garbage could increase. But this is greed. I guess it keeps up with the market? Clearly this woman lives pretty simply and now she can't afford that. I think there needs to be some kind of cap on increases. I know this is a capitalistic country but enough is enough.

I worry if I bought a mobile in an all ages park, something like this could happen where a senior park a all at once super high increase would make the local news.
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All the government can do is supply rent vouchers. Smaller landlords want a killing as that is their main investment and they naturally want a pay off. The bigger landlords do it, I guess, because they can.
 
@Lee I can talk to my agent, but I don't think anything like that exists in the U.S..

And as far as profits go, there is a all senior park with the lowest space rental around. The owner put it in his will that prices were to be kept reasonable when his heirs received the business. I'll bet they are still making a tidy profit.
 
It is powerful real estate corps, financial corps, REIT's, Wall Street, their politicians, and their armies of speculators that are skewering the rest of us while having their media point fingers elsewhere with lame excuses, like "not enough housing". At the same time monekwrenching anything to reduce illegal immigration that aggravates what is available for low income poor and we working peons in the middle.

Just like one of those nature videos of dolphins, sharks, and other predatory fish swarming about large frenzied ball schools of sardines.
 
Pepper said:
Canada is definitely Not like here! Wish we did incorporate some of your humaneness.
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New York has had rent controls since WWII. All rent controls do is to distort the market and benefit a small group of people lucky enough to inherit apartments with wildly below-market rents.
 
@David777 I think you are right on much of this. I see it in my area since the fires. Stand alone houses and apartments being built. Some of those apartments are going up on lots that stood empty and/or for sale for years and years. Literally. No new mobile home parks. No condo complexes people can buy. It's all what makes money as someone here stated. I swear, I give up on society and the powers that be.

@JimBob1952 Sounds like this may not be the answer either. But some kind of cap on increases should be. I'm not an expert. Just a citizen caught in a mess myself.
 
Remy said:
@David777 I think you are right on much of this. I see it in my area since the fires. Stand alone houses and apartments being built. Some of those apartments are going up on lots that stood empty and/or for sale for years and years. Literally. No new mobile home parks. No condo complexes people can buy. It's all what makes money as someone here stated. I swear, I give up on society and the powers that be.

@JimBob1952 Sounds like this may not be the answer either. But some kind of cap on increases should be. I'm not an expert. Just a citizen caught in a mess myself.
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I think as Pepper suggested some form of housing voucher is the way to go.
 
Lee said:
Remy, I do not know if it is the same in your country as it is here in Ontario but here, once you are moved in the lot rent can only go up 1.2% a year. UNLESS the landlord can claim they made improvements, but must submit to the rent board first with an estimate. We are facing this in our park, they are improving water main and road repair, estimates should be that we are going up about $50 a month.

I know of one nearby park where a new owner came in and jacked the rent up for anyone new coming into the park with rents increasing from approx $350 to $625 and while this does not affect the old tenants who are still under the 1.2% per year it makes it almost impossible for them to sell unless they reduce their asking price drastically.

Also some parks increase rent for any newcomer by $50 a month, a little more reasonable.

Something to consider before you buy, not after.
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How about 71 percent increase or get out. https://doorcountypulse.com/egg-harbor-campers-left-in-the-dark/
 
For a while I thought the Phoenix area was a gentrified hot spot as far the economy and housing market so that would account for 'some' price increases but not that much unless it reflects taxes and maintenance.

Probably a housing shortage there as well being so close to the border. I saw this is Florida during the peak of the first boom. It started will all the low to medium price rents, houses and condos frequently being bought up immigrant communities. I'm also seeing a lot more room mate scenarios which make it tough for individual families to rent when 3 or four people have no problem paying for an inflated rental.
 
The biggest factor in the housing shortage is explained in this Inequality.org article.

Article is from 2018 so the numbers are higher now.

Link:

What Happens When Wall Street Becomes Your Landlord?

Excerpt:

These [Wall Street] companies are among the beneficiaries of the 2008 housing market collapse. In the wake of the financial crisis, Wall Street firms swooped in to neighborhoods to buy up houses, crowding out the families and local landlords who couldn’t compete with their cash payments.​
​
In the decade since the mortgage crisis, the financialization of housing rentals has ballooned. Institutional investors now own a quarter of the country’s single-family rentals, and just nine of these firms are renting out 200,000 houses in 13 states. A large portion of those homes are regionally concentrated, compounding the effects . In Sacramento County, for example, Invitation Homes is the largest private landlord, and owns more property than anyone besides the county itself.​
 
terry123 said:
Gaer, I watch all news sites except Fox news with their fake news. I watch the local news and really like David Muir in the late day news. Cnn is a good news site. I google anything for more info.
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No major American news site is reliable ...at least for free-thinking moderates. Mainstream media has a leftist propaganda slant; opposition (to MSM) media sources have a right wing propaganda slant. If you want to move beyond sheepdom, you have to read both with their respective spin in mind, then read international sources, independent analysis and try to come up with the truth.
 
Don M. said:
It's not just Phoenix....prices are going up everywhere, on everything. Inflation is showing NO signs of slowing down, anytime soon. I will be surprised if the 2022 CPI remains in single digits.
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True, but raising a person's rent by $300 all at once is unreasonable, and it might be illegal. It's illegal to do that here in Calif.. Even if a rental is remodeled or up-dated, the owner has to give 30 days notice of a rent increase, and they can't increase the rent by more than 30% per year.
 
I still own my home and haven't moved yet. I looked at assisted living before the pandemic and don't like the idea of living in a "walk in closet". I bitch about the maintenance but I don't have the neighbors to deal with, etc. I'll stay here until I can't but I'll get in home help first. My husband was a veteran so I can get Aid and Attendance once I have expenses to show.
 

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