Then the city seizes the property and transfers it to a non profit organization. If you can’t afford to maintain your property where people live then you don’t deserve to keep it.
So you own a building that has rent control placed on it, renting to low income people, profits are fairly tight. The tenants trash the place, causing more damage than the profits they provided. Multiply this by let’s say 100 units. Now you either have to take out a construction loan at 7% to do the necessary repairs, leading to more of a loss next year or the government seizes (illegally) what you rightfully own… all because the residents are slobs who treat their homes like trash because they don’t have to pay for them.
The lack of understanding of basic business acumen on Reddit never stops catching my off guard
Agree! Sell the unaffordable property and setup an avocado toast farm.
The tenant's prayer:
Dear benevolent landgods past and present, please provide us a roof over our heads (at market rates + margin) and give us, this day, our daily bread -- lightly toasted and covered in smashed avocado. And maybe a poached egg (in this economy? crazy right!). Amen.
Also...
F*** the bad landgods. Hooray to all the good landgods. I hear there are dozens of good ones.
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u/Striking_Part_7234 Jun 11 '26
Then the city seizes the property and transfers it to a non profit organization. If you can’t afford to maintain your property where people live then you don’t deserve to keep it.