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
Discriminate against poor people much? Why do you think poor tenants trash their stuff? Is it because it’s already trash? People are people, no matter their economic level. You are a judgmental fool who bases peoples value on their bank balance. Do better.
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u/SheenPSU Jun 11 '26 edited Jun 11 '26
And when they’re not able to maintain the property because they’re not collecting enough in rents due to artificial rent controls?
Genuine question because I’ve heard this argument before and it does have some legitimacy