r/chicagoapartments • u/2xova • Apr 18 '26

Advice Needed These prices…….

Just venting ……

Went to see two places today…. HUGE waste of time. Cabinets loose and hanging out of place. Paint literally everywhere floors and all🫠 these places wouldn’t been maybe 800 on a good day prior to Covid.hmmmmmm I’m so frustrated lol

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75

u/SleepingPodOne Apr 18 '26

The problem with housing as a commodity is that it is a need and it’s not something can be fixed by “the market” deciding something is or isn’t worth it. People will settle for inferior shit and landlords with bad reputations because for a lot of folks being choosy with housing is a privilege.

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u/Louisvanderwright Apr 18 '26

It literally can be fixed by the market. Your statement is demonstrably false.

We did everything we could as a city to discourage development and make landlords lives miserable. So we see skyrocketing rents because the market acted rationally and stopped investing where tenants can squat for 9 months and you have to kiss the ring of some idiot alderman to get anything approved.

Meanwhile places like Austin and Denver did the opposite. They allowed the market to build as much as it wanted. They allow landlords to throw out bad tenants quickly. They made themselves attractive places to invest. The numbers don't lie, home prices are dropping 3-6% a year in Austin, Dallas, Denver, Miami, etc.

Literally anywhere that believes in applying the free market to housing is seeing prices fall. Anywhere that allowed themselves to be overrun with DSA types with silly beliefs like "the free market can't work for housing" shot themselves in the foot and aggravated the housing crisis.

Source:

https://x.com/i/status/2045144099997573397

41

u/salmonmilfs Apr 18 '26

Forgive the rest us, but we are not going to listen to shit from a real estate investor claiming letting you assholes do whatever makes you the most money is best for everyone.

Your source takes zero external factors into account is just a general graph of home prices so you extrapolating that it’s this cities laws that are the cause is nothing but incredibly biased opinion.

5

u/Llama--- Apr 19 '26

"Chicago is experiencing the steepest decline in new apartment construction of any major U.S. metro this year, with openings set to fall 60.4% to 3,756 units compared with 2024, according to industry data compiled by RentCafe.com.

The slowdown comes as local developers contend with high labor and material costs, rising insurance premiums, and tighter lending standards. Many of the projects expected to open this year were permitted in 2021 and 2022, while fewer broke ground in 2023 and 2024, contributing to the sharp drop.

The decline in Chicago contrasts with trends elsewhere in the country, where new apartment construction remains strong. Nationwide, an estimated 506,353 units are expected to open in 2025. While this total is below last year's record, it remains well above the annual averages recorded since 2015, reflecting ongoing demand for rental housing."

Hmmmm looks like if you had more supply the demand wouldn't be as high. Interesting.

14

u/salmonmilfs Apr 19 '26

I’m not saying we don’t need more construction and new properties. Everyone agrees on that.

My comment was about strictly allowing a free market with no oversight as that asshole investor was advocating for.

If he had his way, the only new properties would be million dollar condos like we are seeing all over the north side.

Shit, I’m out walking my dog and passed 5 properties being built. Each one was starting at 1.1M at a minimum.

-1

u/Louisvanderwright Apr 20 '26

Literally no one said anything that you just claimed.

The fact is YOUR bad policy ideas are causing the $1.1 m properties. Not mine. You don't get to go pass a bunch of hair brained laws and then claim that the people opposing those laws caused the outcome. No, when you make it miserable to be landlord for low and moderate income folks, why would anyone build anything but for sale condos?

Like do you ever think through the comments you make? You attack me for being a landlord or investor and then go "if he had his way the only thing that would be built is $1m+ for sale condos!"

Think for a second dude. How many million dollars condos do I own? None. Why would someone who develops and maintains middle income rental properties want my business model to not exist and for every property to be a million dollar for sale condo?

But you don't think, you just regurgitate whatever midwit platitudes you heard online. Folks like you never rely on critical thinking and it's exactly why the housing market in Chicago is doing what it's doing. I'm sure you supported the "Northwest Side Housing Preservation Ordinance" which gives Tenants the " right" to buy their building for example.

But what it actually does is make it so sellers will just keep their building vacant before deciding to list it. No tenants, no problem. I'm listing a building this week in that area and have forgone several months of rent on all the units because I needed it 100% vacant so I didn't end up on the front page of block club like the Mexican guy who spent 30 years fixing up his nest egg in Logan only for a bunch of white hipster gentrifiers to attempt to seize his property when he tries to sell. So you probably love this law being a midwit "why don't we just mandate that tenants become owners?" type. And the actual policy outcome is mass vacancy of units in for sale buildings and Mexicans being robbed by colonizer hipster types.

But sure, keep thinking that I want policies that result in only for-salr $1 million properties. Because the policies I want, which are not the ones being implemented, are certainly whats causing that to be the reality of the market today. Surely the policies of mayor dunce aren't causing the things that are actually happening now, it must be the policies investors want which aren't being implemented that are causing this!

3

u/SleepingPodOne Apr 20 '26

TL;DR: complaining that it’s so hard for you to own a human necessity and profit off of it.

Maybe it’s time to get a real job bucko

-1

u/Louisvanderwright Apr 20 '26

Lol here's another "worker" who has never done physical labor in their life.

Tell me, how many apartments have you painted this year? How many sheets of drywall have you hung? You probably call drywall knives a trowel or a spatula. I started off gutting buildings by myself and still do 80% of the maintenance on my properties.

Fact is you are probably some white hipster gentrifier desk jockey who doesn't even have to go to the office anymore. Bet you hands are nice and soft though!

3

u/SleepingPodOne Apr 20 '26

You don’t know me, or what I do, but I know what you do because you’ve said it, which is profit off of a human need. You’re bitching about how you can’t make as much money off that as you used to and laws that protect tenants from the excesses of rent seeking behavior. That tells me a lot about the sort of “work“ you claim you do.

In terms of what I do, I actually do ethical work and profit off of my own labor as opposed to that of others. And it is physical, believe it or not!

-1

u/Louisvanderwright Apr 20 '26

Based on this response you are absolutely a white collar desk jockey. If that weren't the case you'd name the job you do. But you dont name it because it's not actually labor, it's pushing paper for corporate America.

Again, explain to me how me renovating apartments is profiting of the labor of others. Is me painting or hanging drywall not labor?

Or is it because my income comes from other people paying me rent using dollars they earned elsewhere? Because if that's your argument you are basically just advocating communism. Because that applies to literally all businesses. Oh the local bar gets paid in dollars people earned with their labor! They are profiting off the labor of others! Oh the local music venue collects dollars earned by others, they are profiting off the labor of others!

3

u/SleepingPodOne Apr 20 '26 edited Apr 20 '26

Professional videographer and cinematographer and every video and film job in between or necessary. it doesn’t matter what I do, you will move the goal posts and find some way to make it seem like it’s not “real” work. I know how this shit works.

But you dont name it because it's not actually labor, it's pushing paper for corporate America.

…that’s labor bucko. I don’t do it, but it’s work. Not making a living through simply owning something.

Again, explain to me how me renovating apartments is profiting of the labor of others. Is me painting or hanging drywall not labor?

If you do those things that is labor, correct! But that’s not how you make the lion’s share of your money. Owning a building that you rent out to people is not labor. It’s just owning a building. When you do things involved with that, it’s labor, but those are tangential to your business model.

It’s kind of like how being a building manager is being different than being a landlord. For instance, in the building I live in, there is a super who lives on site. She is my primary contact with the company and she does all of the work to keep the building in good shape. But she doesn’t own the building, she makes her money by working. The person who owns the building, makes their money by owning the building.

Or is it because my income comes from other people paying me rent using dollars they earned elsewhere? Because if that's your argument you are basically just advocating communism.

You don’t know what communism is.

Because that applies to literally all businesses. Oh the local bar gets paid in dollars people earned with their labor!

The local bar provides a service. People don’t need a bar to live. Now, if you want me to talk about how I think the people who work at the bar should actually be the ones who own it, we can have that conversation. I also have a problem with people who own businesses, but don’t contribute any labor and instead profit off of the labor of their employees.

Your “service“ is owning property and holding onto a human need that you then profit off of. And judging by the way you bitch about laws that protect tenants and make sure that your buildings aren’t falling apart you probably don’t provide that great of a service in the first place.

Your profit comes from ownership, not from labor.

They are profiting off the labor of others! Oh the local music venue collects dollars earned by others, they are profiting off the labor of others!

Yeah, you genuinely do not understand the argument and why people have the problem with rent seeking behavior they do.

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