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Thread: How Rent Spikes Are Creating Fine Dining ‘Deserts’ In New York City

  1. #31
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    Quote Originally Posted by Robert Urbanek View Post
    My experience was just the opposite. Shortly after the property tax limit, Proposition 13, was approved by California voters, the rent on my Culver City apartment was raised by 40 percent.
    A friend recently had the same experience in the SF bay area. She lived in the same apartment for 20 years with modest rent increases from time to time.

    The owners grandson took over management of the building and tripled the rent, so my 70 year old friend counldnt make the new rent, and was evicted.

    The building was paid for long ago, and prop 13 made the property taxes dirt cheap.

  2. #32
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    Quote Originally Posted by TNVolunteer73 View Post
    Then you should have moved to another apartment that did not raise the rent, I don't know, did Prop 13 remove rent control laws that kept rent artificially low? Just think what would have been raised If the complex had been hit with a tax increase?
    Rent control laws? What are you smoking?

  3. #33
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    Quote Originally Posted by labrea View Post
    A friend recently had the same experience in the SF bay area. She lived in the same apartment for 20 years with modest rent increases from time to time.

    The owners grandson took over management of the building and tripled the rent, so my 70 year old friend counldnt make the new rent, and was evicted.

    The building was paid for long ago, and prop 13 made the property taxes dirt cheap.
    Was the owner's grandson able to fill the vacancy left by your 70-year old friend after he tripled the rent?

  4. #34
    Veteran Member Dr Sampson Simpson's Avatar
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    Quote Originally Posted by labrea View Post
    A friend recently had the same experience in the SF bay area. She lived in the same apartment for 20 years with modest rent increases from time to time.

    The owners grandson took over management of the building and tripled the rent, so my 70 year old friend counldnt make the new rent, and was evicted.

    The building was paid for long ago, and prop 13 made the property taxes dirt cheap.
    They should have put in rent control measures like they did in NYC

  5. #35
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    Quote Originally Posted by Neomalthusian View Post
    Was the owner's grandson able to fill the vacancy left by your 70-year old friend after he tripled the rent?
    In Silicon Valley? In a heartbeat!

  6. #36
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    Quote Originally Posted by Dr Sampson Simpson View Post
    They should have put in rent control measures like they did in NYC
    Or require the landlord to provide "moving out money".

  7. #37
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    Quote Originally Posted by labrea View Post
    In Silicon Valley? In a heartbeat!
    So people are lined up, desperate for housing, and willing to pay triple what your friend was paying, and yet you think the owner shouldn't have been able to increase the rent to what people in the area were willing to pay, and rather your friend was entitled to the rent not increasing?

    Or was there some other reason you shared the anecdote?

  8. #38
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    Quote Originally Posted by Neomalthusian View Post
    So people are lined up, desperate for housing, and willing to pay triple what your friend was paying, and yet you think the owner shouldn't have been able to increase the rent to what people in the area were willing to pay, and rather your friend was entitled to the rent not increasing?

    Or was there some other reason you shared the anecdote?
    It is a consequence of growing income inequality. The wealthy compete with the rest of us mere mortals for "scarce" resources driving up prices, then they scream bloodily murder at the suggestion that they should pay more to their employees so that workers can afford what the wealthy have driven prices up on.

    Its freedom for money, and to hell with human beings for the free marketeers.
    Thanks from Dr Sampson Simpson

  9. #39
    Established Member NeoVsMatrix's Avatar
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    Quote Originally Posted by TNVolunteer73 View Post
    That I will agree the 3 largest factors in cost is 1 Supply, 2 Demand (equally effect cost) 3. Cost of producing the good or delivering the service
    Supply and demand has nothing to do with cost, at all.

    Let's say you decide to make and sell TNV bubble heads.. you find a manufacturer for 3$ per bubble head.

    If you make 500 TNV bubble heads with a slogan "i'm smart" on their shirt... . that cost is 3 $ per bubble head.

    So Supply is 500, demand is zero. Cost, is 3$, as we said. That does not change, even if you find someone who buys a bubble head.

    If instead you made 100 TNV bubble heads with a slogan "i know nothing" on their shirt, for the same cost of 3$ a pop...

    Now supply is 100, demand is through the roof.. your cost remains at 3$ a pop.

    Supply, demand, very different.. cost, all the same. Got it ?
    Thanks from labrea

  10. #40
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    Quote Originally Posted by NeoVsMatrix View Post
    Supply and demand has nothing to do with cost, at all.

    Let's say you decide to make and sell TNV bubble heads.. you find a manufacturer for 3$ per bubble head.

    If you make 500 TNV bubble heads with a slogan "i'm smart" on their shirt... . that cost is 3 $ per bubble head.

    So Supply is 500, demand is zero. Cost, is 3$, as we said. That does not change, even if you find someone who buys a bubble head.

    If instead you made 100 TNV bubble heads with a slogan "i know nothing" on their shirt, for the same cost of 3$ a pop...

    Now supply is 100, demand is through the roof.. your cost remains at 3$ a pop.

    Supply, demand, very different.. cost, all the same. Got it ?
    Lets say there is only 1 mint condition Babe Ruth rookie card.. how much is it worth to a collector?

    Okay we find 10,000 Mint Condition Babe Ruth Rookie cards how much is that card worth after that discovery?


    Okay lets make this more relevant to the situation.

    There is a demand for apartments in Nashville, there are only 40 empty units in the city of 100,000 and 4000 people wanting a unit.

    vs

    there are 40,000 empty apartments in Nashville with only 4,000 people wanting to move into the area.

    which situation creates drives up the cost more when you have 4,000 people trying to secure 1 out of 40, or 4000 trying to secure 1 out o 40,000
    Last edited by TNVolunteer73; 2nd August 2017 at 10:57 AM.

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