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L.A. County wants to cap rent hikes at 3%. Landlords say that would push them to sell
(www.latimes.com)
this post was submitted on 09 Jun 2024
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Why would that push them to sell?
Edit: so the interest rates have risen several percent along with the cost or labor and materials eating into the profits of serial buyers who leverage loans to buy more on previously purchased properties. If they don’t jack up the rent, they can’t manage the debt.
That said, fuck those guys, hope they go bankrupt. This isn’t someone who has an extra property they invested in years ago, these are the clowns buying everything up and squeezing the market.
Because they're over leveraged. They've purchased assets when rates were low and now that rates have gone up they haven't factored this into their profit margins and would either go under or not make enough.
It's disgusting. If you have enough money to play the game you should have enough money to live with the consequences and a tenant isn't your get out of jail free card for your shitty planning.
What is this? Making risky business decisions and getting both private profit and taking private risk? Get out of here you damn socialist! America is when the profits are privatized and the losses are socialised!