T O P
drthvdrsfthr

someone turn this into house prices coming back down next year i need the copium


noknownothing

Interest rates will take care of that.


drthvdrsfthr

so i’ll be more interest on that cheaper house this is some monkey paw curls bs 😒


monkeyeatalota

Yeah, but a cheaper house also means less in property taxes. And if/when rates come back down you can re-finance. Buying an overpriced house with low interest rates doesn't really have an optional savings that can occur in the future.


damagazelle

Wow, the monkey was summoned... (Eta: comment on username, not implying their contribution was bs)


Sharp-Coffee2525

very few people understand this basic concept. Rates have not been high for long enough yet...be patient 'peops'. Recessions are opportunity for the prepared .


Big-Shtick

I'm coping<3


chino3

I sincerely hope you and others don’t view the “less in property taxes” as anything more than copium. The amount saved would be negligible at best 1) Property taxes in LA county on an 800k home is $5760. Let’s say we see a crash and a 20% drop. The property taxes would be $4608. Effectively a $96 monthly savings. 2) property taxes are deductible expenses.


mr-blazer

I thought the initial assessment rate was greater than 1%. So 8-9 thousand on an 800,000 home.


ArcanePariah

Minor nitpick on #2: it depends, thanks to the SALT cap. If you are making enough to afford said 800k house, you probably are paying 8k or so in income taxes, meaning only half or less of the property tax can be deducted.


MaybeImNaked

Yup, we get to deduct nothing from property taxes thanks to the SALT cap. Another common thing you hear is that mortgage interest is tax deductible... But the majority of homeowners can't take advantage of that since you have to *itemize* your deductions and get the total deductions over the $26k (for joint filers) for it to matter at all. 10 years ago, the average homeowner benefited a lot from these policies, but they have been eroded greatly in recent years.


FridayMcNight

>Property taxes in LA county on an 800k home is $5760. It's definitely more than that. The state assesses 1% of assessed value, plus there are local assessments. On my house, the *effective* tax rate including special assessments was about 1.27%. Edit: Also, I'd have to look it up to be sure, but I think SALT deductions are limited to 10k for those who itemize. Which means only some of what you pay in property taxes is federally deductible.


floppydo

Also the entire thing hinges on house prices actually FALLING in Los Angeles rather than maybe just leveling off, which has happened exactly never.


hynding

What do I need to do to pay this amount? I have never paid that little for property taxes and my home was less than 800k when purchased in 2006. At that time property tax was about 10k and has since gone up to 12k.


bshafs

It's not copium. For the same monthly payment, it's better to buy a cheaper house with a higher interest rate than a more expensive house with a lower interest rate. 1. Resell: when interest rates go down, seller gets to keep the difference 2. Refinance: you can get the cheaper interest rates when they go do down and your monthly payment will decrease 3. ARM: a lot of loans for lower interest rates expire after 5-7 years, and if interest rates have increased, the buyer finds themselves in a really bad situation 4. The lower tax rate, as was already mentioned These differences are not trivial. Lower interest rates primarily help the seller. So if you think interest rates will go down in 1.5-2 years (which most experts agree will happen), and real estate costs have gone down (which they have in many parts of the state), it's not a bad time to buy a house.


mr-blazer

All things being equal, you always want the cheaper sales price. Say a house = 1 million in a low interest rate environment and 800k in a high interest rate environment. You would take the 800k + high interest all day long because interest is variable and anything can happen: Interest could go lower and you can refi, you can inherit and pay off, win the lottery, etc. If you pay the 1 million though, you will never get that 200k back.


IsraeliDonut

Don’t expect them to come too far down


FutureSaturn

Housing prices are down a lot. Been looking for over a year and I'm glad I waited.


chino3

Meanwhile interest rates have doubled during your watch.


climbon321

Bought in April 2021, my monthly payments would be 50% more at today's interest rates.


Except_Fry

You can always refinance. That said you’re getting much less house right now for a higher monthly payment than before


Z_Designer

People keep saying “you can always refinance” like we have any idea when the rates will come down to 2017 levels. For all we know it could be another 20-30 years. Rates have stayed this high for that long in the past


maxoakland

I doubt they’ll come down to 2017 levels but they were only that low because of a historic recession. I think they’re pretty high right now compared to normal so they’ll probably come down


Z_Designer

[From 1970-mid 2000’s, mortgage rates were well over 6%, sometimes around 18%](https://www.macrotrends.net/2604/30-year-fixed-mortgage-rate-chart). It’s really the last 10-15 years that they’ve been extremely low, and that hasn’t necessarily worked out that great. So really the “normal” is 8% or so. We just lived through a recent time period of very low rates. We don’t know if or when they’ll be that low again. EDIT: IF the rates don’t go down in the next several years, I see a lot of people potentially defaulting on mortgages they couldn’t afford that they decided to get with the “we can refinance when the rates drop” mentality.


henderthing

I remember in the 70's/80's it was normal to get 4-6% interest on a regular savings account.


YoureGrammarWronger

Lots of places are hitting 4% now for CDs.


Big-Shtick

The banks basically made an agreement to give you a shit percentage, and that's why savings accounts pay a shit percentage.


PDxaGJXt6CVmXF3HMO5h

You can ~~always~~ refinance **if the rates go down**, which may be next year, in 5 years, in 20 years, or never.


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Except_Fry

Yeah the comment is geared more for people who are currently capable of buying regardless of the rate.


scarby2

The key is to buy right before that put the rates down again then refi after the rates go down. Finding those points is a challenge. Also hope you stay in a job the whole time.


MrBenDerisgreat_

Lmao that’s like telling someone to time the stock market and buy the bottom sell the top


scarby2

Hey, I didn't say I knew how to do it....


maxoakland

Good luck becoming psychic


forfactorial

housing prices are coming down already


MNstateOfMind

Can’t wait for my neighbor to get bounced. She’s already got the eviction notice. She hasn’t paid since 2020 and abandoned her cat in the heatwave and went to burning man. She dumped her trash build up on the side walk after she cleaned her apartment because she was too lazy to take it to the dumpster. Her cat ( which she isn’t allowed to have) pees and poops all over her place and the smell wafts down to my apartment. She stays up for days on adderall blasting shitty techno. She’s one of the worst people I’ve ever met and I can’t wait to turn the eviction pressure up with my landlord once the moratorium is lifted.


DayleD

Seems like a job for Animal Control, if you're subjected to her cat's urine. Putting furniture on the sidewalk is allowed if you notify the city for pickup and removal. It's an option in the 311 App.


MNstateOfMind

The smell isn't as bad now that its cold and all the windows are closed. But that's good thinking for when it warms up if she's still around It wasn't furniture, it was bags of cat shit and trash. I did contact 311 but it took over a week for them to clean it up. and by that time an animal had gotten into it and it was a huge disgusting mess.


MrllyCorruptFayeRez

Save the cat!


MNstateOfMind

Yeah I wish we would've done more when she was gone. We were able to make sure the cat had food and water but she was gone for 16 or so day during the peak heat wave. Basically bullied us into looking after the cat after we told her to board it or get a sitter because it was prone to scratching and attacking.


doctorlandsman

Eh, it’s ok but honestly there are better screenwriting books out there


forfuckssakesbruv

Nice


sovamind

No one that attends Burning Man would behave like this.... /s


beergal621

I have one of these that lives above me too. Can’t wait for her to get kicked out.


wrosecrans

Sometimes I feel like a sucker for having paid rent the last few years. Putting away thousands of dollars every month for nearly three years would really have added up.


Minotauros_Artus

Sometimes I wish I was like these people and didn't give a shit. Keep all my income to myself and not pay a dime. But then I'm afraid of what might happen once it all catches up.


toffeehooligan

Eh...if by now you haven't been paying or worked out an agreement with your landlord...you kinda have it coming.


ScrotumMcBoogerball

Awe crap, I just signed a lease. I bet rent is about to get a little cheaper here in a few months.


[deleted]

I want to believe that but I just know my landlord is gonna raise my rent again for some bullshit reason.


Deutschebag13

Exactly.


peepjynx

This what I don't get... sorting out back rent was a 2021 issue. The government stepped in and extended the moratorium **and people bilked the hell out of it.** I have enough anecdotal stories to now actually create a sample size. People have had nearly 2 years to sort this out, try to work out some kind of payment plan/apply for forgiveness/etc. If you haven't been paying your rent this entire time, I have to assume that you (general you) are jobless and haven't been able to find and/or hold a job in two years. If this is the case, then you've got bigger issues than eviction if you can't find work. There haven't been any real layoffs yet. The big recession layoffs are still months away (if they actually happen.) There's work out there... even shit work. But if you are at risk of losing your home, you'd get off your fucking ass and work. Most of these evictions aren't even due to shady rent rises. There's been a hold on much of that as well. If you're about to get shit canned... at this point... it's on you. If you have a landlord trying to pull some shit, LA has amazing resources for people needing homes, especially if you aren't mentally ill or a drug user. We have systemic issues, housing shortages, and the like... for sure, but this is something else entirely. There's a certain type of mindset with this: These are the same people (I know you all have friends like this, too) who are always blaming someone *else* for their hardships. These are the "lack of accountability" people. I have zero patience for people like this. There are other, more dire situations that could use the city's attention... your lack of stewardship of your own life ain't one of them.


Not_as_witty_as_u

>These are the same people (I know you all have friends like this, too) who are always blaming someone > >else > > for their hardships Do you mean redditors in general?


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peepjynx

OMFG! EXACTLY. How did people not do something substantial with that money? The only way you didn't qualify for it was if you were... wait for it... WORKING! Unless you have some kind of insane rent that the PUA unemployment wasn't enough for, you probably are a highly paid individual anyway, so it would have worked out if even if you took a beat to get back on your feet. Most everyone I know who got laid off, myself included, got hired back. My job hired me back on at 6 months. We were remote a couple of weeks before I got laid off and when I came back, we were once again remote. The rent was paid the entire time.


Concrete__Blonde

I just want to point out there are people like me who didn’t receive a single cent from the government. I am glad the relief was available to those who needed it, but I worked my ass off for a salary that is just above the thresholds to not receive any stimulus payments, all while my bills consistently got higher and higher. I saw my peers on unemployment taking vacations, buying new cars, and going to Vegas on the weekends - while I was showing up to work with a mask on every day. I can’t say I personally would have done anything differently. I take pride in my career, my work ethic, and my contribution to society over the past couple of years. But it feels so disheartening to know that others benefitted so much from doing the exact opposite.


SmarterShelter

Same here... My friend spent the summer painting on the beach, enjoying her unemployment (the film industry shut down production for a couple months so she couldn't have worked if she wanted to), while I spent mine panicking that I was going to lose my job. I came out okay, but 3 months of paid leisure sounds pretty great too.


[deleted]

And now they're all in here complaining. I took the unemployment, stayed in and used it for bills. The whining in this thread is stomach turning. People were either too stupid to collect it or they wasted it and now they want bailed out from their bad decisions.


SoPrettyBurning

I was getting the max amount from unemployment during covid. I started 2 businesses with it. Zero sympathy from me as well.


olympic87

Well said!


SheriffWyFckinDell

[Slow clap]


numorate

> People have had nearly 2 years to sort this out, I think you're right but tbf people who don't pay their property taxes have **5 years** before the state comes after them. https://www.sco.ca.gov/ardtax_public_auction.html This is on top of Prop 13 and the billion other handouts we give to homeowners vs. renters. It's not a level playing field even with the moratorium.


TeslasAndComicbooks

And good luck getting someone else to rent to you.


asyrianrefugee

That will only be true until Los Angeles bans credit checks as part of a tenant's application. California already will seal eviction records if it takes longer than 60 days for the landlord to win a judgement. And with all the ways tenants can extend it, I would bet that most records are sealed. I hope I am wrong but the laws would allow people to rent, not pay, get evicted, and repeat with the next unwitting landlord.


AnaisNot

I’m sorry but this is an ignorant comment. We live in an expensive city where prices have been increasing on everything. During COVID i lost my job. I got behind 7k on rent. The second I was able to work again, I did and started paying rent again. I’ve been paying my rent for 2+ years but I do not have extra money to pay double rent to cover back rent from 2020. Most people can’t afford double rent. I’ve been waiting over a year on my application for rent relief. 100s of thousands of people are in the same situation and in limbo. We didn’t take advantage of the system, have been paying rent, but can’t afford to pay back rent for the year we were forced into lockdown. My industry (live music) literally disappeared overnight for 2 years. This is very stressful to me. I am not a slacker who took advantage of the system, I am someone who works hard but is mostly paycheck to paycheck due to student debt, medical bills, inflated gas and food, etc so a few months of no income knocked me and thousands of others flat and many are still playing catch up. The state/city has barely distributed any COVID relief and are so disorganized that they’ve been putting off ending the emergency status to bide more time—ultimately the city taking so long to approve rent relief has put many in a terrible position where soon they will either be homeless/displaced or have to choose to destroy their credit by alternating certain bills like student loans, medical bills and cut spending on food for and gas to get to work— all in order to pay back money from when they lost their job through no fault of their own. Those who could pay their rent during the pandemic and haven’t had to think about it since are in a place of privilege. Some of us are just getting by. Some of us aren’t at all considering we now have almost 70k homeless in LA. I worry about how I’ll pay this back rent owed every day cause they’ve messed up my application 3x and my landlord is illegally bullying me for 2 years now. I personally can’t just fuck off and get a new apartment because rents (and all my other bills) have skyrocketed and I’m thankfully rso. It’s a rock and a hard place and everyone in this thread celebrating people in this awful position of potentially losing their homes is super lame.


ansimation

why do you have do pay double rent? add an extra 100 or 200 bucks a month until it's covered. Surely if you're making an effort they should be willing to work with you on it.


AnaisNot

Only a year is allowed to pay it back and that’s once the moratorium ends. They haven’t laid out guidelines other than that. I make just enough money right now to get by. With inflation, all my bills and essential spending has increased and now I’m back to paycheck to paycheck. I have $100 in my bank account until I’m paid next Friday. So paying a couple extra hundred bucks a month isn’t possible right now.


IsraeliDonut

What work did you do while live music was put on hold?


BoySmooches

I'm with you man. This all sucks. I hate to see people punch down like this.


sucobe

January 2nd going to be known as eviction Monday. I know quite a few people that haven’t bothered paying rent because of the moratorium.


Nuevacuenta1

Can you expand on their situation? I dont know anyone who just flwt out stopped paying their rent. Are they able to?


ssorbom

I wonder what effect this will have on apartment rates?


_Erindera_

They'll go up.


eBikes4All

2023 will be normal; if you don't pay rent, you can't stay in your apartment.


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Kingmudsy

Surely rent will come down to reflect this, right? Right guys?


ashchelle

>2023 will be normal; Please don't. I don't want this comment to age like milk.


eBikes4All

lol shoot I hope I didn't jinx it; I meant *in this one specific way*!!


dba1990

• **if you don't pay rent, you can't stay in your apartment.** Amazing how many lazy, free-loading turds feel threatened by this message.


venicerocco

Nobody feels threatened by that message.


Syrioxx55

Let them create a fictional adversary!


QuiteTalented

Fallacy and Sophistry are their true powers!


DynamicHunter

Read some more comments under this post bro


_sportscience_

Are you reading the same thread?


RedArken

The lazy free-loading turds are land lords


numorate

I pay my rent. But as long as landlords can soak in Prop 13 and charge market rate rent I have no problem with the eviction moratorium.


_sportscience_

True.


Nszat81

I know one turd who feels good about this message


fr0gnutz

Am I going to be able to find a place to rent for cheaper now?


_Erindera_

I doubt it


cohortq

Does anyone know someone this will affect?


dolyez

I do not. I dunno anyone who didn't sort their shit out or move to a different place in 2021. Every time I see this conversation on reddit I am always dumbfounded that posters here all know so many people exposing themselves to this much risk haha


NewSapphire

yup... more than one of my friends has someone they can't evict


maxoakland

Not that I’m aware


hotdogla

Yes


moemoe7012

Yes


DTLAgirl

I do


Whysociety

One of my best friends is owed around $150,000. She’s a doctor who ironically has helped people during the pandemic. The law is complete bullshit. We are not in a state of emergency and the law was crafted for tenants to just say they were affected by Covid without having to show any proof.


IAMTHESILVERSURFER

We all know people - we just don’t realize that we know them. Just like people who didn’t get the vaccine - few ppl in LA are going to openly advertise their shitty behavior.


[deleted]

Is this the housing crash I hear so much about? (spoiler: it isn't)


scarby2

There may be an increase in supply, likely a landlord wouldn't have been able to sell a property with a non paying tenant who they couldn't evict.


Dee_silverlake

Is this why my rent hasn't gone up since the start of the pandemic? I'd heard about the eviction part but I wonder if it prevented landlords from raising my rent. Not looking forward to that!


ds739147

Correct if in a rent controlled building


Remarkable_Tangelo59

I read that RSO cannot raise rent for another year. Where does it say otherwise?


CrystalizedinCali

You are correct, they cannot raise them until Feb . 2024 : https://www.latimes.com/homeless-housing/story/2022-10-04/la-end-covid-eviction-protections-february?_amp=true


b2walton

And even then, they can only raise them at the annual levels set previously, yeah?


CrystalizedinCali

There’s a % they can be raised annually and that’s the same.


CrystalizedinCali

Rent Control increases do not go into effect until 2024 but yes, that is why we haven’t had them. https://www.latimes.com/homeless-housing/story/2022-10-04/la-end-covid-eviction-protections-february?_amp=true


hotdogla

Yes


Diegobyte

Unpopular poison but people Living for free is ruining the housing market


[deleted]

That is just a fact


riaKoob1

It's not being talked enough. All these people could sign up for a month of rent, and proceed to miss payments for 2-3 years. The supply of houses vanish, and people that actually want to buy houses need to pay a premium. At least, 2023 will see an increase of supply from all this homeowners.


Diegobyte

It also pushes people into houses that they can’t really afford cus they get pushed up more and more


IsraeliDonut

If only there were a lot of notices to do something that you should have been doing the whole time!


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IsraeliDonut

On top of a labor shortage to get a new job! Or ppp loans for people to pay their staff


notinmywheelhouse

This is a little off the thread but I’ve read on Reddit that other states give homeless people bus tickets to LA in order to be homeless. Is there any truth to that statement or is it more clickbait?


hhh_hhhhh1111

[here's an interesting article on the subject](https://www.vice.com/en/article/bvg7ba/instead-of-helping-homeless-people-cities-are-bussing-them-out-of-town). Anecdotally when I lived in Oregon I met quite a few homeless who told me their home states bought them one way tickets to either Oregon, Washington, or California. So i would say there is truth to the statement


zoglog

It's not just homeless. The valley is a huge hub for drug rehab houses and centers. A lot of people ship their troubled kids over here for those with 1 way tickets. A lot of them never return home and end up homeless after they are kicked out of the houses for relapsing.


notinmywheelhouse

Yes I think drug addiction is the biggest precursor of homelessness. Just seems weird people would pick a state that makes it very difficult to recover from financial and shelter loss. Los Angeles has to be one of the more difficult states to make a new start.


TheSleepyAquarius

I believe this is true. And plane tickets. You should see the amount of homeless people who live at LAX.


Dogsbottombottom

The homelessness count has consistently found that the majority of homeless in LA county have lived here for a while. In 2016 they found that 72% had lived in LA for 20 years or more ([slide 26](https://documents.lahsa.org/Planning/homelesscount/2016/factsheet/2016-HC-Results.pdf)). In 2019 they found that 67.6% had lived in LA for 10 years or more ([link](https://medium.com/the-road-home/get-the-real-story-myths-facts-about-homelessness-in-los-angeles-3d423e107ef3)).


M3wThr33

So in the period of 3 years, that percentage greatly dropped, dramatically. You're comparing 20 vs 10, right? Let's combine that then. (The first chart also says 11% for 10-20 years) 2016: 83% had been 10+ years 2019: 67.6% had been 10+ years Even if that's a majority, that's a radical shift in the last few years when the population has risen.


Dogsbottombottom

Yeah, I was curious about that also. Unfortunately I couldn't find any data on tenure in Los Angeles in the most recent reports. I did look at the survey and they are still asking that question, but the results don't seem to show up on any of their dashboards. Personally I don't think "outsiders are coming for our weather and services" a very compelling argument. [There are more hypothermia deaths in LA than in NYC.](https://www.latimes.com/local/lanow/la-me-homeless-hypothermia-20190217-story.html) It's very evident that our services cannot keep up with the current homeless population. I don't think it's all mental illness either. According to the most recent point in time count, only \~22% reported severe mental illness ([link](https://www.lahsa.org/documents?id=6515-lacounty-hc22-data-summary)). The GAO found that for every $100 increase in the median rent, there is a corresponding 9% rise in homelessness in the areas they studied ([link](https://www.gao.gov/products/gao-20-433)). The median rent in LA increased from \~$1531 ([link](https://www.latimes.com/business/real-estate/story/2019-12-27/l-a-rent-rose-65-percent-over-the-last-decade-study-shows)\*) to $2459 ([link](https://www.zumper.com/rent-research/los-angeles-ca)) from 2010 to now. The number of homeless people increased from 42,694 ([link](https://www.huduser.gov/portal/sites/default/files/pdf/2010HomelessAssessmentReport.pdf), page 151\*\*) to 69,144 ([link](https://www.lahsa.org/documents?id=6515-lacounty-hc22-data-summary)) in the same period, a 69% increase. It's not that homeless people are coming here from around the country, it's that our housing is too expensive and it's driving Angelenos on to the streets. \*I just did the math based on the amount in paragraph 2. \*\*There's probably a clearer source for this


MixAccomplished1391

How is this related to anything?


notinmywheelhouse

It’s related to homelessness.


M3wThr33

Yeah. Of course the homeless won't admit it out of fear of being sent back to where they came from. I remember in early 2020, I was talking to one near my storage unit. Casual conversation waiting for the crosswalk signal. Mentioned he'd lived down here all his life but never had heard of Big Bear Mountain. You could instantly feel the "Oh, I fucked up" sense in the air.


SignificantSmotherer

It’s absolutely true. Bums, junkies, thieves and mental cases all, arrive here on the bus. [Greyhound Therapy](https://amp.sacbee.com/news/local/homeless/article205931264.html)


valentine_s

Thought is was January 31st?


riaKoob1

Wasn't this pushed to January 31st? Also, I dont think it became an ordinance, people are monitoring the Covid cases and thinking of extending it.


integrated-math

It was pushed to the 31th, but yesterday it officially was voted on and became ordinance.


bruins9

LA county ends on 12/31 and City of LA 2/1/2023


Royalstopdrop

The real question is how come government didn't put a pause on mortgages? Why are they making it between landlord and tenant? This only benefits the banks..


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quitetheopposite

Unfortunately not enough for someone hasn’t been paying since the start of the pandemic. My husband and I are landlords and we only received 6k total for a lady who hasn’t paid since the start of Covid for a $3500 / mo 4 bedroom apt. Edit: spelling


IM_OK_AMA

> This only benefits the banks.. You answered your own question lol


Nszat81

Yes they answered a question that was based on false pretext.


scarby2

Because people see landlords as evil and bailing them out would be extremely unpopular. Also it's likely the city does not have the power to do this as they don't regulate banking. But there have been small landlords who have been crippled by this disparity. Especially if you were working away from home for a year or so and were using that rent to cover your rent somewhere else


maxoakland

There *were* relief options for mortgages


scarby2

Unless I'm mistaken that was a federal thing and both the federal mortgage assistance and the federal eviction moratorium ended.


Sentazar

...so there were...relief options..for mortgages.


scarby2

Yes but the forbearance ended in 2021 and the local eviction moratorium ends a whole year after that...


Persianx6

>Because people see landlords as evil and bailing them out would be extremely unpopular. Why would we bail landlords out? It was a phenomenal time to sell properties in 2021 and also a really good time to refi the mortgage. You have a lot of people in this city who got paid or got to change their loan situation to really favorable terms. Not to mention most tenants paid their rent throughout the moratorium. Yes a few didn't but that was definitely not the majority.


istinkalot

why is the government taking action that only benefits banks and not real people? is this your first visit to America? Welcome to the land of plenty.


seanchappelle

What an insightful answer.


poli8999

I feel like this should’ve ended after 2020. I feel for people but also not every apartment is under some corporation.


zoglog

All landlords greedy and should be punished /s It's funny how many people think that here


[deleted]

So many bad takes in this thread


[deleted]

The one right below you is gold - ​ >Cue in 6 months people complaining about the increase in homeless and calling for building internment camps in the desert again Internment camps. These people are fucking insane.


DoucheBro6969

People will have to pay what they contractually agreed to when they signed a lease agreement or face the consequences? tH3 h0rR0r!1


sovamind

I "left" LA around March of 2021 due to not being able to use my artist studio for any of the things I had rented it for because... well pandemic. Just didn't make sense renew the lease when I could move back into my house out of town. I actually started living out of my van when doing art/events in LA and then living out of my house in another state other times. Spent over 200 days in my van this past year. Now, I'm looking for a place to return permanently but the rates have all gone up literally 57% in less than a year. I'm actually talking with my former landlord who "really would like you back but the building owner is setting the prices". It's fairly ridiculous as they have multiple units empty, and it looks like they've been empty forever. I also found out that the Brewery Lofts are forcing all the artists into one-year renewals. Even people that have been doing 5 year leases in the past. They keep claiming there are no available units but they have many that are now empty. Everyone feels like they are pushing people out and the property owner is going to sell the property or turn it into fancy condos. I just don't know where artists can live in the city anymore... many of my friends have moved to Oakland now.


BigFatDragonDong

Im gonna get flamed for saying this - but landlords and building owners keep these rooms empty on purpose to raise demand for housing. Which in turn ups the price of units. We actually have 110,000 units of housing available that are just sitting empty, but because of the method we use to count empty properties it’s not accurately depicted. Landlords and property owners just need to collect mail to keep it being recognized as “occupied”. That’s 110,000 units doing nothing for nobody. Compare that with the fact we have 47,000 homeless, you start realizing the housing crisis is a manufactured one to - surprise, make landlords and building owners more money. People will defend privatized housing like there’s nothing grossly wrong with it - all while suffering under its boot. Much the same way people will defend privatized healthcare. We need public housing options - as in 65% of LA housing needs to be publicly owned. Either by the city or by a tenants union. We can look to how Germany has set up their housing situation - way cheaper rent, better quality of living, and more say on how things get done.


cityhallrebel

Source for 1110,000 units available?


IsraeliDonut

They live where they can afford like any other person


boyatrest

nop. they just extended it till Feb 1 2024


Mescal_Caulchester

Really? Where’d you see that?


Its_Your_Next_Move

When I bought my first house, the interest rate was 8%. At the time I sold it, the rate was under 6%. The rate of my current home is half of the previous mortgage. All things considered, the monthly payments are roughly similar for a far better home. With the better home comes higher property taxes. If property values take a serious decline, I can go back to county assesor and request that the property valuation be lowered to reflect the new reality. Its almost always better to be an owner even if the home is outside one's preferred location. In So Cal, there are plenty of homes well below the price of the same model and floor plan. KB homes built the same model of homes in Orange County and the Inland Empire. The homes in IE are half the price as say Irvine.


integrated-math

This sub is weird like that. I remember someone posted their apartment they were leaving in West Covina that was $1800. The comments were "why pay to live in the middle of nowhere/far from everything" If they think West Covina is far...


JackInTheBell

People with cash are loving this. Prices falling and they can buy a house for cheaper. If you have to borrow at these higher rates, at least it’s a deductible.


truchatrucha

I think this is less for homeowners and more for renters


The_Pandalorian

I'd love to buy, even with a mortgage. Just refi down the road when rates drop and maybe work in some home improvements via equity.


[deleted]

Why is there still a moratorium. Pandemic ended a year ago.


Persianx6

Question: which politician wants to face an angry horde of evicted people and which politician will take pride in making the homeless crisis larger by adding thousands of evicted people, potentially?


onan

300k deaths in America alone over the last 12 months doesn't sound very ended to me.


Amoooreeee

What they don't realize is they made the rental market worse. Small landlords that were renting at low rents are now selling to corporations who are going to push for the maximum amount they can get.


bruins9

What worst is that Private Equity groups are buying in LA now. If this doesn't stop, the rental market will continue to go higher and higher.


_sportscience_

FINALLY! I can get rid of all my deadbeat tenants.


Leaninmars

How the fuck people not making rent at this point smh


napoleonboneherpart

:


zoglog

Note that even if the moratorium is lifted landlords won't be able to instantly evict their tenants. There is usually a court process that is drawn out before the tenant can be forcibly removed.


forfactorial

how about the homeless?


pebble_of_the_south

The way I see it, the recession is going to put a lot of people onto the streets. Let’s face it; city council is on the side of being a generous entity. It’s going to be tent city USA by the end of 2023.


Courtlessjester

Time to reread On Practice and Contradiction


Comprehensive-Bed35

As someone who was VERY unhappy about leaving LA in 2015, but returned in 2020 a month before all the crazy lockdowns (losing my job/apartment) and having to move to Shitramento until the world comes back to ‘normal’….. I REALLY REALLY hope to fucking god that this some how brings the goddam rent prices down! The day I am able to finally move back to LA permanently might be the happiest day of my life. I honestly can’t believe the rent prices have not come down much since 2020. In San Francisco the rent prices are WAY down due to everyone leaving. However, the exodus in LA didn’t seem to have the same effect. Any theories on why the fuck the rent prices in LA just won’t come down even though LA has basically become MadMax ThunderDome???


maxoakland

Probably the same reason you still want to move back here so deeply. A lot of people also feel the same way Also, it’s not even close to that bad. The media and conservatives tried to play it up for elections but LA is safer than Ohio when you look at the numbers


Comprehensive-Bed35

As an LA native (and someone who has lived in numerous ‘dangerous’ places—like Bangkok) I don’t let the ‘scariness’ of the way it looks outside bother me. However, I’m an intimidating looking guy, covered in tattoos, so I’m sure no one bothers me for that reason. But, yeah I get that a lot of people feel the way I do about living in LA, but let’s get real: it’s gotten MUCH worse since I left in 2015. I lived in Studio City in the Avalon building on Ventura & Vineland (it’s a really posh building). The entire neighborhood was really posh, and I loved living in luxury in an affluent area. When I returned in 2020 that neighborhood had gone to total shit. Homeless people EVERYWHERE, drug addicts EVERYWHERE, police sirens all night long, etc…..and the rent had gone from $1800/month to $3000/month for the exact same apartment. To me it was fucking crazy that people were willing to pay almost double to live in an area that went from affluent to ghetto.


ftotheergtheithee

I’ve literally never heard Studio City referred to as “posh”. I think you’re wearing rose colored glasses for 2015.


JuniorSwing

I wouldn’t count on the rent prices coming down too much. Evictions are, even when faced with the idea that tenants could all get evicted the exact same day leaving tons of empty space (which definitely won’t happen, as I’m sure lots of tenants would attempt to take it to court, so openings will probably show up in a slower, more steadied progression), I believe evictions make up a smaller portion of rent prices than people think. Rent prices might go down a little bit, but I wouldn’t hope for anything too big.


shawnkanderson

Didn’t Karen Bass say during a debate that she would extend it?


RusBulBul

Should’ve paid your rents.


dustwanders

They need to triple the minimum wage so this shit didn’t have to happen in the first place


ameddin73

Can someone explain why this would bring rent prices down? I understand the supply/demand concept but rent prices have proved to be sustainable so why would any landlords lower prices?


CrystalizedinCali

I don’t think it will, but we’ll see. I guess some people think it will shift supply/demand, but I don’t think so.


SignificantSmotherer

It won’t.


afedbeats

Combine this with a vacancy tax of half the rent for all the corporate-owned units (not Aunt Sue renting out her extra room) and you might have a winning combo to crash rent prices


kazarazo

About damn time!


Renegade909

This is both a hilarious and extremely concerning meme.


HOTROD213

actually I thought the ended feb 1st.. with 6 months to pay back half the back rent. Going to be a LOT of people looking to move before that eviction goes on their record. Our new mayor will have no answers and the homeless population will get even worse.


tylerdurdensoapmaker

What do you mean answers? The pandemic is over why we still have pandemic rent protections in place?


HOTROD213

i agree with you- this pandemic rent thing has gone on way too long. But Bass will be a deer in the headlights when 1000's of people are evicted and end up on the street, She has no plan to fix anything- her whole reason for thinking she was qualified to be mayor was that she was a black woman. When Joe Biden passes you over- as he did Bass- and picks Kamala Harris instead--- how flawed must you be?


maxoakland

Probably because the pandemic didn’t just magically disappear all at once and the ramifications lasted


-Poison_Ivy-

Cue in 6 months people complaining about the increase in homeless and calling for building internment camps in the desert *again*


IsraeliDonut

If only there was a common sense way to avoid being evicted


esteflo

Oh yeah, because people chose to be lockdown for months without work. Fucking dense people in here.


IsraeliDonut

Plenty of people still worked, people are still working from home, and also there were benefits from the government