Landlord only raises rent $20 in five years. What will happen?

[Nathan Gesner]

https://www.kold.com/2022/05/1...

I applaud her. She's using her money to help others. What I don't agree with is her insinuation that every Landlord charging market rate is creating homelessness. The market drives prices, not the individual Landlord with 12 rentals or even 500 rentals.

She sold for a premium in California, then bought in Arizona when the market was at a low. I'm willing to bet she was blessed with good timing and paid cash for these 12 rentals. Most investors work hard to save up for a down payment. Then they have to carry a mortgage. If they rented at 50% below market just to help out their fellow man, they would drive themselves into the poor house.

It's nice that she can afford this and is willing to help others, but how will she pay for a new roof? New carpet or paint? This property won't pay for itself when she's renting that far below market, so she'll have to continue putting money in.

[Nathan Gesner]

There's a "housing crisis" because people insist on living in the same place forever. I just read a thread on facebook last night with locals complaining that they can't afford to live in Cody where an apartment runs $700+ per month and a single-family house will run $1500+. On that thread is a well-known business owner that offers jobs starting at $30 an hour . . . and she can't get people to apply! My kids (14 and 15) are working at McDonalds and making almost $2,000 a month which would enable them to afford a $700 apartment on their own, or they could roommate and afford a small house together.

If I want to live in Cody, I need to earn enough to afford it. If I want to live in Manhattan, I need to earn enough to afford it. A lot of people, particularly of the younger generation, feel they should be able to work any job they want and live anywhere they want. That's the crisis.