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the_lamou t1_jcfu5cv wrote

Reply to comment by 99hoglagoons in Nearly 1,500 buildings ban Airbnb and other short-term rentals by fluffykintail

Not-for profit housing and non-market housing is a thing, but the degrees of success it's used to across the world are "low." Every major city around the world is currently experiencing an affordability crisis (except Tokyo and some other large Japanese cities, but that's a while separate thing.) No one's got it worked out yet.

Personally, I would prefer that rather than handing control of all housing units to the people who did such a great job with the projects, we just fix our renting rules to be more equitable. Things like income-based rent regulations, first-come/first-served requirements in leasing, better tenant protections and maintenance requirements, more rent stabilization with fewer loopholes, limits on number of rental units owned, etc.

From a public policy perspective, I would much rather see a system that creates thousands of small landlords who have essentially built themselves a job than have that money to what would have to be a massive new program.

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99hoglagoons t1_jcfzct9 wrote

Oh yeah. I was just putting the not-for-profit concept out there. Even if implemented today at a large scale, it would take decades to see any meaningful results. And it's not happening anyways.

> we just fix our renting rules to be more equitable.

This part is going to continue to be a mess. The 2018 IAI reform was well meaning and intended to prevent landlords from evicting long term tenants in order to deregulate units or just significantly jack up prices through various improvement clauses. Or as I call it: "The great dishwasher revolution of 2010-2018". I didn't know a single person who had a dishwasher in NYC prior to that time period, man.

End result of that reform? Landlords are hoarding apartments they deem unprofitable and are waiting for regulatory winds to change. You could throw in clauses to prevent this, but hand of capitalism is insatiable. They keep finding different ways to circumvent. Combine units to deregulate is the latest and greatest. That empty unit is waiting for an adjacent unit to become vacant so they can go to work.

> Every major city around the world is currently experiencing an affordability crisis

Direct result of almost zero interest loans that have turned real estate into a wealth hedging tool. The recent uptick in interest rates is the best thing that could happen to affordability, but even that will take a decade plus to play out, and most likely it will not be allowed to play out. Interest rates will drop to near zero again just in time for corporations to buy out the next round of foreclosures.

We've been through all of this before.

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