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Ok-Lavishness-349 t1_j9owbq4 wrote

Reply to comment by Saadiqfhs in /r/philosophy Open Discussion Thread | February 20, 2023 by BernardJOrtcutt

I think you hit upon a big part of the problem when you said "a New Yorker will pay it if a Jersey citizen won't". Your proximity to NYC and the high cost of rentals in NYC is means that Jersey citizens are competing with NYC residents for housing, and this drives prices up.

I wonder if the pandemic and so many business allowing employees to work from home increased the number of people who work in NYC who were willing to move to New Jersey in order to save money on housing. This would have caused an increase in demand for rentals in New Jersey and resulted in higher rental fees.

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Saadiqfhs t1_j9owwuk wrote

It is but I think the agency of the landlords can still be at play; they do not have to price out their tenants, but because a fatter cow has hit the market they cooked Besty. Back to my original thought: is it the common man’s fault for not having the money, or the fact a class can just change the rules in a year and basically banish them from their homes.

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Ok-Lavishness-349 t1_j9ozxs5 wrote

Yes, you are right. I own several rental houses myself (not in New Jersey). Rents are increasing in my area too. If I have a good renter, I try not to increase his/her rent or, if I do, I only do so gradually, even if this means getting below-market rates. But, when someone moves out, I charge market rates to the next renter. This makes sense ethically (I don't want to price anyone out of his/her house if I can avoid it) and business-wise (a below-market renter who pays his/her rent every month is better than taking a risk on a new renter that might not be a reliable payer). The problem is, many rental properties are owned by large corporations (hedge funds, etc.), that prioritize ROI over all else.

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Saadiqfhs t1_j9p0iig wrote

Oh everything is a chain now, when I was 21 I talked to a realtor and landlord, now I talk to a sells person at a front desk

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