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The equity that I’ve worked so hard for in these units has vanished in a day.
The equity is still there, dumbass, you just still owe on the mortgage.
[He] plans to list it for $150,000 less than he bought it for a year ago
You bought it a year ago?! How could you not see this was a likely thing to happen a year ago?
worked so hard
Ah, landlords. They truly labour harder than anyone else.
Some people do work hard. My aunt and uncle in law have an airbnb that they spent like 9 months renovating.
Not every landlord is a money hungry corporation.
My other uncle in law is only a landlord because he inherited the property.
that still ain’t a job. your aunt and uncle didn’t work to renovate that house because the renovation would pay their bills, they did it so they can own a nice property and rent it to other people in perpetuity. all the money they make is gonna come from them owning something, not doing something.
My other uncle in law is only a landlord because he inherited the property.
ah yes, the hard hard work of inheriting land. he isn’t being forced to be a landlord. he could just sell the land he isn’t using.
the problem people have with landlords isn’t that they’re “money hungry corporations”, its that they’re leeches, holding land they aren’t using so that they can suck money out of people who don’t have any land to hold, in large enough quantities that people who want to have their own land to use for their own life can’t find any, cuz its all bought up by fucking landlords. being a landlord means taking from people who have less than you, and you only ever get in that position by having more wealth than most people ever have.
Dude we live in a world with actual billionaires. I don’t think we’re going to get anywhere calling people whose net worth is under $1mil “leeches”. If you get all these small-fry landlords to feel guilty and sell off their land, then the billionaires and corporations will happily shrug their shoulders and snap it right up, leaving us even worse off.
This honestly feels like that Oreos meme. “Pay no attention to us billionaires, it’s that guy’s uncle’s fault!”
i’m an anti-capitalist. i have a systemic critique with the systems of power which allow people who own things to acquire wealth on the basis of that ownership. billionaires are products of the same system which allows uncle landlord to impose rent on people who have no other option but to rent, because their obscene wealth comes from the exact same mechanism of ownership.
even if we didn’t have billionaires and corporate ghouls buying up every piece of property, and it was instead all owned by nice old uncles and aunties, the actual practice of owning land you aren’t using so people who need land have to pay you for it to live is still morally bankrupt, and is likely to reproduce new billionaires and corporate ghouls as those uncles and aunties consolidate their excess land into investment firms and property management companies to maximize the economic output of the land they own. the problem isn’t that billionaires exist, its that our economic system is set up to funnel resources towards the people who start out with the most resources.
i’m not saying that him selling the land is a good or morally preferable option, either. i just found the notion that a person is only a landlord because they inherited land a silly argument. there’s plenty of things you can do with land that isn’t renting it.
If they truly cared about it, they’d admit it was a hotel, pay for the zoning change and pay their due taxes.
Airbnb operators can cry me the Fraser friggin’ River. There are a lot of people needing long term rent, we don’t need the operators sucking out the supply.
but plans to list it for $150,000 less than he bought it for a year ago – its value walloped because in a matter of months, it will no longer be useable in most cases as an Airbnb, “The revenue stream dictates the value,”
The system works!
Welllll let’s not get carried away there.
oh no…
… anyway!
Nguyen says he makes enough by renting out his unit on Airbnb to cover its mortgage
Well it sounds like you shouldn’t have done that.
It’s not even the right calculation he should be considering - a mortgage payment pays down interest and principal. Rent should only be expected to cover the interest portion of a mortgage - anything that covers principal is basically free money for the landlord. This guy is basically upset because he can’t find a tenant who’ll give him a free house fast enough. I have no sympathy.
Made an investment.
Didn’t work out.
Boo hoo.Remember this moment the next time someone says that business people deserve wealth beyond the wildest dreams of avarice because they “took a risk”.
The whole “took a risk” stuff is so dumb because in most cases what they risk is ending up with less money… which is still more than most people have throughout their lifetime.
I’d feel totally safe risking 900 million USD if I already had 1 billion USD. What’s the worst that can happen, like, really?
To add on to that, what gives people a special right to be able to take “risks” like that in the first place? It’s not like the basis for risk taking is distributed in a way that most people can, so they’re taking advantage of most people not even being able to as well as it being little real risk.
The risk actually complete and utter bullshit anyway, especially if you’re operating under a corporation.
Consider I take out $1m to start business. I buy a property and equipment for the business. I operate it for a year, make some money, then go bankrupt.
The bank takes back the business assets and … That’s it. They can’t touch your personal assets unless you agreed to put them up as collateral. If it was a sole proprietorship your credit score goes to zero which sucks for a few years, but if it’s a corporation the company goes bankrupt and you walk away scot free.
So I spent a year running a business, made some money, and wind up in the same place I started. What did I lose? Maybe a credit score and that’s it.
If there is nothing to lose, then there is no risk.
Also remember these AirBnb owners are more often like you and I except absolute shitheads looking to exploit the market for their own personal gain.
The problem may be partly those in charge but we need to point the finger at ourselves. We all bought into the same system that encourages this shitty behaviour.
- shiveyarbles ( @shiveyarbles@beehaw.org ) 28•11 months ago
Ye yes the tears sustain me
🎻🎶
🎻🎶
Good, get fucked.
Hahahahhaha, oh wait you’re serious, let me laugh even harder. HAHAHAHHAHAHAHA!
to shreds, you say.
and his wife?
Hahahahahahahaha!
So sell them? Or become a leech and rent them as a landlord? Housing is a human right and has always been in demand. Especially downtown in a major city.