Rent Bank

Social, economic and environmental issues in our ever-changing world.
BC Landlord
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Re: Rent Bank

Post by BC Landlord »

Queen K wrote:Know what would increase "housing stabiity"? Lower monthly rents.
By what magic?
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

Queen K wrote:"in January 2021 will help to increase housing stability in our community by offering interest-free, repayable loans to eligible renters in the Central Okanagan.""
Mortgages for renters!

I do not support this.
BC Landlord
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Re: Rent Bank

Post by BC Landlord »

Vacancyrate wrote:
Mortgages for renters!

I do not support this.
My understanding is that it would probably be worth up to one month‘s rent, maybe two, repayable in up to 24. That’s not “mortgage”, and it should be doable. It’s not meant for people with zero income.
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Queen K
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Re: Rent Bank

Post by Queen K »

BC Landlord wrote:
Queen K wrote:Know what would increase "housing stabiity"? Lower monthly rents.
By what magic?
By some landlords actually recognizing that they didn't buy their places at $500K and up.
Spend some time and money on establishing an Estate plan, a Legal Will, your wishes and who is the Executor. Watch Grant of Probate videos. Understand the process to help yourself and loved ones.
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Queen K
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Re: Rent Bank

Post by Queen K »

Vacancyrate wrote:
Queen K wrote:"in January 2021 will help to increase housing stability in our community by offering interest-free, repayable loans to eligible renters in the Central Okanagan.""
Mortgages for renters!

I do not support this.
That's it! That is exactly what this is, all to support landlords from losing otherwise 'good' tenants who run into big unexpected expenses. It's landlord support, ultimately. Poor lil' landlords.

Full disclosure: I do not rent. This doesn't even touch me. BUT I do know people who do and are not low income by any means and the rents are killing them.
Spend some time and money on establishing an Estate plan, a Legal Will, your wishes and who is the Executor. Watch Grant of Probate videos. Understand the process to help yourself and loved ones.
BC Landlord
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Re: Rent Bank

Post by BC Landlord »

Queen K wrote:By some landlords actually recognizing that they didn't buy their places at $500K and up.
What does rent have to do with how much someone paid for a property? So, for example, if I won it in a lottery, the rent should be free, right?
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Queen K
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Re: Rent Bank

Post by Queen K »

BC Landlord wrote:
Queen K wrote:By some landlords actually recognizing that they didn't buy their places at $500K and up.
What does rent have to do with how much someone paid for a property? So, for example, if I won it in a lottery, the rent should be free, right?
I get it. It's all equal right?

A property bought at $89,000 is exactly the same as a property bought at $300K and one bought at $600K.

Right? This is what you are saying?
Spend some time and money on establishing an Estate plan, a Legal Will, your wishes and who is the Executor. Watch Grant of Probate videos. Understand the process to help yourself and loved ones.
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JLives
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Re: Rent Bank

Post by JLives »

BC Landlord wrote: What does rent have to do with how much someone paid for a property? So, for example, if I won it in a lottery, the rent should be free, right?
Housing shouldn't be treated as a commodity. It's more than numbers. It's people. I view it as providing homes and, yes, a sustainable profit is made along the way. It's not gambling. It's being part of the society you live in.
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Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

BC Landlord wrote:What does rent have to do with how much someone paid for a property?
Failing to anticipate changes in the economy and assuming that the sky high rent can always be paid.

Many people over-bought with a mortgage helper and they are so leveraged that the rental income makes or breaks them.

Their speculative purchase is suddenly going sour and they are asking for a bailout. Again.

They should sell and rent because they can't afford it without a bailout. But that would drive prices down - tisk tisk!

People who bought homes at reasonable prices and have supplementary rental income can absorb changes in the economy and rental price fluctuations. They can lower the rent and are not asking charity to help pay their mortgages.

People that assume the trees will grow to the sky are asking the Government and the taxpayer to pay for magic fertilizer when the trees stop growing and their investments start to lose value.
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

This idea is completely BS I hope they get called out on it.

Offering debt is not "housing affordability" it's just digging a bigger hole.

*bleep*.
BC Landlord
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Re: Rent Bank

Post by BC Landlord »

Queen K wrote:A property bought at $89,000 is exactly the same as a property bought at $300K and one bought at $600K.

Right? This is what you are saying?
I’m still not getting your point. Every rental place is priced to what the market can bear. Don’t blame landlords for that. There are many factors in that equation. But you can‘t just come with a magic wand, and voila ... let rents go down! Doesn’t work that way.
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JLives
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Re: Rent Bank

Post by JLives »

BC Landlord wrote: I’m still not getting your point. Every rental place is priced to what the market can bear. Don’t blame landlords for that. There are many factors in that equation. But you can‘t just come with a magic wand, and voila ... let rents go down! Doesn’t work that way.
Sure you can. As long as costs are covered, you just charge less for rent while maintaining a sustainable profit. Market, schmarket.
"Every dollar you spend is a vote for what you believe in."
"My country is the world, and my religion is to do good."
BC Landlord
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Re: Rent Bank

Post by BC Landlord »

JLives wrote:Housing shouldn't be treated as a commodity. It's more than numbers. It's people. I view it as providing homes and, yes, a sustainable profit is made along the way. It's not gambling. It's being part of the society you live in.
I’m sorry, I’m not doing it for other “people”. I’m doing it for myself and my family. We are “people” too, aren’t we? And yes, it’s all numbers to me. Landlords are not charities, nor are they in business of fixing social problems of governments own creation.
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JLives
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Re: Rent Bank

Post by JLives »

BC Landlord wrote: I’m sorry, I’m not doing it for other “people”. I’m doing it for myself and my family. We are “people” too, aren’t we? And yes, it’s all numbers to me. Landlords are not charities, nor are they in business of fixing social problems of governments own creation.
Noooo. Not fixing social problems of government creation. They don't set housing costs. You do. I do. We set the standards. Greed is killing our community.
"Every dollar you spend is a vote for what you believe in."
"My country is the world, and my religion is to do good."
BC Landlord
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Re: Rent Bank

Post by BC Landlord »

JLives wrote:Sure you can. As long as costs are covered, you just charge less for rent while maintaining a sustainable profit.
And, what exactly is "sustainable profit"? I've never heard of such thing. But for all I know, it can't be something good for me, because every time I hear that "sustainable" shtick, I have to hold tight onto my wallet.

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