Rent Bank

Social, economic and environmental issues in our ever-changing world.
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bb49
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Re: Rent Bank

Post by bb49 »

As for "Rent Banks", aren't they planning on doing the very job that Credit Unions and Banks do? Short term and long term loans?
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Boosted632
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Re: Rent Bank

Post by Boosted632 »

JLives wrote:
bb49 wrote: Tell me this, would you charge substantially less then the market simply because your costs are covered?
Not only would I, I do. :smt045
I would rather leave it empty in fact i have a second home i leave empty because i got tired of dealing with idiots and their excuses
I wouldn't Have to manage my anger if people could learn to manage their STUPIDITY
BC Landlord
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Re: Rent Bank

Post by BC Landlord »

bb49 wrote:As for "Rent Banks", aren't they planning on doing the very job that Credit Unions and Banks do? Short term and long term loans?
This is run by the CMHA. Banks wouldn't do interest-free stuff.

https://cmhakelowna.com/programs-and-se ... rent-bank/
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

Interest rates are going negative so the allure of a "interest free loan" means nothing.

Debt expansion is not housing affordability.

It's welfare for the real estate industry.
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Re: Rent Bank

Post by BC Landlord »

Vacancyrate wrote:Interest rates are going negative so the allure of a "interest free loan" means nothing.

Debt expansion is not housing affordability.

It's welfare for the real estate industry.
Where exactly are interest rates "going negative"? Have you been to bank lately (or ever for that matter) to ask for a loan? These rent banks, the way I look at them, have nothing to do with some "welfare for the real estate industry" but are a genuine help to some people to keep a roof over their heads. Some of them need just a nudge to get over a bump on the road. This is what these interest-free loans are all about. Would you rather see these people end up in some park homeless?
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

BC Landlord wrote:
Vacancyrate wrote:Interest rates are going negative so the allure of a "interest free loan" means nothing.

Debt expansion is not housing affordability.

It's welfare for the real estate industry.
Where exactly are interest rates "going negative"? Have you been to bank lately (or ever for that matter) to ask for a loan? These rent banks, the way I look at them, have nothing to do with some "welfare for the real estate industry" but are a genuine help to some people to keep a roof over their heads. Some of them need just a nudge to get over a bump on the road. This is what these interest-free loans are all about. Would you rather see these people end up in some park homeless?
The only way the Canadian economies debt is sustainable is if interest rates stay at 0% forever.

Yes forever.

There is so much debt and our economy is so dependant on low interest rates that you cannot raise taxes or cut services enough to pay that debt back. The idea that we're going to raise taxes for 10 years and be tight with our spending after all this is done is complete fantasy. That won't even make a dent in our debt.

Most advanced economies central banks are already at negative interest rates and soon enough in Canada are Central Bank will be at that negative rate and the commercial banks will be useless middlemen between the Bank of Canada and you and your mortgage.

Offering a debt hole is not housing affordability.

That's like giving a homeless person a credit card and telling everyone that you're solving homelessness. There's a reason that person is behind on the rent in the first place and that reason is that you need a University degree to be able to afford a one-bedroom apartment in Kelowna.
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vegas1500
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Re: Rent Bank

Post by vegas1500 »

Queen K wrote:https://www.castanet.net/news/Kelowna/3 ... ear#318115

A solution or enabling landlords, some of whom owned long before real estate prices escalated, to continue to gouge renters?

And offering "financial advice" to people for whom earnings can't support sudden expenses on top of gouging rent and ever increasing utilitiy bills seems rather insulting.
Are you saying if someone has owned a home “long before real estate prices escalated”, they should charge less?
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Queen K
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Re: Rent Bank

Post by Queen K »

Rent banks are insane because rents are insane. There is no solution to this expect for more affordable housing.
When it's all and only fun and games, no one needs to censor you. Get close to an ugly truth though...
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normaM
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Re: Rent Bank

Post by normaM »

But rents really are not insane. A Lifetime ago we paid over $800 for a tiny apartment.
Many places have crazy cheap rates... honestly if I was pinched that's where I'd head
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BC Landlord
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Re: Rent Bank

Post by BC Landlord »

Queen K wrote:Rent banks are insane because rents are insane. There is no solution to this expect for more affordable housing.
Define "affordable" ... As a landlord, I would like to know what that means. I hope, you don't expect from me to set monthly rent to what a tenant can afford to pay. How do I advertise my properties as such? Like, ... Monthly Rent = "affordable" ?? :200:
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

BC Landlord wrote: Define "affordable" ... As a landlord, I would like to know what that means.
As a landlord you should know that the rents you charge are directly tied to local wages.

What is the minimum wage in Kelowna? What is the average wage?

We can bid up the average home to 15 million dollars in Kelowna if we want with cheap credit, but nobody going to be able to find renters that can afford to pay 10,000 dollars a month for a one bedroom suite "mortgage helper".
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JLives
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Re: Rent Bank

Post by JLives »

BC Landlord wrote:
Define "affordable" ... As a landlord, I would like to know what that means. I hope, you don't expect from me to set monthly rent to what a tenant can afford to pay. How do I advertise my properties as such? Like, ... Monthly Rent = "affordable" ?? :200:
You just charge a rate that people....can afford.
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JLives
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Re: Rent Bank

Post by JLives »

vegas1500 wrote:
Are you saying if someone has owned a home “long before real estate prices escalated”, they should charge less?
I'm of the mind I should charge what I should, not what I can. It's insane that a renter would need to access a rent bank to cover costs. There's no reason they should even exist outside of greed.
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Even Steven
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Re: Rent Bank

Post by Even Steven »

JLives wrote:
BC Landlord wrote:
Define "affordable" ... As a landlord, I would like to know what that means. I hope, you don't expect from me to set monthly rent to what a tenant can afford to pay. How do I advertise my properties as such? Like, ... Monthly Rent = "affordable" ?? :200:
You just charge a rate that people....can afford.
So, once again, here's the question.


Let's say I figure out (somehow, perhaps by asking very personal and inappropriate questions about people's financial wellbeing) that tenant #1 can afford quite a bit, and tenant #2 can't. So, here I am choosing the first that can pay me normal rental rates if I have a choice. Everybody wins!

It's not really helping the second one, does it?
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

Even Steven wrote: Let's say I figure out (somehow, perhaps by asking very personal and inappropriate questions about people's financial wellbeing) that tenant #1 can afford quite a bit, and tenant #2 can't. So, here I am choosing the first that can pay me normal rental rates if I have a choice. Everybody wins!
This only works if you are the only rental in town or prevent tenant #1 from shopping around and looking at other cheaper places to live. You can only over-charge the rich person as long as they don't shop somewhere else and clue in that you're ripping them off.

On the flip-side to your question the financial disclosure should be a two way street, shouldn't it?

Landlord wants to know how much a tenant can pay and renters want to know how much the Landlord need the rent.

It's a adversarial relationship at all levels.

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