Friend of mine rented out his duplex before the pandemic and that turned into having a squatter there for almost a year paying no rent. Then the eviction mandate happened and that was another year of no rent. Keep in mind landlords usually don’t make any real money, and if you get $100 profit on a unit, you’re doing well. So he was stuck paying insurance and fees and mortgage for years while some dumb ass hobo lived it up and ruined the place.
A lot of people here started not renting out some units and instead writing the cost of the rent off as a loss on their taxes because it was easier.
That’s on the low end out here. 4-5 is not uncommon for a studio in the City. Some HOA fees are also almost a thousand dollars, at times more. People are always shocked by hearing how much some people make out here, but many are broke. Rent is 2-4 times higher for 2-4 times less space and amenities, everything’s more expensive, taxes out the ass for everything, and we have poop in the streets. We even have low wage workers taxes of 10-15% on top of tips and tax and all else at some restaurants. Keep in mind we have a $16+ minimum wage.
Most people here are either completely broke or obscenely wealthy. There’s very little in between. The ‘average’ wage numbers are skewed by the folks making $500k-1mil and up too. A lot of people are grandfathered in here and can’t move because they couldn’t afford to live anywhere here otherwise.
Well since the eviction mandate ended, before it was free
Friend of mine rented out his duplex before the pandemic and that turned into having a squatter there for almost a year paying no rent. Then the eviction mandate happened and that was another year of no rent. Keep in mind landlords usually don’t make any real money, and if you get $100 profit on a unit, you’re doing well. So he was stuck paying insurance and fees and mortgage for years while some dumb ass hobo lived it up and ruined the place.
A lot of people here started not renting out some units and instead writing the cost of the rent off as a loss on their taxes because it was easier.
That’s on the low end out here. 4-5 is not uncommon for a studio in the City. Some HOA fees are also almost a thousand dollars, at times more. People are always shocked by hearing how much some people make out here, but many are broke. Rent is 2-4 times higher for 2-4 times less space and amenities, everything’s more expensive, taxes out the ass for everything, and we have poop in the streets. We even have low wage workers taxes of 10-15% on top of tips and tax and all else at some restaurants. Keep in mind we have a $16+ minimum wage.
Most people here are either completely broke or obscenely wealthy. There’s very little in between. The ‘average’ wage numbers are skewed by the folks making $500k-1mil and up too. A lot of people are grandfathered in here and can’t move because they couldn’t afford to live anywhere here otherwise.