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1
clambo
2012 Jun 28, 1:20pm
Buddy, I DARE you to go be a landlord in Oakland.
If you can't handle that I recommend Juarez Mexico.
3
Goran_K
2012 Jun 28, 1:51pm
Goran_K
2012 Jun 28, 1:51pm
Great, Oakland, Phoenix, Detroit, and Camden New Jersey are being bought up by investors. Maybe they will actually improve those places enough to make them attractive for people to consider living there.
4
mdiablo
2012 Jun 29, 11:22am
mdiablo
2012 Jun 29, 11:22am
$2,595 for that neighborhood? Make it $2,495 and throw in a shotgun and some ammo. Anyone who can afford that kind of rent wont want to live in that hood.
http://www.baycitizen.org/housing/story/report-investors-buy-nearly-half-homes/#comments
"According to a report released today by the Urban Strategies Council, a nonprofit think tank, real estate investors have purchased – usually with cash – 42 percent of the 10,508 homes in Oakland that went into foreclosure between January 2007 and October 2011. Many of these investors are turning the homes into rental properties and charging rent that is significantly higher than the monthly mortgage payments many families would make if they purchased the homes."
What will be the implications of investors essentially owning entire neighborhoods in the city... 2, 5, 10 years down the line? How will it affect residents, potentially buyers in the future, and even other investors?
The scale that this is going on right now is insane in cities like Oakland, Richmond, Pittsburg, Antioch, Vallejo, Bay Point, etc.
Given rental costs relative to buying costs (which poor people can't do with no credit nor downpayment), this is a classic case of the gap increasing between the lower and upper class...
#housing