Discussion in 'Streetwear and Denim' started by LA Guy, May 15, 2015.
Right, in north america it probably won't happen.
I have several clients in your exact position. I don't handle the business end of things for them, but from what they tell me, it can be very difficult to make money after covering operating expenses on multi-family residential properties, especially on the low end. Some of them have done alright for themselves though. Since I don't look at the particulars I don't know how much of their complaints are exaggeration and/or modesty. I have noticed though that most of them own several buildings and seem to treat it as a volume business. The ones that only have one or two have a much tougher time with it.
We're being forced to move because of how high the taxes have become. I don't go to school in the town I live in, I don't talk to many people in the town I live in, so its time to go. I'm moving over to City Island on the water, which somehow is way cheaper than where we currently live.
On this topic, since there seem to be quite a few experts here: I've lot to hear thoughts on all the factors stopping developers in the US from building upwards, like most of population-dense Asia has done. Not necessarily even skyscrapers -- I'm talking ~20F apartments that are everywhere in Asia. I know next to nothing on this topic, but some guesses:
Blocking from current landowners, as more options would reduce the value of their property
Aversion to skylines -- Houston is a big city and people tried to block development of a high rise close to Rice University for over five years
Zoning laws (look at the skyscrapers popping up in parts of Manhattan where the laws are more lenient towards skyscrapers)
Perceived lack of demand -- American "dream" to eventually own a "real home." I've lived in a tiny 2B1B for the entirety of my youth which is fairly normal in Taiwan, but I've talked to people who have been disgusted at the thought
Like I mentioned a couple pages back, we have that here and it works fine, it stops the city ending up like London, NY and Paris, where half the homes are dark at night, because they are 2nd 3rd or 4th homes and not leased to anyone.
Social housing is very common in most northern european countries and in Scandinavia it's specially well designed. If you end up on the street for some reason and need somewhere to live, you can (could until the government marked the for refugee housing) and they would help you get a place to live, as they have the rights to 1/3 of all the social housing flats, the rest are waitlist.
Like I mentioned previously the best solution to cap the market and avoiding people who actually live there getting driven out, is to put in requirements for residency.
I can tell you in Silicon Valley suburbia they won't even let you build above 2 stories most of the time and even for single family homes, re-modeling into 2 stories is a huge ordeal. This is the case whether or not there's any real "view" to speak of that may be obstructed. Also lots of rules about house to lot size ratios and such.
People value their privacy (no street lights) and quietness in these areas. They also don't want increased traffic anywhere near residential. Most nice areas don't have any business open late around them as well (with a couple of exceptions). I'm talking about Palo Alto Hills, Los Altos Hills, Menlo Park, Atherton, Saratoga, Cupertino, etc.
Some places that are probably still "suburbia" but not what I'm referring to are like Sunnyvale, Mountain View, etc. where they're starting to build 4 or 5 story high end apartment complexes. These have been traditionally less desirable areas that are booming due to young tech workers. These are still $1million + town houses and single family homes. Most of these people move (or at least try) to one of the areas mentioned in the previous paragraph once they raise families.
I was looking into this for a bit - starting with a four unit or a ten unit, and after a fair bit of research decided that I had enough headaches to need to take on an an additional expensive and frankly, low margin, one.
I don't know the US housing market, but you should be able to make money on this. I work with a couple funds who deal with in the lower 50% of the housing market and they are making bank like you wouldn't believe. They don't have any vacancies and it's fairly cheap to refurbish the units.
The middle two are very common causes.
Most older towns don't want high rises as it ruins the small town feel, also high rises tend to block sunlight for neighboring buildings, which is a mayor issue together with wind. The higher you get the more expensive it becomes to build.
Not sure that there is a good solution to the bolded part. While I lived in the Boston area, I got to know my landlord reasonably well. We had to move in November, and he wa glad to have us, at that time two postdocs with a child, because by November, nearly all "desirable" renters have found a place. He specifically wanted to rent to grad students and postdocs and young faculty, since these represented the majority of low risk, low problem, renters. A lot of people otherwise, looking to rent inexpensive 3br apartments can be pretty dicey. In our last year in the place, there were regular police complaints about the top storey tenants, a group of 20 something working class guys. Actually okay guys, to be sure, but a landlord's nightmare.
The vacancy rates for some of the units was something like 5%, so factoring that into rents seems relatively low and easy. However, it seemed like a business where you can easily get nickeled and dimed to death.
In fashion related thoughts, it is actually cool enough to wear a leather jacket today. First week in months. Feels nice.
meanwhile... new york is experiencing a heat wave.
Sounds about right. It really is and shitty tenants who act like it's a crackhouse can cost multiple years of rent in refurbishments. I have heard of cases where they passed 10 years in costs after one renter moved out and the renter had 0, so they couldn't sue.
Most of it is retargetting, but yours is a particularly hilarious case.
The internet is not always right.
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