Real Estate Crash thread

[wolfelot]

Holy fucking shit! Have you seen this "Just Cause Eviction Bill" in CO?

https://kdvr.com/news/local/just-cau...olorado-house/

Basically says that once you sign a lease with a tenant, the only way to get rid of them (unless they straight up violate the lease) is to sell or do a major remodel, and then you have to give them 2 months rent assistance to get them out.

You can't simply say "hey I'm not renewing your lease at the end." You have to let them stay.

I'm not a landlord, but I would NEVER rent long term ever with a law like that in place.

Wth? Uhhhhh no.

[Dantheman]

Our plan in the next 3 years (after pups over the rainbow bridge) was to also rent out our home for 2 years, to go live in Yurp. That plan is in jeopardy if I can't give notice to move back in.

The article says the CO bill allows for removing the tenant "if you want to move in an immediate family member.” I would think yourself would qualify as an "immediate family member" but it would be hard not to be wary.

[chicken feathers]

So the article mentions "certain exemptions for small landlords", how that's defined in the bill I don't know.

[liv2ski]

The article says the CO bill allows for removing the tenant "if you want to move in an immediate family member.” I would think yourself would qualify as an "immediate family member" but it would be hard not to be wary.

I hear ya and we are in CA, so hopefully the laws here don't go full retard, but bad examples (thanks CO) are not helpful. We will see when the time comes.

[J. Barron DeJong]

NIMBYs suck:



https://twitter.com/_fruchtose/statu...sR_NcRK2VkCfkg

[Conundrum]

NIMBYs... I don't participate in our neighborhood assoc but do follow them. They've been clamoring for more density and affordable housing in town the last few years. The city just put out the draft PZ changes and here's our assoc's outline requesting those who live in the neighborhood submit public comment against the changes.

EENA’s Development Committee has identified the following as concerns for the East End:

Lot Coverage limiting the size was removed from the Duplex, Triplex, and Fourplex allowing units over 4,000 sq ft.
The height transition limiting the height of new structures next to single-story houses was removed from the Duplex, Triplex, and Fourplex allowing 3-stories and up to 40 foot tall structures next to a single-story home.
The City is removing all neighborhood notification for all allowed uses with allowed form.
Cafes and retail shops will be allowed in the R1-C Zones (R1-C is how most of the East End is zoned) on corner lots without a Conditional Use Permit allowing the uses without neighbor notification.

I will not be commenting. Those on the board live in 4,000 sqft multi-story houses.

[mud]

The article says the CO bill allows for removing the tenant "if you want to move in an immediate family member.” I would think yourself would qualify as an "immediate family member" but it would be hard not to be wary.

I had to do this to get rid of one bad tenant, if the property owner wants to move back in to their property and make primary you can break the lease and give them 30 days notice. Even less if they break the lease, I think it's like 7 days. TY CO!

[rideit]

NIMBYs suck:



https://twitter.com/_fruchtose/statu...sR_NcRK2VkCfkg

TBF, if they converted that to units, where in the fuck would everyone park?

[sirbumpsalot]

I found this kinda comical:

https://www.reddit.com/r/FirstTimeHo...e_in_ct_today/

[summit]

TBF, if they converted that to units, where in the fuck would everyone park?

You don't need a car as much as these other people need to live in these ADUs. What are you, a NIMBY?

But seriously, when NIMBY shifts from "that going into my community might slightly decrease my enjoyment of my community" to becoming literally NIMBY because the proposal is literally "we are taking your literal backyard away and you cannot have it at all for anything."

[J. Barron DeJong]

TBF, if they converted that to units, where in the fuck would everyone park?

Not everyone in a city has a car or needs a car?

I don’t know the circumstances of those owners/renters, but I feel like if that was their concern that would make for a better argument than ‘the garage is the center of this communities existence’.

[summit]

Not everyone in a city has a car or needs a car?

I don’t know the circumstances of those owners/renters, but I feel like if that was their concern that would make for a better argument than ‘the garage is the center of this communities existence’.

It's an emotional argument.

But there is not enough garage space for all existing units. Build the garage into ADUs and you lose all those spaces, pushing those people onto the street parking competition, where they will also compete with the new tenants.

[J. Barron DeJong]

It's an emotional argument.

But there is not enough garage space for all existing units. Build the garage into ADUs and you lose all those spaces, pushing those people onto the street parking competition, where they will also compete with the new tenants.

What I would recommend (without having studied the issue at all) would be to have the city charge for on-street parking, and allow builders to build with the number of parking spaces they see fit.

[LHutz Esq]

My favorite part

It was built by an architect!
Was he famous?
No, but his Dad was!

He kinda sucked, basically the Marty Howe of architecture, but we painted it peach!

[rideit]

Not everyone in a city has a car or needs a car?

I don’t know the circumstances of those owners/renters, but I feel like if that was their concern that would make for a better argument than ‘the garage is the center of this communities existence’.

I guarantee that having a parking space was a selling point originally when people purchased or rented these units. That would have to be factored in.

[Mazderati]

If MEH is proposing the garage conversion they would have to be owner-affiliated and the residents renters; i.e., a case of renters vs landlord. I bet both are assholes. An under-structure garage seems like a good place for one if it's going to exist.

My favorite part

It was built by an architect!
Was he famous?
No, but his Dad was!

He kinda sucked, basically the Marty Howe of architecture, but we painted it peach!

They didn't even name him.

[dan_pdx]

What I would recommend (without having studied the issue at all) would be to have the city charge for on-street parking, and allow builders to build with the number of parking spaces they see fit.

Yep, free street parking doesn't make any sense. That space could allow wider sidewalks or bike lanes or more traffic lanes. Instead we pay to pave it/maintain it and give it away for free. Let the market decide what parking is worth.

[J. Barron DeJong]

I guarantee that having a parking space was a selling point originally when people purchased or rented these units. That would have to be factored in.

For sure. If they’re owners, they should make that case. If they’re renters then the company can hold of building until everyone’s lease is expired.

[Cono Este]

My opinion of the current real estate mkt.

https://www.instagram.com/reel/Cpxsl...d=YmMyMTA2M2Y=

[summit]

There are upsides and downsides to having the ability to fix rates for 15/30 years.

Countries where you can only get ARMs probably aren't experiencing the same issue, but they, I suspect, will end up with a rash of forced moveouts and financial hardships looking like US 2009 when people see they monthly payments nearly double.

So, maybe avoid having a decade of near zero rates... but it's done. What now will solve a high-price low-inventory environment where current owners don't have enough profit motive to sell because they gotta live somewhere once they sell their 3% 30yr financed place?
Is the solution time... wait 15 years while the boomers die and their property sells? No no too long...
Could the solution be to ban mass commercial purchasing of SFHs? No Blackrock needs to make a profit!
Apparently the solution is to build ADUs in people's backyards and tear down SFHs to build 6 plexes? Yes. That is it. DO IT

[schuss]

Maybe if SF public transit wasn't horrifically bad. Seriously, BART was great but muni and buses were terribly unreliable and the streetcars were always jampacked with tourists, also LOL if you want to get out to sunset or anywhere that wasn't directly adjacent to downtown. Walking was often faster from lower haight to deep soma (1st/Fremont) if you weren't taking BART. They should spend money fixing that and eliminate as many garages and lots as possible.

[dunfree]

The listing of this project on YIMBY made me chuckle. How does removing the garage reduce car dependence?
https://sfyimby.com/2023/03/hearing-...francisco.html
based on the renders, I wouldn’t want to live there when they did the work

[californiagrown]

My opinion of the current real estate mkt.

https://www.instagram.com/reel/Cpxsl...d=YmMyMTA2M2Y=

That is EXACTLY how i feel haha. Time to go throw some velcro midgets to celebrate....



House accross from me sold in a weekend (not listed on redfin). the house next door went on the market the same day and still hasnt sold (listed on redfin). Market still seems hot despite high-er interest rates and widespread layoffs in our local tech-heavy job market.

[neufox47]

That is EXACTLY how i feel haha. Time to go throw some velcro midgets to celebrate....



House accross from me sold in a weekend (not listed on redfin). the house next door went on the market the same day and still hasnt sold (listed on redfin). Market still seems hot despite high-er interest rates and widespread layoffs in our local tech-heavy job market.

2.375 baby! Buying those points was one of the better decisions I’ve made.

[J. Barron DeJong]

The listing of this project on YIMBY made me chuckle. How does removing the garage reduce car dependence?
https://sfyimby.com/2023/03/hearing-...francisco.html
based on the renders, I wouldn’t want to live there when they did the work

My guess is that they don’t mean car dependence for the people living there, but car dependence for the people that could move into the new units.

Allowing more dense building reduces the need for cars in the city, taken as a whole.