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Thread: Real Estate Crash thread
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01-26-2022, 01:30 PM #19651Registered User
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Here is a legit problem I have and I want to consult the wellto do all caring worldly members of tgr
I was in Aurora this morning and realized I hatemy life but love the smell of halal food and Mexican laundry soap the smell of white people and money sucks
So can doone of two things what would you do
A) I can deed restrict my single family home and get around 100k check to do so unfortunately 100k is chump change sorry not sorry the ded restriction would limit the home tobe sold rented or occupied by a local who is employed in scummit when I go to sell it the earning potential could be limited by the deed restriction this restriction I'd put on it has no Cap'n on appreciation
B) or fuck every one cause 20 years ago I was smart enough to buy a house and I got here before all you sorry fucks and I got lucky so I want my million bucks
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01-26-2022, 01:30 PM #19652
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01-26-2022, 01:33 PM #19653
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01-26-2022, 01:34 PM #19654
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01-26-2022, 01:45 PM #19655
C) be a Hero. hold a raffle for locals. Sell it for what you paid 20 years ago.
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01-26-2022, 01:51 PM #19656Registered User
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Fred, sell it and buy a place in Aurora. You can easily commute to ski Breck on the weekends if you miss it.
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01-26-2022, 01:54 PM #19657
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01-26-2022, 02:07 PM #19658Registered User
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01-26-2022, 02:11 PM #19659
Why sell now when the home will be worth $2 million in a few more years.
"timberridge is terminally vapid" -- a fortune cookie in Yueyang
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01-26-2022, 02:14 PM #19660
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01-26-2022, 02:17 PM #19661
Or an entire town/neighborhood Upstate. Fredville, NY.
"timberridge is terminally vapid" -- a fortune cookie in Yueyang
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01-26-2022, 02:20 PM #19662
On the good side of the canal too.
I still call it The Jake.
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01-26-2022, 02:29 PM #19663Registered User
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This is going to come across salty, which is not my intent, but yeah, that goes without saying. If we're going to be adults, we have to advocate for -- or at least accept -- taxes on ourselves. I vote and pay for school bonds even though I have no kids in the schools here because I recognize it's a net benefit for society. (PPS catastrophically mismanages their funds and would benefit from an auditor with some teeth, but that's a separate conversation.) Would I like to not have to pay taxes? Of course! But I recognize paying taxes is the cost of living in a more-or-less civil society, and it's worth it.
If we're not willing to put our money where our mouth is by paying the higher taxes / prices driven by tax increases, then yeah, we should STFU. But I imagine the people advocating for higher taxes on STRs in this thread are willing to pay those higher prices -- I know that I am.
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01-26-2022, 02:35 PM #19664Registered User
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01-26-2022, 02:40 PM #19665I vote and pay for school bonds even though I have no kids in the schools here because I recognize it's a net benefit for society.
And even more so since state and local taxes are no longer a Fed deduction.I have been in this State for 30 years and I am willing to admit that I am part of the problem.
"Happiest years of my life were earning < $8.00 and hour, collecting unemployment every spring and fall, no car, no debt and no responsibilities. 1984-1990 Park City UT"
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01-26-2022, 02:41 PM #19666
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01-26-2022, 02:52 PM #19667
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01-26-2022, 03:02 PM #19668Registered User
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I mean, I hear you, but once you go down that rabbit hole, it gets messy quick. Some would say they shouldn't have to support the libraries, the cyclists wouldn't want to pay for roads and the drivers wouldn't want to pay for bike paths, etc. etc. I'm willing to pay through the nose for all that crap, just really wish there was a hard-nosed fiscal conservative watching every dime spent like a hawk.
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01-26-2022, 03:09 PM #19669
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01-26-2022, 03:10 PM #19670Registered User
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Taxing for a purpose, education, vs taxing as the means to stop people from making so much money on STRs is a very different thing. I get that you don’t like STRs. I’m not that big of a fan either, but they do have a benefit to the tourist towns and some of the people in those towns. They just need to be managed realistically. Not taxed out of existence.
I think the school in my neighborhood is annoying. But I don’t vote against paying teachers more with taxes.
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01-26-2022, 03:12 PM #19671
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01-26-2022, 03:18 PM #19672
Primary resident-only STRs (written into zoning code) with strong enforcement (which is easier to do than one may think) is the best way forward regarding STR regulation (evidence that it’s primary can be any two: voter registration card, driver’s license, or tax return).
This naturally limits both the number and the nuisance factor of investor-owned/second (or third) home STRs, while allowing real locals, who make a community tick, to occasionally make some extra money to help pay their mortgages.
Caps aren’t a great solution as they can easily be raised with the political winds, winds that can be controlled by a massive influx of Air bnb/VRBO money into local politics.
That and tax the crap outta them, beyond the typical 8-12% transient room (hotel) tax typically levied on them. Use that money for land banking for affordable housing projects, more parking, and infrastructure improvement (often needed because of tourism impacts).
Residentially-zoned neighborhoods should be actual neighborhoods, not hotel zones or vehicles for speculative investment opportunities.
To say that an influx of STRs doesn’t affect housing prices and availability is as absurd as saying gravity doesn’t exist. It’s econ 101.
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01-26-2022, 03:36 PM #19673
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01-26-2022, 03:38 PM #19674
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01-26-2022, 03:42 PM #19675
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