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Started By
Message
Rents spike as big pocketed investors buy mobile home parks
Posted on 7/25/22 at 10:10 am
Posted on 7/25/22 at 10:10 am
quote:
For as long as anyone can remember, rent increases rarely happened at Ridgeview Homes, a family-owned mobile home park in upstate New York.
quote:
That changed in 2018 when corporate owners took over the 65-year-old park located amid farmland and down the road from a fast food joint and grocery store about 30 miles northeast of Buffalo.
quote:
Residents, about half of whom are seniors or disabled people on fixed incomes, put up with the first two increases. They hoped the latest owner, Cook Properties, would address the bourbon-colored drinking water, sewage bubbling into their bathtubs and the pothole-filled roads.
quote:
When that didn’t happen and a new lease with a 6% increase was imposed this year, they formed an association. About half the residents launched a rent strike in May, prompting Cook Properties to send out about 30 eviction notices.
quote:
“All they care about is raising the rent because they only care about the money,” said Jeremy Ward, 49, who gets by on just over $1,000 a month in disability payments after his legs suffered nerve damage in a car accident
quote:
The plight of residents at Ridgeview is playing out nationwide as institutional investors, led by private equity firms and real estate investment trusts and sometimes funded by pension funds, swoop in to buy mobile home parks. Critics contend mortgage giants Fannie Mae and Freddie Mac are fueling the problem by backing a growing number of investor loans.
quote:
The purchases are putting residents in a bind, since most mobile homes — despite the name — cannot be moved easily or cheaply. Owners are forced to either accept unaffordable rent increases, spend thousands of dollars to move their home, or abandon it and lose tens of thousands of dollars they invested.
quote:
“These industries, including mobile home park manufacturing industry, keep touting these parks, these mobile homes, as affordable housing. But it’s not affordable,” said Benjamin Bellus, an assistant attorney general in Iowa, who said complaints have gone up “100-fold” since out-of-state investors started buying up parks a few years ago
LINK
Posted on 7/25/22 at 10:11 am to c on z
Honestly it is all about the return on investment. Doesn't matter what the business is. Dollars in and dollars back out. Get enough back out and investors come in.
Posted on 7/25/22 at 10:11 am to c on z
But did they run over people in the middle of NYC and then rummage through their pockets?
Posted on 7/25/22 at 10:12 am to c on z
Renting a trailer?
Renting?
Renting?
Posted on 7/25/22 at 10:12 am to c on z
Stolen elections have consequences
Posted on 7/25/22 at 10:13 am to c on z
quote:
big pocketed investors buy mobile home parks
A bunch of posters here are about to have new landlords
This post was edited on 7/25/22 at 10:13 am
Posted on 7/25/22 at 10:13 am to c on z
Free market capitalism. Do you want the government to regulate how much you can charge someone for rent or give your tax money to the trailer dwellers for rent?
Posted on 7/25/22 at 10:13 am to c on z
I'm way out on investors and the Chinese buying up real estate, but a 6% increase in rent in this environment isn't absurd. Do they think that wouldn't have happened noatter who owned the trailer park?
If anything, he should take it up with the government that inflation is out of control and his disability benefits havent kept up to match.
If anything, he should take it up with the government that inflation is out of control and his disability benefits havent kept up to match.
Posted on 7/25/22 at 10:13 am to DontThreadOnMe
quote:
Renting a trailer?
The hyper majority of trailer parks do rent to own. Knowing that the renters will typically default on their payments and never truly own it. Then, if they do own it and want to move, they have to pay for it to be moved, which they typically can’t.
Posted on 7/25/22 at 10:14 am to c on z
Livingston Parish fucccckkkkt
Posted on 7/25/22 at 10:18 am to c on z
quote:
and a new lease with a 6% increase was imposed this year, they formed an association
Shitty article. 6% increase in this environment isn't much.
Lot rent here is over $500/month, up to $900..
This post was edited on 7/25/22 at 10:21 am
Posted on 7/25/22 at 10:21 am to c on z
You will live in the pod, you will eat the bugs. You will own nothing, and you will be happy.
Posted on 7/25/22 at 10:23 am to SixthAndBarone
quote:
Free market
we don't have free markets
Posted on 7/25/22 at 10:26 am to Masterag
quote:
we don't have free markets
Bingo. We have a highly regulated mixed economy. Nothing "free" about it.
Posted on 7/25/22 at 10:27 am to DontThreadOnMe
Own the trailer….. rent the lot it sits on
Posted on 7/25/22 at 10:28 am to c on z
Mobile home parks are becoming more difficult to build out now. They are being eliminated from zoning language all over the country.
So what's grandfathered in has a way to offer cheap, affordable housing when other property owners can't really compete.
So what's grandfathered in has a way to offer cheap, affordable housing when other property owners can't really compete.
Posted on 7/25/22 at 10:55 am to c on z
Thanks C on Z - you’ve provided a perfect example of Corporatism. This is not capitalism.
Maybe we can all agree on stamping out corporist tactics but I think you and your ilk are loving the control, cancellation, and virtue from your billionaire overlords.
Maybe we can all agree on stamping out corporist tactics but I think you and your ilk are loving the control, cancellation, and virtue from your billionaire overlords.
Posted on 7/25/22 at 12:05 pm to c on z
That sounds more like a terribly run park than anything else.
Well, there ya go
quote:
Buffalo, NY
Well, there ya go
Posted on 7/25/22 at 12:16 pm to DontThreadOnMe
quote:
Renting a trailer?
when it comes to mobile homes/trailer parks, 99.99% of the time, you either rent the mobile home itself, or the land it's parked on...
your comments proves you don't shite and should shut the frick up about this topic
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