More than 13K rent-stabilized units in NYC are sitting empty for multiple years, report finds
gothamist.com
A city Independent Budget Office report examines vacancy data from the state’s housing agency amid concerns of "warehousing."

cross-posted from: https://lemmy.crimedad.work/post/12162

Why? Because apparently they need some more incentive to keep units occupied. Also, even though a property might be vacant, there’s still imputed rental income there. Its owner is just receiving it in the form of enjoying the unit for himself instead of receiving an actual rent check from a tenant. That imputed rent ought to be taxed like any other income.

        • Olgratin_Magmatoe@startrek.websiteEnglish
          6·
          1 year ago

          What should people invest in then?

          Literally any other type of business.

          How is land ownership handled?

          People should still be able to own land for their own personal use. Land used to extract wealth on the other hand should be more tightly controlled. We should ideally implement georgism to free up the land that the rich own and to increase land use efficiency. After that ownership should look pretty much identical.

            • Olgratin_Magmatoe@startrek.websiteEnglish
              6·
              1 year ago

              You’ve just eliminated perhaps the safest, most attainable method for the average person to achieve passive income.

              If the “safest most attainable way” to get wealth requires others to be homeless or unable to afford a basic necessity then it isn’t not worth it.

              And it arguably isn’t the most attainable way, because so many people are being priced out of owning a home because of the current system’s failures.

              Other than living on it, why would someone want to own land?

              To use it for a business or enjoyment. I’m not sure where you are going with this.

                • Olgratin_Magmatoe@startrek.websiteEnglish
                  5·
                  1 year ago

                  This is wealth extraction

                  Yup. I’m ok with some kinds, just not the kind that fucks over the creation/distribution of basic necessities.

                  So you’re okay with some rich person owning acreage as long as it’s for their own enjoyment

                  Yeah that’s bullshit too and shouldn’t be allowed. Even for personal use/enjoyment there should be a hard limit.

                  but not for a normal dude who has an investment property and is holding out for a renter that will adequately cover his costs and generate some profit?

                  That’s bullshit too.

            • CileTheSane@lemmy.caEnglish
              3·
              1 year ago

              You’ve just eliminated perhaps the safest, most attainable method for the average person to achieve passive income.

              And? Should we be trying to help people earn income for doing dick all?

                • Olgratin_Magmatoe@startrek.websiteEnglish
                  4·
                  1 year ago

                  it can take 30 years to pay it off.

                  It can take 30 years for the tenants to pay it off. Landlords aren’t paying for that out of the goodness of their hearts. It’s instead ultimately the tenants.

                  Throughout all that time they are responsible for maintenance, insurance and a litany of other things to keep it from falling into disrepair.

                  They hire people to do that, they don’t do it themselves.

                • CileTheSane@lemmy.caEnglish
                  2·
                  1 year ago

                  What do you think “passive” means in the term “passive income”? I don’t care if it becomes harder to earn “passive income”, especially if it’s coming from people just doing what is necessary to survive.

    • CileTheSane@lemmy.caEnglish
      6·
      1 year ago

      Real estate should be considered an investment.

      Housing can be affordable, or it can be an investment. Not both.

    • SamboT@lemm.eeEnglish
      4·
      1 year ago

      But why should it be anything but a personal investment? I’m not seeing your point there. Isn’t it better for everyone to decommodify housing?