It’s going from rental units to individually owned units. Meaning that people that are renting will be able to buy and build equity, and their mortgage will probably be cheaper than their rent.
Comment on [deleted]
JohnDClay@sh.itjust.works 5 months ago
Are they just changing the name from apartments to condos? And charging more? Why wouldn’t that already be priced in to the current price?
Kit@lemmy.blahaj.zone 5 months ago
Viking_Hippie@lemmy.world 5 months ago
Meaning that people that are renting will be able to buy and build equity
If they can afford to/get approved for a loan to be able to afford it. They can’t. That’s why they rent rather than buy.
The system and vultures like this guy make it much cheaper to already be rich than to be poor and you’re acting like he’s doing people a favor by pricing them out of their homes.
Kit@lemmy.blahaj.zone 5 months ago
Why wouldn’t get they approved? There’s many programs out there to help first time home buyers. Often the biggest hurdle is lack of available inventory driving up the price. Who do you picture buying these condos once they’re on the market?
Viking_Hippie@lemmy.world 5 months ago
Why wouldn’t get they approved?
Because banks tend not to give loans to poor people. At least not ones without predatory terms and ruinously high interest.
There’s many programs out there to help first time home buyers
Most of which are either super expensive, require battling a Kafkaesque amount of bureaucracy or are simply means tested to the point that 5 people total are eligible to even apply for them.
Often the biggest hurdle is lack of available inventory driving up the price
And even MORE often, there are more empty buildings outside of most people’s price range than there are people looking to buy a home.
Who do you picture buying these condos once they’re on the market
Profiteering real estate conglomerates, mostly.
TheKMAP@lemmynsfw.com 5 months ago
Apparently a condo is an apartment you own. So they’re buying an apartment complex wholesale and then selling (not renting) individual units.
Kusimulkku@lemm.ee 5 months ago
He should be a hero of Lemmy then, seeing how much people hate landlords lol
Viking_Hippie@lemmy.world 5 months ago
Yeah, because people who hate landlords always love real estate speculation vultures. 🙄
Don’t play even more dumb than you doubtlessly are.
Kusimulkku@lemm.ee 5 months ago
Ironic