It seems the socialists in Seattle are thrilled with the heavy regulations on landlords. They foolishly think that this will lower rents. But what’s happening is the small mom and pop landlords can’t afford to stay there, and can’t afford to buy to rent. So, the rich come in and buy the home, taking the rental off the market. As a result, rents are going through the roof.
Max Gross, a broker who own his own brokerage, and has his own podcast and YouTube channel, says that “Seattle’s coddling of nightmare tenants is so bad, the landlords are ditching Seattle.”
“For all of you knuckleheads who are out there saying good riddance to the landlords,” Gross says, “when they leave, your rents go up. There’s only one way that equation works, your rents go up. So you could say, ‘hey, good riddance’ to the landlords and don’t let the door hit you in the ***, but then at the same time you need to say alright my rents going to go up by 25%. ‘Am I OK with that?’ and if you’re not, you might want to rethink that just a little bit.”
Gross can’t recommend “people buy rental property within the confines of Seattle city limits. Any other community located outside of Seattle, most of them are better than owning in Seattle. Don’t own in Seattle unless you just want to be reamed with governmental nonsense .”
“I mean it’s …like socialism works for those who don’t, right? … you’re trying to create a socialism environment and that’s because one of our members of our City Council is literally a straight up socialist. She’s not running for reelection but Kshama Sawant – she’s behind a lot of this nonsense – and now we have really high rents, as we do across a lot of markets in the United States of tech cities.
“But Seattle particularly, with the way we’ve handled it, rents are gonna absolutely skyrocket moving forward. Dozens of landlords, handcuffed by Seattle’s coddling of nightmare tenants is leading to a troubling trend.
“The landlords are ditching Seattle, and …as the owner of a real estate brokerage with, I think we’ve got 90 or 100 brokers somewhere in there, we sell homes that have been rental properties and who buys them? Owner occupied purchasers, not somebody else that’s all worked up about affordable housing. No, the numbers of these properties now no longer pencil as rental properties unless you’re just going to dump a huge down payment, then you got all that cash sitting in this one home, and what’s your return? And your exposure is ridiculous …legislation that Seattle layers on top of the property owner.”
“It’s so bad that people are just selling their properties and leaving in droves. I’ve witnessed it, we’ve worked on it, and, you know, we’ve also had a lot of people that have just left the Pacific Northwest, because they don’t want to be involved in what they view as, you know, the demise, the great demise. You know watching that train wreck happen and you know what, from a lot of standpoint of politics and public policy, I don’t really blame them.
The problems led to Seattle grassroots landlords forming an organization that calls itself a network of local independent and small scale housing providers working to support each other to prevent the ongoing degradation of rental housing options in Seattle.
Gross says, “The degradation has happened I don’t think we’re going back I think where you’re headed to is just absolutely skyrocketing rents because you’re messing with the pool of supply of rental properties you numbnuts! What did you think would happen?”