Pros And Cons Of Rent Control

Some economists would argue the above mentioned examples of why rent control is harmful to

Public Housing, also known as subsidized housing or “te projects”, was created in the U.S. to sustain families that had lost their jobs during the Great Depression, the goals were stated in Section 8 of the Housing Act of 1937 (Schwartz). They were created to produce communities that had adequate living along with safe communities and proper education. In many cases public housing has served the low-income class well. Numerous families, disabled people, and elderly depend on government subsidized housing. However, there is a pressing oversight in which over-income families are being allowed to live in public housing even when their income levels are much past the income level implemented by the Department of Housing and Urban Development, or HUD. What is usually the case is that a family will move into public housing while still under the income bracket. Within a period of time, they are usually over the income bracket and maybe even have acquired assets. There are no law in which a housing agency is required to terminate the tenant’s term. According to the Department of Housing and Urban Development’s reports, there are more than 25,000 over income families earning more than the maximum income for government-subsidized housing. There should be more regulations by the Department of Housing and Urban Development on housing agencies to relocate families that earn over the income bracket as it denies access to families in real need of subsidized housing, and it contradicts the

A study by The Urban Institute describes gentrification as “a process whereby higher-income households move into low income neighborhoods, escalating the area’s property values to the point that displacement occurs.” Gentrification generally takes place in deteriorating urban or rural areas. The purpose of gentrification is to take struggling neighborhoods and stabilize them by increasing property value. Naturally the system isn’t perfect, as it has the side effect of displacement, which can cause some people to have to move to a different location, but overall gentrification is much more beneficial than destructive on a large scale. All neighborhoods have to be improved eventually. Gentrification is simply the most effective way of doing it. Although there are some negatives associated with Gentrification, in the long run it succeeds in creating a better place for people to live, and the pros far outweigh the cons.

In the early years of a mortgage, the majority of the monthly mortgage payment goes to paying the interest. Over time an increasing amount goes to reducing the principal. As the principal is reduced, the equity will increase on the owners home. Owners Gain tax advantages by deducting mortgage interest and property taxes from their federal income tax form. They should Stabilize their payments with a fixed interest rate on their home loan. They should Have a secure place for their family to live. A home provides a permanent place where a family can live and grow, and the owners can decorate or expand a house the way they would like to create their dream home. There is always a negative compared to a positive. A home could lose value. There is no guarantee that a home will increase in value. It could decrease in value especially in a rocky housing market. Another benefit renters have over homeowners is that they do not have to pay property taxes. This can be a

When you own your home, you have the luxury of not answering to a landlord, and the ability of decorating the inside and surrounding property as pleasing to you. But as a renter you have the flexibility to move when desired instead of staying stationary in a purchased home.

In the article “New York Passes Rent Rules to Blunt Gentrification,” explains how gentrification in neighbors is affected the society and if we don't do something about it, it will keep having an affect on these people. Beginning to develop low-cost rental is definitely a start to help improve New York City and will be much more affordable for

New York City is one of the places that has rent stabilization. If you were a middle class working individual looking for a place to live it might be more difficult than you would have thought. The rent control policy in simple terms is that the government has set limits on how much a landlord can charge for rent. This policy was intended to lower prices and balance out the control between residents and landlords so that tenants with lower wages can housing. Although this policy does have positive aspects, there are many unintended consequences as a result. Since there is a control on how much a landlord will charge, many of these rentals have lower-quality living conditions. There is also a problem with availability because many rentals already

The owners who do offer the “rent-to-own” option are not only allowing the tenants time to come to a more stable financial state, but are making money themselves. If the

There are some advantages of gentrification. This approach frequently prompts individuals owning their homes as opposed to leasing, and it can sometimes lead to more solidness in the neighborhood. Likewise, it makes expanded interest in urban communities so there is less empty property. Promoting gentrification provides a view of the expanded area of dwellers in downtown, businesses there profit on the grounds that more individuals in this particular location are spending money. For instance, in the Gulch there are massive amounts of new business, offices, and condos drawing major attention and profit to downtown Nashville. Yet, a block over is a based on your income community that is manifesting new stipulations for living, and longtime small business nearby are closing. Moreover, the use of gentrification for its many purposes only heighten certain elements of urban housing, and those main two components are lower crime rates and natural amenities.

They start to bring in new businesses like bars, restaurants, boutiques, lofts, coffee shops, etc, and they’ll get affordable stylish housing. This thus increases the price of property values, the rent of renters, higher investment "for property owners to increase or improve housing", and "Encouragement and increased [the viability] of further development" (Lees 2007). In my family, we are homeowners and as we are seeing signs of gentrification in our neighbourhood, we want to start investing into new homes and increase rent to make a profit over. Also, on average the credit score of poor residents can improve in these newly gentrified neighbourhoods. So, although this all might be bad for renter because of the loss of affordable housing and increase rent which may cause some displacement, it can be great for generating jobs and taxes and it can be good for homeowners.

As clear as the drawbacks are to gentrification, the benefits are also apparent. Most of the leaders trying to reinvent areas really do believe they’re keeping others’ best interest in mind.

Owning rental property offers many financial and lifestyle benefits. The number one reward and benefit of being a landlord and having rental property is you own the property. As long as you are not breaking the law in the process, it is yours to live in, enjoy, freely and rent to whomever you chose as long as you follow the law and do it legally.

There are certain undeniable pros to a town having short-term rentals. Of course, it brings in revenue for the homeowner directly whenever he or she rents out the unit or an individual room. Towns can gain money from this by taxing or issuing permits for people who want to rent out units or rooms short-term. People who rent such units also could very well bring in money to our local economy, and more people can afford renting rooms or units short-term than staying in a hotel.

Renting is typically less expensive overall than owning a home. First, it does not require a substantial down payment, though it often requires a security deposit equal to 1-3 month's rent. Also, renters are not responsible for property taxes and repairs on the home, as homeowners are. Monthly rent is often cheaper than monthly mortgage payment, depending on the home and the property being rented.

As you can see, there are many advantages to tenants for renting furnished flats and many different markets that landlords can tap into. Done correctly, it can be a great investment opportunity that returns money quickly and has potential for long term financial