Replies to post #2547 on Real Estate Bubble (RUBBLE)

[roguedolphin]

Here in Crook County Illinois it's a bloodbath. Out of control property tax raises over the last 5 years or so and the collapsed economy have prices easily down 75% from the peak (2005-2005) here in my neighborhood.

It's not a pretty site here. This is what a Depression looks like for homeowners who bought anytime except the last few years.

Lot's of people wiped out.

BUT lot's of bargains for fresh money or new first-time homeowners.

[swampboots]

Bunked into a guy (knew him briefly from past) who wished to ask me for advice and started:

"Gee, my Landlord died and lawyer son asked everyone to vacate when their lease is up. His stated reason is that he wishes to use the space for himself and family." I said " say no more, let me tirade and rant and in the cracks you will be filled in and made whole and comfortable". Now what I did not point out to this fortunate man (part of a privileged class) ill- equipped to manage such a brash obviously flawed proclamation from his newly announced "upstart" landlord, was that I agreed with the new owners imagined entitlement and liberties, which unfortunately had no legal legitimate bases in NYC or NY State law. A law which was temporarily enacted just after WW 11 to alleviate a housing shortage and suggested to be reversed after vacancy rates were greater than 5%, but could almost never happen because the law itself created a housing crises as millions were incentivized to vow to never move again, as landlords would be the legal adopted parents to their burgeoning stay put homesteaders. Thick books of regulations administered the finer management details while a new class of inspectors responding to all forms of intentional malice, inflicted the dribbling for proclaimed purposeful time into the crucible lottery of grief, to the owning class.
Of course I was jealous of this inherited self interested soul. I already endured working hours in slave labor routine functions to pay off prominent "wealthers" ( way above my social station) to budge after paying huge legal fees to these tenants ducking autograph signing after being sighted in the courts.
My advice to this Tenant was take a deep breath and laugh off this misunderstanding by your new landlord with an arrogant capacious capacity to be intoxicated by self want and imagined privilege.
For those still with me, there is a startling point to my now overlong story.
In my wildest dreams I could not imagine that George Will would be talking about the same actual people:
http://www.washingtonpost.com/opinions/rent-control-laws-foolish-and-unconstitutional/2012/02/14/gIQAcZvbGR_story.html
Or that the Supreme court may deliberate on my actual concern and knowledge of the parties.
Anyway, I like buying property in California, as they made property owners an entitled privileged
class freezing property tax rates for the conceivable future, as shhh but I did try to feast my own greedy gully before the table turns.