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RE: The Real Estate Market is Dead. It Just Hasn't Realized It Yet.

in LeoFinance4 days ago

I can't believe the process it takes now to evict someone compared to twenty years ago. All those "supposed" safety nets put into place to protect people from being evicted during the "pandemic". People start adding it up now, look at the overall big picture, a large part of what took place, the lock downs, was to force closure of businesses, which ultimately, was the starting process of eliminating them to create capacity on the grid for data centers. Same with retailers who never went back to 24 hour operations, it was never meant to. Setting new rules and restrictions on evictions was to ensure many landlords sold out to investors because no one can take a four month loss evicting someone. Once they are evicted, the house sold to investors, they rehab it and price people out. That whole concept of "bringing our once beautiful cities back" came from Trump who revitalized blocks at a time into playgrounds in the middle of hoods for the ultra rich. They never had to step foot outside for something they needed, it was all contained within the buildings. Now they are using that gentrification process on entire cities. I am not really complaining complaining, when I moved here I had this saying we were the dividing line, fifty thousand and up, going uphill behind me, to fifty thousand and down, going toward downtown, now it's basically reversed but it's all rentals, condos' and very high priced going toward downtown. Housing is still pricey behind me going up hill but that was the objective, price all low income people out. Our downtown is coming back that twenty years ago seemed unimaginable, it's beautiful. Use to be row after row of abandoned buildings and low income rental area, a playground for the poor essentially. That's all changed now, though there is still a segregated somewhat area where low income people reside still in apartment buildings a former mayor worked with an investor to rehabilitate for them before gentrification kicked in. Despite the lack of affordable housing for a lot of them, they live in shelters down there, get plenty to eat at a kitchen that serves them free everyday, medical care, and a park designated for them to hang out at. They have a coffee house with washer and dryers available to use also. Recently though they did something I think they will come to regret down the road. They slapped down an open air arena, and soon to be finished soccer stadium that is also open air. Our downtown is restrictive in space due to a river on one side, and a historic district on the other, and people buying into these condos and paying high rent on rentals, are going to wear out over time having to deal with music genres they don't appreciate, loud screaming, and large amounts of traffic to contend with, especially when all three venues are hosting events on the same nights. I live at least a mile from the new outdoor arena, and I could not only hear the first concert though closed windows, but sitting on the back porch reverberate off the highway wall back at me. They really think people are going to pay boatloads of money to live right on top of it just so they can fill up restaurants, bars and parking garages, I just don't see that happening on a continuous basis, and I'd say, probably just about the time, 10, 15 years down the road when maximization of investment starts to kick in, it's going to be a hard sell to convince someone to pay for a 2,3, 4, 5 thousand condo just to be drove crazy in the summertime. For all the "the older generation got it all wrong", and we are going to do it the right way, in the end, I think they'll find they were no better at it than those who came before them.