Greed drives them. Greed rules their actions. They really couldn’t care less about their tenants, and many of them don’t even care about keeping their buildings safe and in good repair (In the article below, one image shows that property management painted over mold growing in the wall). And if kicking old tenants out can get them more money from newer, more affluent tenants, the old tenants are shit out of luck.
From the Sonoma County Press Democrat:
Santa Rosa evictions trigger new fight over rights of tenants and landlords
A cluster of seven apartments off Todd Road has become the latest focal point in a legal — and increasingly political — battle over evictions in Sonoma County’s tight housing market.
Investment Property Owners (IPOs) Have Renters “Over a Barrel”
Greedy Real Estate Investors: More money. Let’s manipulate the market so that making higher and higher profits is the only possible outcome. We have the power: we are investment property owners, and we have organizations lobbying to have cities and counties and the state legislate in our favor. The more money we make, the more power and influence we have over people on all levels. And if you don’t have enough money, we will boot your ass out. If you can’t make us richer, you’re an unworthy human being. Renters have some petty protections, but not really that many. We can take advantage of that. In California, on rental properties – as long as we give 60 days notice – we can charge any amount of rent we like! Better yet, we can boot old tenants, make cosmetic improvements (lipstick on a pig), hike the rent, and get more affluent renters.
They work through greedy real estate agents who are living it up at the expense of cash-strapped individual homeowners going through foreclosure. They make a killing on re-sales to investment property companies. It’s a win-win for IPOs and a “screw you” to the “little guys (i.e., renters).”
In the Sonoma County Rental Market (as in many places around the nation), the abysmally low supply of rental units (averaging around 1%) creates an environment where rental property owners can jack up the rents endlessly, and renters have no choice but to pay – or go elsewhere. For many, “go elsewhere” is not an option. Lesser income Seniors and disabled people have even less choice than most, and are disproportionately harmed by this hostile rental environment.
Government leaders need to either get significantly more rental units built to handle the demand and keep rents as reasonable as possible, or we need to institute rent control/rent stabilization laws. Renters (and individual property owners, too, since the greed is hurting them, as well) need to stand up against these greedy real estate predators and stop them. Otherwise, more people are going to be displaced, homeless, financially ruined, or worse.
Yes, it’s THAT bad.