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Mega-landlord to smaller landlords: Don't be greedy pigs
By adamg on Fri, 01/13/2012 - 7:30am
The Boston Business Journal catches up with Harold Brown, who worries that if landlords take advantage of a tight rental market in Boston and jack rents up too much, they could see a serious effort to bring back rent control.
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AKA Stop stepping
on our oligarchy!
If the market crashes, how can we demand luxury rents for sub-luxury apartments?
Yeah, Harold Brown
"Taking Advantage of a tight rental market?" You mean just like when a GF and I took you to housing court during the early 80s - and whipped your ass - for your unethical rental practices in a tight rental market?
If you want to hear how "ethical" Brown is, go speak to the owner of the now departed Marty's in Upper Allston. He'll be happy to tell you how his "friend" of 50 years jacked his rent up by triple.
That's pretty rich, coming
That's pretty rich, coming from that slumlord.
Cripes.
Even when rent control
Even when rent control existed that clown didn't put a dime into maintaining his properties. Graduates of the Maurice Gordon School of Management have no right to tell other landlords, whom actually use the rent to maintain their properties and make a profit, how to do business.
That's what I understand.
While there are landlords who keep up their property and give a decent shake to their tenants, an awful lot of them don't.
I lived in a rent-controlled building, in Cambridge, for 7 years after finishing up school in the early 1980's, and rent control hung on by the skin of its teeth for a long time. When I moved out (due to purchasing the place where I presently reside, it was not a moment too soon; the rents skyrocketed, and not long afterwards, rent control went out statewide, including Cambridge.
Frankly, I think that a lot of average, everyday people who're uptight about rent control don't really know how rent control ( is supposed to) work; Granted, not all tenants are angels, and, if a landlord wants to sell his or her place, that's their right also, but they have to notify tenants in a reasonable time-frame and fashion. However, Rent Control offers tenant protection in that it protects the tenant against rent gouging (raising the rents to outlandish proportions), retaliatory evictions (meaning that if a tenant has a grievance, such as a necessary repair that has gone undone for too long, the landlord cannot retaliate by evicting the tenant, and is obligated to make the repair(s)), condo-related evictions (meaning that the landlord can't evict a tenant because they want to convert the apartments to condos), and it obligates landlords to make necessary repairs.
This is not to say that a landlord can't raise his or her rents, but when the landlord's costs go up, he or she is allowed to raise their rents accordingly, which is fair, imho.
Look at you...
...being all reasonable and shit.....commie.
I don't understand
Why do people keep renting from Hamilton Co., Samia and even Archstone? The first two are horrible for a number of reason. I lived in a Samia owned/managed property once. The shower never worked right, the heat was problematic, and the walls all had signs of water damage (which they tried to blame on us occupants). Archstone has some ok places, they tend to have excessive fees, and I've seen them attempt to raise rents over 10% in a year. Who in the world even gets a 10% income increase in a year?
Some landlords do need to
Some landlords do need to raise rent 10% in a year if that's what it costs to maintain the building and still eek out a profit. But in many cases these days it's places taking advantage of a lack of supply compared to demand.
Seems awfully excessive
Why not just set rents higher to begin with? If you have a older building, and good records, then it might not be too hard to say, "Gee, the building needs a new roof this year." Or, "That fire escape needs to be redone." I tend to feel as though most landlords will set rates low, then increase them hoping you don't move out. My current landlord tends to only give residents a month to decide if they want to stay, but does mention renewal rates. The one month to decide still annoys me a bit, but I guess it's better than having one night to think on it.
Archstone bought an apartment building..
.. I lived in in the San Francisco area. They raised the rents 10% and a lot of people moved out. they consistently had long-term empty apartments. Never understood how they made money that way.
They also cut back on maintenance. They did not respond on the weekends unless it was an emergency. the kitchen above me clogged and flooded one Friday eve, heavily dripping onto my dining room table and their carpet. When I got home that night a lot was already ruined. They said it was not an emergency. When I moved out about 1 1/2 yrs later they tried to charge me for the carpet. Fortunately I had what happened in writing from the manager at the time of the drip.
But I'd take them over Burn 'em Down Brown.
Call me crazy, but doesn't this go without saying?
Maybe this is why I'm not a titan of industry, but I would think that gouging your customers during times of scarcity is a bad plan in long-term no matter what sector you're in.... That's not to say you shouldn't be charging a market-appropriate rent, but do you really need to squeeze every nickel out of your tenants?
I haven't raised my rents in a couple years, so I guess they're probalby below market by now. But I am happier to have good tenants who feel lucky to live in a nice place at a good price. It's a win-win.
Again, I guess maybe that's why I'm not a titan of industry....
Supply and demand. Shitty
Supply and demand. Shitty housing is almost always cheaper than dorms. You don't wanna live in Hamilton's dump? It's fine, someone else will.
It's one reason why greater Boston has the "brain drain" of young graduates fleeing the area. No one can live within a reasonable commute without multiple MBTA trasnfers on a starting level salary and start their professional life, living like they did in college, with 17 other people.
was brian mclaughlin at this summit?
i know old harold used to like to give city councillors brown bags filled with cash.
You know what else controls rent?
Building more (expletive) buildings. Out of room in Boston? Well, TS, you don't get to live or do business in Boston.
Hey, Hamilton's getting it stuck up their (expletives) right now at Harvard and Comm. Marty's thrives at the old Hollywood Video on North Beacon, and their spot is a failed Kelly's. Right now, Hamilton makes $0 on that property. Hey, it's their building.
You know what else controlls supply?
Banks foreclosing on properties and kicking tenants out/not renewing leases/not selling the properties, effectively reducing the number of available housing units.
Time for a vacant property tax and/or eminent domain seizure of "abandoned" properties, anyone?
How about commercial rent control?
You could tie that into the vacant property tax idea.
I do know a few people who inherited large amounts of property (and money) and they have no clue what they are doing. They can afford to let these places sit vacant because they often times have millions in the bank and have no motivation to do anything with their properties.
Commerical rent control?!
Why in the world might you want that? It almost seems as though you want people to start business, and be successful. We simply can't have that.
Speaking of rent control:
When Rent Control was abolished, first in Boston, and then state-wide many years later, rents not only skyrocketed to outlandish proportions almost overnight, but there was much more gouging of remaining tenants by mega-landlords, and more slumlords proliferated.
Incorrect
In actuality, Kelly's got talked into a ten-year lease on the Marty's site.
Verified
I talked to someone in the know who said that Kelly's is currently looking to sublet the space to cover the lease, which means (unfortunately) Hamilton is getting their money one way or another for the space.
Yep
I got my information from Marty Seigel himself. In fact, he still comes up and hangs around the Coolidge Corner area (you'd remember him as the wiry old guy in Marty's, with the big coke-bottle glasses).
Ah, I didn't know that
In that case, is Kelly's (expletive) stupid? Wow. How desperate were they to sell fish and roast beef to people who live hand to mouth?
Possibly
I'm reminded of the defunct Mass Army and Navy - who got stuck with a similar situation involving their Harvard Square store. It ended up sinking the company.