Financial Suicide in Seattle
Well if you are a landlord in Seattle you are having your local government telling you how to run your business. This is the same city that has a very serious homeless problem. Politicians (State and City) trying to legislate how private enterprise is to operate. Financial Suicide in Seattle
The city fathers have decided that a landlord does not have the freedom to accept who he or she wants in their rentals. And on top of that, there can be no evictions for 5 months of winter.
Landlords like any other for-profit business have bills to pay such as taxes, mortgage payments, staff, garbage removal among many other items. If you have people living in your units not paying rent then how are you suppose to meet your obligations.
What is happening is many landlords are running scared and selling their buildings to hedge funds and large real estate companies. And guess what these new owners are doing. Raising rents. Is that not amazing? Rent increases induced by politicians who fail to use any common sense.
Seattle already has a problem with high rents because of a shortage of housing and now the mindless politicians are making matters worse.
Take a husband and wife who have bought their first rental unit and put down their life savings for the downpayment. Then they have an eviction that allows someone to remain in their property rent-free. Where is the money going to come from to pay the mortgage, taxes and other expenses? They will in all likelihood be foreclosed on by the bank because they can not pay their mortgage and possible have to declare bankruptcy.
All because of do-gooder politicians who lack common sense.
Now if you live in Seattle you will see in the next 6-9 months a large volume of foreclosures, degrading neighborhoods and higher rates of crimes and vandalism. This, in turn, will bring about higher property taxes, greater demand for social services and people fleeing the inner city.
This fleeing will cause businesses to close shop or move out of Seattle because of the environment is not conducive to business.
This is an example of drifting towards socialism. I am from Canada and have seen the degrading condition of medical care. My mother spent 6 months in bed waiting to get into a hospital to have a hip replaced. This is one reason why doctors are leaving the country to go else whereas they do not need government infringing on their ability to practice their profession. Since when do we need government doing our thinking? Socialism is not needed in America. Tell me one government program at a state or city level that is run efficiently. Unfortunately, politicians are never held responsible for their actions.
Take Obama Care, you have politicians voting on a program they are not covered by, they have their own medical coverage. Wake up America you need to take positive action and not let politicians run your life.
If you have some questions please feel free to contact me or we can have a 30 min free consultation.