Tell me again why I should pay rent to a leech?
Let’s consider some industry standards:
>land lord takes out $10m loan @10% flat interest rate over 25 years to develop property in Bushwick with 100 units
>pays $10m to contractor who then pays 90 plumbers, builders, electricians, etc. $9,000,000 to produce the building.
>for the landlord to pay off $11m in 25y, monthly mortgage would be $36,000; divided by 100 units, that is a REAL COST of $366 per month per unit!
Now here’s where it gets interesting:
>charge a speculative $2366 per month per unit, not including utilities (cheap for NYC)
>pay off mortgage and collect $2000 extra
>hire building manager and staff for $400,000 a year to maintain the building for you
>make $2,000,000 surplus per year off speculation, and in 5 years, building appreciates 100% due to gentrification and you sell it for $20,000,000
>rinse and repeat while investing in new properties and paying off lines of credit
So, at the end of the 5 year period, for the $30,000,000 in surplus value the landlord accumulated:
>contractor made $1,000,000
>each tradesmen made $100,000
>I paid for my apartment $100,000
Despite zero labor from the land leech, they still reap value from the house purely on the basis of a fictitious divine right of “ownership.”
I paid for the full cost to build my apartment. All the landlord did was write checks and sign papers. Sitting on your ass collecting rent is not a job, so why should I pay rent? If anything, I own this apartment now because it was my money that paid for it. In fact, my money, and the workers labor, paid for everything the landlord owns.
