Folks,
I have to agree with Barbara Murray about the rent issue. Yes, rents are high, although the rapid increase in rent prices seems to have slowed or stopped. Two reasons I can think of: One, the higher prices, combined with the lower taxes on rental properties (2001 leg. session) have worked to encourage owners to build more units, easing the shortage that allows the prices to rise quickly.
Two, the lower interest rates have put a lot of former renters into houses, townhouses and condos. So much so, that housing prices in some neighboorhoods are shooting up. As are many new houses on lots long vacant (Jordan, Hawthorne, Near North).
But what is rarely discussed is how much more house people "expect" nowadays. Thirty years ago houses were smaller, with less bathrooms, less appliances and usually a one-car garage. Take a look at what's going up today. Three-car garages are covenanted minimums in some areas.
The same has happened with rental units. They're bigger, have more appliances, more amenities. This all costs more. Plus, at least in Minneapolis, the city government has discouraged "sleeping room" arrangements with shared bathrooms.
I heard a young woman just yesterday talk about how she wants her own apartment. She's only working part-time but thinks she needs her own place and won't consider a roommate. It's her money, but I don't want to hear a whine about how she can't find "affordable" housing.
And what is it with rent control? It's always a "temporary" solution to the rising prices caused by shortages, but somehow this temporary thing hangs on. There are still units in New York on rent control--from World War II! Honestly, it never works the way the planners think it will, because it is an artificial imposition on the market, and there are hordes of unintended consequences.
I like the idea of cooperative living arrangements. But for it to work, there's got to be someone, or some board, who or which is really tough. It's too easy for one tenant to shirk their responsibilities, and as soon as others notice, they'll do the same if no one is enforcing the arrangements. But there are such situations right here today, and they are mostly working, I understand. I think Barbara would be a great board chair for such a group.
--M. G. Stinnett
Jordan
