News for hackers. Stuff that matters.

A comment on Amsterdam's Plan: If You Buy a Newly Built House, You Can't Rent It Out. Parent comment

Re:Amsterdam's Plan: If You Buy a Newly Built House, You Can... by Spooky23 on Thursday March 21, 2019 @11:26AM (#19453411)
Bankrupt condo associations and people with underwater mortgages walking away. For the rental units, the profits tank, so the landlords tighten the screws on opex, and they aren't "luxury" anymore.

You may recall 2008, when this phenomena happened with single-family homes. Condos are much more fickle investments.

[ Parent | on HN ]
Re:Amsterdam's Plan: If You Buy a Newly Built House, You Can... by Scarblac on Thursday March 21, 2019 @08:18PM (#19458611)
Note that in the Netherlands you can't just "walk away" from a mortgage. If the bank sells your house and the yield isn't enough to pay for the mortgage, you're still on the hook for the rest.

After 2008 the housing market just more or less closed down. Nobody was selling as their mortgage was under water, so they just stayed where they were.

[ Parent | on HN ]