Re:California Homeowners: Please Convert Garages into Apartm...
by whenchamenia on Wednesday April 24, 2019 @10:44PM
(#19744582)
Many investors find a property momentarily unprofitable and set it on the back burner while the neighborhood they dont have to live in goes down the drain. It is a huge negative externality that affects millions directly. But prvitizing gains and socializing losses seems to be the cali way.
As high as rents might be, they are clearly not enough to put these properties on the market. Find the cause and fix it.
Possible causes: too difficult to evict non-paying tenants, too difficult to sue tenants for damages, too many expensive upgrades required (fire protection, disability access, etc.), too difficult to avoid getting sued by the government, etc.
Investors don't leave property idle for fun. There is a reason.