Most fast food workers in California would get a $20 minimum wage next year — a nearly $5 per hour raise — under a deal announced Monday between labor unions and the industry that will avoid a costly referendum on the November 2024 ballot.
Existing tenants priced out will choose not to renew their leases or default. That rids them of anyone not able.
Then they can set the rent as high as they’d like, because there’s s no shortage of venture capitalist vampires that’ll pay way over market for an apartment if they think they can make money off it. They’ll pull perfectly good housing stock off the market so some shady LLC or foreign national can continue to treat real estate like securities, or even just sit on it, vacant.
They don’t?
Existing tenants priced out will choose not to renew their leases or default. That rids them of anyone not able.
Then they can set the rent as high as they’d like, because there’s s no shortage of venture capitalist vampires that’ll pay way over market for an apartment if they think they can make money off it. They’ll pull perfectly good housing stock off the market so some shady LLC or foreign national can continue to treat real estate like securities, or even just sit on it, vacant.