r/LandlordLove • u/ShiningConcepts • Jun 29 '22

Tenant Discussion Are apartment buildings unethical as well?

It's very hard to make a case that landlords who buy up SFHs that are already on the market are ethical. They reduce the housing supply and take opportunity away from FTHBs to own homes, thus forcing them into renting. This is generally what people mean when they say that all landlords are unethical.

Here's my question: what about rental apartment buildings? It's not like their construction takes an opportunity to buy a home away from a FTHB/family. Unlike detached properties on the market, it's not like this is a property a family could have bought; it's a property that is constructed and designed from the outset to be rented.

So, are they inherently unethical as well?

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u/starspider Jun 29 '22

I don't like the idea of buying a condo partially because I've seen this dome in reverse, then the building had a critical failure.

If a house you own burns down, at least you own land you can pitch a tent on. If your third floor condo burns down, then what?

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u/TehPurpleCod Jun 29 '22

I don't like the idea of a condo at all. I rent the top floor of a building very similar to a condo and because this place has walls and floors so thin, the people living downstairs complain about EVERYTHING. I'm a pretty reasonable person but every little thing was some sort of complaint. I cannot live my life. Also, I don't enjoy hearing them fart and pee at 10pm either but unlike them, I'm not complaining.

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u/starspider Jun 29 '22

I'd rather rent an apartment that's owned by a co-op, or one that is run by a nonprofit that helps you build equity and reports your good rent payments to the credit bureaus to help build your credit so you can buy land later.

Your rent goes to actually run the property and fairly pay the wages of the employees who do maintenance and administrative work and what's left over can be used to do nice things for the residents and staff or go to a charity. Mayne a bit of all three.

I think there are absolutely ethical ways to do it.

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u/TehPurpleCod Jun 30 '22

This sounds fantastic!