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Sun May 26, 2019, 02:45 PM

The real economic crisis no one is talking about: Our escalating rent.

Last edited Sun May 26, 2019, 04:20 PM - Edit history (1)

So 3 businesses I frequent - all local businesses that employ local people, have shut down this month. All 3 cited literally the exact same reason for shutting down - the rent.

That "rent is too damn high" guy is right. The rent really is getting too damn high. It's going to utterly destroy our local economy and possibly bring about the second great depression if we don't do anything about it.

How high does rent have to get? And how much of it is just straight profitt? These are the questions that we need to be asking.

But no, just keep listening to AM hate radio and Fox News and electing conservatives and watch your local economy get flushed down the toilet.

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Response to Initech (Original post)

Sun May 26, 2019, 03:13 PM

1. The housing crisis is being relegated to the backburner

of our national issues when it should be near the top. It's not just homelessness. Many of the poor and senior citizens are being priced out of their rental homes, and it's a national crisis. The homeless crisis is going to escalate in the next few years and will if we don't elect a Democratic senate and president.

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Response to Bradshaw3 (Reply #1)

Sun May 26, 2019, 03:19 PM

3. Not just housing, also businesses.

Small businesses are a huge backbone of our nation's national and local economies. What are we going to do if they can't afford rent?

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Response to Initech (Original post)

Sun May 26, 2019, 03:18 PM

2. This issue needs to be near the top of the list for national discussion.

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Response to oasis (Reply #2)

Sun May 26, 2019, 03:28 PM

4. So many of our problems would be solved if we took a serious look at income inequality.

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Response to Initech (Original post)

Sun May 26, 2019, 03:30 PM

5. Small businesses in my area are disappearing rapidly due to this.

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Response to Coventina (Reply #5)

Sun May 26, 2019, 03:54 PM

7. Yeah it's insane.

The Great Depression didn't just happen overnight, it was a long clusterfuck of events that got us there. It doesn't take a Harvard economist to know that rapidly increasing rent and rapidly decreasing pay are going to be a toxic combination.

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Response to Coventina (Reply #5)

Sun May 26, 2019, 05:17 PM

12. Strip malls are popping up like mushrooms in mine.

And immediately filled by small businesses.

I assume that rents went up and as a result putting up more space for small businesses is something property owners/developers find profitable.

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Response to Igel (Reply #12)

Sun May 26, 2019, 05:32 PM

14. What part of the country do you live in?

In my area of north central Florida, we have a lot of vacant small business buildings. It is somewhat easy to rent production space for a startup. There is development, but most of it is properties like gas stations/minimarts like WaWa and Racetrack.

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Response to Initech (Original post)

Sun May 26, 2019, 03:47 PM

6. This may be only tangentially relevant...

But a small local mall recently evicted all of its tenants (mom & pop businesses) to put in all high-end restaurants.

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Response to Adsos Letter (Reply #6)

Sun May 26, 2019, 04:03 PM

9. One of the places that I frequented was a high end restaurant.

Went there to eat yesterday and the waiter said it was their last day open and when we asked why they were closing they said it was because of the rent. It's getting crazy.

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Response to Adsos Letter (Reply #6)

Sun May 26, 2019, 05:35 PM

15. What city? That only works in bigger cities and suburbs that are fairly wealthy.

In my area of north central Florida, that would not work because the vast majority of people can't afford much more than a dinner at a fast food joint. Walmart is our biggest retailer and grocer.

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Response to Initech (Original post)

Sun May 26, 2019, 04:02 PM

8. Very few care about tenants. They are just there to pay mortgages and be disposed of when

 

necessary.

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Response to Initech (Original post)

Sun May 26, 2019, 04:17 PM

10. ...

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Response to jpak (Reply #10)

Sun May 26, 2019, 04:18 PM

11. Rent is too damn high and the pay is too damn low!!!

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Response to Initech (Original post)

Sun May 26, 2019, 05:24 PM

13. I have friends (actually business associates) in Boston.

Commercial rents there for a small space can run $15,000 per month and higher, depending on the part of the city. That is why technology businesses locate outside the city, particularly self funded startups.

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Response to Initech (Original post)

Sun May 26, 2019, 06:43 PM

16. It is a serious problem.

I just had to move from my apartment in Boston because it was sold. I could not believe what the rents were for a studio in the city. They were starting at $2,400 for a decent place that wasn't an absolute dump.

When I lived here years ago I was able to afford a nice one bedroom in one of the best neighborhoods but now I have had to take a place that is very sub-par, but still in a decent neighborhood that I could afford and is commutable for much more than I wanted to pay. And I am going to have to live on celery and peanut butter to afford it. I am going to ask for a raise, but I am not sure I will get it.

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