The worst thing about this shitsandwich is that it’s only a tiny sideshow to prop up the value of the bonds, which are out there in the world doing real damage.
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I posted this in another thread…
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And like Uber their business model seems to be predicated on simply ignoring local laws.
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Fuck these guys sideways with a guillotine. In the neck.
The trick is to stay so far away from the actual people that the tenants are just numbers.
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We’re very clean, but we’re city folk. I don’t like to spray shit, but we have the perimeter of our house sprayed once a quarter by an exterminator.
At this point, America, all I want is for you to keep your practices to yourself.
This brand of capitalism is unfortunately permeating other countries. The insane ideas that your corporations dream up and implement and then become successful with, are now become examples to other sane corporations in other countries. They now go - Look! So and So in the US of A could do it, Im sure we can too!
So, America, for all that is good in you, please stop exporting your practices to the World.
(And if possible, find a way to stop them for the sake of humans in your country)
PS - I don’t mean to say other countries don’t have such problems, but they are usually not for the sake of profits of a BIG organisation with so much sway over regulations.
don’t mention the rats oops chicago took it
Financiers being extractive. Isn’t that dog bites man? What else would anyone expect them to do other than perform as per their nature?
I would be curious if, since the inventory is heavily drawn from subprime crash acquisitions, tenants may have fewer rights than average for rental property.
On the occasion when I had to have a pounding-on-the-law match with a landlord(no, sewage overrunning the kitchen and oozing into all basement level rooms isn’t an acceptable consequence of someone trying to take a shower…); most of the most concretely useful bits(the “here’s a list of things that you can, after providing a specific amount of notice, simply get fixed and with old the repair costs from subsequent rent payments” provision was particularly helpful) were municipal law, presumably in place because there have been lots of rentals, many going poorly, there for a long time.
Out in the burbs, where the municipality, if not unincorporated, is probably younger than some of the housing stock in the city; and the theory was HOAs and mortgages for everyone; the same body of law is unlikely to exist; and that is where a lot of property opened up when mortgages went to hell.
Michigan is not unique in having tenant rights covered by state law. The nature of the mortgage on the rental property does not figure into the equation.
There’s also basic contract law at play here - tenants enter a contract to rent a habitable property from their landlord. The landlord’s failure to maintain a habitable property is a breach of the basis of the contract.
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Many/most of us in the US don’t want this type of business here either!
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