[quote=CA renter][quote=no_such_reality][quote=CA renter]I don’t think these investors really understand what they’re getting into. [/quote]
Yes they do. For the bigger funds, it’s a distributed apartment complex that will be managed by a subsidiary that will be indistinguishable from the IAC arm of the Irvine Company.
Or the smaller ones, a cut-rate West Side Rental churn and burn.
And what that really means is that sans a significant vacancy problem, renters will see severe upside pressure in rents and churn.[/quote]
Fair enough. We’ll see how things go in 5-7 years.[/quote]
Don’t get me wrong, I think it’s really bad for housing and people the move by hedge funds into housing.
Personally I consider most of the PM firms in LA/OC to be marginally better than slum lords.
I suspect any renters not willing to fight, against people that love to fight, basically will be forfeiting their security deposit and facing the maximum possible rent increase at every opportunity.
