Usually the issue would be that these places cost large sums up front to acquire, and there is inherent risk in lending money or selling something for payment over time.
The most equitable solution under those circumstances IMO would be a pay-towards-ownership rental model with an agreed stewardship rate for routine maintenance and if they terminate lease early, the accrued funds towards the ownership are disbursed. This allows the “renter” (future owner) the ability to eventually accrue the value of the home without risk of loss of investment, while also allowing the “owner” (steward) to ensure that maintenance can be performed. Would have to work out how to pay for incidental maintenance like a failed water heater or storm damage, but splitting cost across owned percentage may be fair, or based on fault, etc.
It’s a lot of hassle for something that we should instead fix at the systemic level, but so long as we’re looking at the current system then this ought to do well by both parties and would be accessible for those fortunate/lucky enough to be pulling significant salaries to help those less fortunate.
Cooperatives are also a good option long-term but I’m thinking in terms of folks that are living hand-to-mouth being able to earn towards a permanent home right away rather than a group of people with enough surplus money to pool for shared home(s). A well-established coop would be a better support network and may be able to grow faster (help more folks) than the alternatives.
I think the biggest problem is how does the landlord break lease? Because if you can be kicked out you lose all that you’ve accumulated against your will. If you can’t be evicted, you’ve forced the landlord to both keep you as a renter and keep ownership of the property until it’s paid by the renter, which isn’t necessarily realistic.
They should be able to sell the property if they need to. The person renting being part of the transaction and forced to be allowed to continue renting is only kind of a solution, because the new owners might want to live in that house, or have a say in who rents it. There’s also the issue of funds already accumulated by the landlord. Does that get deducted off the price they sell it for?
I think there’s just a few too many veriables for it to work as a solution.
Meaning if they just sold the place to the people renting it out would be even more affordable?
Usually the issue would be that these places cost large sums up front to acquire, and there is inherent risk in lending money or selling something for payment over time.
The most equitable solution under those circumstances IMO would be a pay-towards-ownership rental model with an agreed stewardship rate for routine maintenance and if they terminate lease early, the accrued funds towards the ownership are disbursed. This allows the “renter” (future owner) the ability to eventually accrue the value of the home without risk of loss of investment, while also allowing the “owner” (steward) to ensure that maintenance can be performed. Would have to work out how to pay for incidental maintenance like a failed water heater or storm damage, but splitting cost across owned percentage may be fair, or based on fault, etc.
It’s a lot of hassle for something that we should instead fix at the systemic level, but so long as we’re looking at the current system then this ought to do well by both parties and would be accessible for those fortunate/lucky enough to be pulling significant salaries to help those less fortunate.
Cooperatives are also a good option long-term but I’m thinking in terms of folks that are living hand-to-mouth being able to earn towards a permanent home right away rather than a group of people with enough surplus money to pool for shared home(s). A well-established coop would be a better support network and may be able to grow faster (help more folks) than the alternatives.
I think the biggest problem is how does the landlord break lease? Because if you can be kicked out you lose all that you’ve accumulated against your will. If you can’t be evicted, you’ve forced the landlord to both keep you as a renter and keep ownership of the property until it’s paid by the renter, which isn’t necessarily realistic.
They should be able to sell the property if they need to. The person renting being part of the transaction and forced to be allowed to continue renting is only kind of a solution, because the new owners might want to live in that house, or have a say in who rents it. There’s also the issue of funds already accumulated by the landlord. Does that get deducted off the price they sell it for?
I think there’s just a few too many veriables for it to work as a solution.
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