Mish missed this...
Easy enough... a land lord can have 5 people paying $1500 a month, and that this the prevailing rent. Then he can put section eight people in his other 15 units at $1500 per month, $300 from the renter and $1200 from the taxpayer. The building suffers, but the landlord makes outsized profits.
If no such subsidy existed, rents would be more what the market could bear. Rents would fall.
But as long as the hegemon can extend credit with no rational basis, he can maintain the sinecures of the welfare state as he prosecutes criminal wars worldwide.
Feel free to forward this by email to three of your friends.
I talked to a complex in Portland last week that had 3500 apartments under management with a total of 7 open apartments.Landlord welfare program... Section 8, massively distorts rents. Section 8 welfare program pays the difference between what poor people can afford and the prevailing rent in a neighborhood.
I am amazed by the amount of apartments that are either tax credit or subsidized in some manner. All of them have long waiting lists.
Easy enough... a land lord can have 5 people paying $1500 a month, and that this the prevailing rent. Then he can put section eight people in his other 15 units at $1500 per month, $300 from the renter and $1200 from the taxpayer. The building suffers, but the landlord makes outsized profits.
If no such subsidy existed, rents would be more what the market could bear. Rents would fall.
But as long as the hegemon can extend credit with no rational basis, he can maintain the sinecures of the welfare state as he prosecutes criminal wars worldwide.
Feel free to forward this by email to three of your friends.
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