Rental properties increase the supply of homes to people who don't have the credit or income to own.
Homeowners freak out at someone buying a property to rent out because they don't want poor people around.
Same as with homeless shelters, addiction treatment centers, public housing...
Anybody who lives in a neighborhood of mostly homeowners I would expect has seen it firsthand. "Muh property values!" The lower the property values, the more paranoid people get.
Editing to add citation: https://www.bloomberg.com/graphics/2022-evictions-monarch-in...
The only thing to be done if you dislike the power of landlords is to flood the market with supply, which should be policy in every jurisdiction in America, but isn't because the owners/landlords are in control of the policies.
Increasing the supply...of rental housing...makes the rental market worse for renters?
It doesn't provide value to NIMBYs who don't want those people in their neighborhoods.
I know whereof I speak because I live in a neighborhood, where most properties are not rented out, but they resemble apartments, and there was an ongoing soap opera about a vacant lot which was developed to be a rental property.
And there probably were unscrupulous things that went on, in terms of permits and zoning and stuff. There were allegations about a retaining wall not being properly constructed to prevent erosion.
But people are basically against it because it "looks different" and will bring lower class people in.
Personally, I don't care about property values because I'm not in the business of flipping houses, whereas I would rather not pay a lot of property taxes.
Do you rent or own your home?
This restriction of supply takes housing off the market which raises prices on what's left due to actual humans who want to own a home have to pay more.
If the amount of actual people who want to own homes remains static and suddenly we have investors buying up a ton of homes reducing the supply, prices on the remaining homes shoots up.
This leaves people with little to no choice, if they were previously able to afford a home then they no longer can and are forced to rent. Is this good for renters? It's only good for the profits of investment firms.
The supply of rentals is restricted due to lobbying by home owners. Not sure if you are agreeing.
Have you ever rented an apartment under your own name or had a mortgage?
Think about the reasons why you rent an apartment.
One is that you can't get a mortgage.
Another is that you can't assume you will stay in the same place for a long time. Buying and selling real estate is extremely expensive.
Another is that you can't afford sudden large maintenance expenses like a new roof or whatever.
These are the biggest three that come to my mind.
If these reasons for renting apply, then anyone who converts a property to a rental is increasing the supply available to you. Even if it's not newly constructed.
I do like mobility tho - I've lived in 4 countries, 10+ properties, all rental. Unsure where is the right balance is tho. Banks in NZ won't let you develop property unless you already own land, so it's out or reach for first timers. IMO it's fair if we redirect investor capital into new developments.