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[meme] How would you rather see this land developed?
(lemmy.world)
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this post was submitted on 06 Sep 2023
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The issue is that all of those apartments are owned by one person getting filthy fucking rich from rent.
Not necessarily i don't know about the situation all arouns the world but in atleast the herman speaking countries we have the concept to buy flats like one would buy a house and own it. So not all of it is owned by the same person. You still have the house maintainer which looks after the infrastructure but afaik you don't pay them rent.
Yeah I'd say it's pretty normal all over Europe, it might just be a common case of Americans being weird.
The type of arrangement I'm used to, property of the building is shared among the owners of the flats, who vote on how to run it in an assembly. They also appoint (and pay for) the maintainer you spoke of, but their role is more centered on overseeing/administering the building, handling paperwork, hiring contractors and such. Also, even for very large flats you end up paying a couple hundred euros a year for their services, so it hardly compares to rent.
We have em in the US too. They're called HOA's. Most get a bad wrap for being ran by shitty people/busybodies with nothing to do but fine other homeowners. All condos have em here.
The problem, in the US, with the picture is that a condo would cost you pretty much the same as a house with a yard so why opt for the condo at all. If they were cheaper I would own one to live in now VS just trying to save to buy a house since they're all expensive.
More supply would fix that.
Canadian condos are like that, generally individually owned and there's a condo board made up of residents that deals with management of the building. I don't know of many buildings that are mostly owned by corporations in Toronto.