Continuing the discussion from Property owners taxation:
I have rental property and the taxes, interest rates and insurance have gone sky high and that means I have to raise rents on people who have been with me a long time who cannot afford the rent raise. So it’s either sell off or give tenants notice to vacate. I am at that point now and it hurts me and it will hurt them. And you wonder why rental rates are so high this is why the government, banks & insurance is the fault. The system is broken! I understand insurance is taking a big hit but raising our rates that we cannot afford to pay them is not the answer. Even if I sell the buyer is stuck with high rates. I have adjustable rate mortgages and the rate has tripled! My own home was under $800 for a long time now it is $1,800 a month “interest only”. The banks are making a killing off us! It cost a lot of money to refinance and a refinance now would be stupid. There needs to be a limit that is lower than the limit I signed up for that I don’t have to refinance to get. No higher than a 2-3% interest rate is what it should be. It should be fixed immediately, because people don’t have that extra money and I never saw this coming 15 -20 years ago when I bought the properties. PLEASE HELP US!