If I'm some early 20's person just starting out, no money to my name, I need a cheap place to rent. I don't want to own or in fact, I probably can't own.
And it's not just early 20's people. I moved to a new city for 1 year with the intent of returning. I don't want to buy anything, I want to rent.
Landlord's are providing me a service in that case - housing.
> If I'm some early 20's person just starting out, no money to my name, I need a cheap place to rent. I don't want to own or in fact, I probably can't own.
Which is exactly why it's handy to be able to pool resources with other people looking to do the same thing, thus spreading the debt (if there is any) - and the risks thereof - across multiple parties. Think of it less like a real estate purchase and more like a startup, because that's what it is.
> I moved to a new city for 1 year with the intent of returning.
In which case a housing cooperative would've served your needs just fine. Again, less like owning a home outright, and more like owning a share in a company (because, well, you would own a share in a company). And when you're done with it you can sell that share.
But I don't want to buy and sell into a cooperative. I can't pool my money, I have none beyond my paycheck. I want to rent a place. I need landlords for that.
I've heard stories about cooperatives in NYC and the bureaucracy can be a negative. It sounds like an HOA or condo board.
If I'm some early 20's person just starting out, no money to my name, I need a cheap place to rent. I don't want to own or in fact, I probably can't own.
And it's not just early 20's people. I moved to a new city for 1 year with the intent of returning. I don't want to buy anything, I want to rent.
Landlord's are providing me a service in that case - housing.