Going to try to keep this short although difficult to keep short and convey the issue. This post talks about issues that would be fixed by passing SB 76. Stopped by an old friend who owns a construction business and owns rentals homes. Had not spoke to this person in 30 years. He shared that 50% of rental applicants 30 years old or younger list their primary source of income as SS with some never having worked at all! When you look at their income you quickly realize you can’t raise rents or even ask for a fair rental rate or they will just default but some rent is better than empty unit. He further shared that due to ever rising property taxes it is almost impossible to make money in the rental business. You can no longer pass along property tax increases because folks will just default. He claims the rental market from landlord perspective is no longer attractive but rather a liability. He said this is a big reason rental properties are falling into disrepair, the landlords simply don’t have the money since they are not making money anymore. This person does keep his properties in tip top condition but would dump all his properties if he could. Also had a conversation with a state Rep and he shared he has been attending meetings on how to break the welfare cycle in PA. I mentioned that 20 years ago I was dating a girl who was unemployed but yet lived at same standard of living I did while employed with AT&T at the time. This puzzled me and as I got to know her I determined her equivalent welfare income was $12.50 / hour meaning she would have had to obtain FT employment at $12.50 / hour to match her benefits, again this was 20 YEARS ago! The Rep looked at me and said, “You know what that number is today?” Sit down folks - $46,000 / year! How are we ever going to break the cycle? Scary, SB 76 would impact this situation by increased employment opportunities all across the state.
Posted on: Wed, 26 Mar 2014 15:30:00 +0000
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