Quote:
Originally Posted by Mr.HappySilp
That's one of the issue with rent control. A lot of these buildings needs major reno but management company barely makes any money coz the rent is so low, if they have to invest in major repairs they are paying out of their pockets. So is just better to let the place rot and everyone move out and then sell the place to be redevelope.
If the gov really wants to help the lower/middle class built gov owned rental apartments. It works in HK,singapore I am sure if manage property it might work here. The issue we have is that a lot of these low income citizen are drug addicts and basically will destroy the place in a few days. Not to mention a lot of these people are pretty bad with hygiene so there are rats, bed bugs, mole, shit stins etc etc in their units.
The company I work for is involve in some of these low income rental apartments and we have no refuse to install any of our equipment there since they get destroy, pee on, rip apart and most of these people don't even pay for their service and came screaming, yelling being violent to our staff when we told them they need to pay their bills. Simply is not worth it.
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The management company barely makes any money? They’ve been renting it out for 40 years! Work is going to have to be done at some point. More like they don’t account for the work, and run it like a bad strata. No surplus fund for repairs and the building just gets run down until a tear down is the best option!