John Ramos reports on a company that is raising rent at a Castro Valley mobile home park, saying the homes are RVs and not protected by rent control ordinances.
I looked into buying a mobile home, but they're all situated in mobile home parks where you have to pay rent on the ground the home sits on. I decided it was far wiser to continue renting an apartment, because there's always the option to move. That, and the fact that home insurance continues to be harder and harder to get in California due to the increase in wildfires.
Those residents better pipe down before the new owners decide to raise rents to fair market value. They’re already doing a solid to the residents but not aiming for the top of the pro forma projections from the purchase.
The U.S. net population is growing around 3 million per year. Housing demand will continue to increase for the foreseeable future. Unchecked population growth isn't sustainable, but not everyone has gotten the memo. Building more housing comes with tradeoffs in both costs and standard of living. Single-family-homes with a nice yard and privacy will eventually be a luxury. They already are in some parts of California and elsewhere, but I digress.
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I can see working people buying a mobile home, but retirees even 20 years ago should have known better. Those with the means should try to negotiate a settlement to get out. Or collectively buying out the new owner and converting it into a HOA. Some other mobile home parks have successfully done that.
Pretty sure they can easily sell their mobile homes for many times what they paid & upgrade. Not as hopeless as a renter with no equity but that rent control law is useless.
Many are essentially worthless. Maybe worth something as scrap or parting out. It's sad, but the real value is in the land, which unfortunately the residents don't own. It's actually worse than renting an apartment. Many in this story have negative equity and can't easily move.
