The landlord had told them he wanted to raise the rent to $3,500 and when they complained he decided to raise it to $9,500.
“We know that our building is not rent controlled and this was something we were always worried about happening and there is no way we can afford $9,500 per month," Yumna Farooq said.
It might be frustrating if the value of my home dropped after buying it, but I don’t imagine it would mean I couldn’t move. I sell my current home for a lower price, but wouldn’t that be okay because the price of the house I’m buying is also lower now? (/gen curious, I don’t know a lot about this topic lol, just thinking out loud)
If you’re “underwater” (your mortgage is higher than the value of the house) then yeah you’re stuck unless you want to pay off that difference. That happened to friends of mine after 2008. If you own the house outright then yeah it matters less.
damn I see your point, that would suck. thanks for the explanation.