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Landlords being beholden to banks and financial powers above them does not absolve them, it’s only offers further criticism of their existence. There is a word for someone that only takes, but doesn’t give back: a parasite. Not the most natural of coalitions, but there exists a dialectic that can unite all, from the most influential thinkers of our time, to a part time physical rehab nurse for the NHS. Nonetheless I don’t see how a government agency edict serves anyone well. “Banks hold mortgage and loan claims over landlords — they feel the pressure too, just like the tenants they exploit!” There are, of course, numerous problems with this. So they are falling more deeply into debt. And, as a capitalist and businessman, he would not have (nor want to waste) the billions required for equipment and weapons and even tanks and helicopters and bombs that would tip the balance so overwhelmingly in his favour. If — IF — the Fed were doing its job, not only would employment be higher, but banks would be so flush with money they would be more than willing to lend money to landlord or restaurant owner going through a rough patch.  Even given the Fed’s failure, if we had an unemployment insurance system that replaced a substantial portion of lost income the eviction problem would hardly exist. The extremist hardline interpretation of capitalism embraced by some on the political Right is out of step with Adam Smith's own thinking. — are in disequilibrium.  Unemployed renters are in the same disequilibrium position as their former employers (and it of course it would have been been suboptimal for the CDC issue a moratorium on withdrawing their labor services to firms that could not pay them). That’s what planning and insurance is for. If landlords “don’t create value” then why does anyone rent? Economic Paradigms Adam Smith, Conservative Liberal Radical / … For those that rent, they will rent from a landlord, who themselves either owns outright, or also enters into a conditional loan agreement with the bank. Interesting concept to lend money to landowners going through a tough patch. Once the house was completed, it sat there, empty, on the land, all independently and separately and totally disconnected from existence of the landlord. If I were to own the land between an aqueduct and the town downriver, which derives its water from said aqueduct, and then I were to place a gate to block access to the water and keep it closed unless the town pays me a “water rental fee” — I have not created value. Tater. The first and most obvious of which is that you virtually never see the landlords attempting to ‘punch upwards’ by using their power or voice to fervently go after the banks — they much prefer the safer strategy of focusing their punching downwards, applying the same pressure applied to them back down upon the tenants. And this, the act of landlording, is done with the full (and necessary) backing of the state: it is the state’s police enforcer-repressors will evict a tenant who does not pay, and the state’s courts will rule the letter of the law in the landlord’s favour to uphold his property relationship. This value was created by the people that made the building (the construction workers, contractors, etc). But what of the grandmas renting out their basements to college students? The landlord expects this wealth extraction to be paid regardless, of circumstance (how many landlords offered free rent to workers that lost their jobs in the wake of COVID-19?) All the value of the work done of the ordinary tenant increasingly goes to basic sustenance and those ongoing, unedning wealth extractions — especially rent. Adam Smith, Mill, Marx, Veblen – they all developed their economic theory to reform the world. Adam Smith vs. Crony Capitalism The Scottish philosopher's suspicions about business people were well-founded. Having people in the economy with a strong incentive to provide additional housing is a very good thing. The landlord is not the one that provides this. The tenants can then live rent free, and all instead proportionally chip in to ensure that the landlord is fairly and properly paid for each hour of his life was committed to producing and providing actual value for the building through his toil and labour. Which leads into a very strange, often overlooked compatibility between Vladimir Lenin and another historical figure of political economy (it’s not a coincidence, as much of Marx’s work builds upon this man’s ideas) who was critical of financial capitalism, and landlords in particular. In contrast I was imagining a solution that lent money to renters who cannot currently pay their rent. However, love ‘em or hate ‘em, Smith also recognizes that landlords and other resource owners play an important part in the process of bringing much-needed resources to the market: In other words, if for any reason there is a temporary shortfall of a product—whether because of increased demand or some kind of shock to the existing stock or productive capacity—the price is going to go up. They are the ones with the guns, and the ones making the rules, and they aren’t going to let themselves be the ones to take a financial hit for the good of the masses —indeed, it will be exactly the opposite. Oct 30, 2017 778. A state, controlled by the ownership class, can (and will) uphold these property relations, interpret and enforce these claims, and repress and remove these nonpaying tenants, as well as dissenters, objectors, and physical opponents. The river existed without me, the access to water was there prior to my blocking of said access, and even when the “water rental fee” is paid, the payers are receiving nothing different and nothing improved and no new service exists from when I first arrived and blocked access. And we have landlords out here saying the dumbest, most vile things like "Well just tap into your 401k!" It’s a particularly nasty method of wealth extraction, to boot, as evictions will frequently leave former tenants homeless and on the street, or worse. We could do it all on Zoom! But what about if the landlord is the one who built the home? If the landlord would ever lose more money on repairs or maintenance than he could ultimately recoup through rents, he would not suffer the loss, he would sell/abandon the building instead, leaving any tenants in precarious positions. A familiar and common historical scenario — should a feudal serf refuse to service his lord and refuse to share the grain upwards, the lord would come round with his knights and force the serf off the land. In Wealth of Nations when Adam Smith explains about how markets bring freedom — but the discourse that is quietly removed in all capitalist discussion of Smith is that the freedom he is talking about is freedom from forms of rent extraction. Yes, the landlord could (only for smaller property claims, really) be the same person who makes the repairs and maintains the property, but in doing so he is not fulfilling the role of the landlord, but rather the role of the repairman or the groundskeeper. The house was constructed by a plethora of contractors and construction workers of various specializations — again independently and separately from the landlord. There are also a great many confused petty-bourgeois landlords today, who are feeling the squeeze — tenants who cannot pay them, and holding properties they cannot rent because of COVID-19 — who then cannot pay their mortgage obligations to the larger financial sector, and are at risk of losing their rental properties. If these lower landlords can no longer effectively keep the rent extractions pumping for the banks, their assets will simply be captured and forfeit to the financial sector — like Agar.io the largest financial blobs go around absorbing the smaller ones. Smith argued in favour of capitalism (functionally, what Marx would call industrial capitalism since capitalism wasn’t a word during Smith’s time) as the de facto economic system to escape the rentier economy — rewarding the productive, producing members of the ownership class, rather than those producing no value. - "/int/ - International" is 4chan's international board, for the exchange of foreign language and culture. Description. This would result in the landlord being properly and fairly rewarded for the work that they put in with (solely) the hourly wage, multiplied by the number of hours of work they did (they can clock in and out under tenant supervision to ensure that the landlord is cleaning and not leaning). The classical economists were reformers. But the man is rarely held up as any sort of leftist, and even (the most foolish and ignorant) landlords can and will frequently hold the man up as a leading thinker (incorrectly) supporting their rent extractions. Declaring this to be ‘the choice’ for the tenant in need of a home is a deliberately deceiving tactic to keep the tenant from looking to alternatives to either condition (such as abolishing these backwards property relations, and/or establishing communism). just like how some small amount of peasants became nobles, lords, or even Emperors, does not even need to directly be the owner, And it’s causing additional harm to us as well, Utilitarianism And Much More, Explained by J. S. Mill. There is no situation where all the serfs can become lords, as their feudal system would collapse with no one to do the necessary labour. It isn’t a choice for most when having a home is a necessity for living, and these wealth extractions for occupying a home are something that has been imposed upon us, and that system is held in place with state power. Even Adam Smith seemed to express distaste for the occupation, writing that “As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed.” (Of course, I think the clause “like all other men” is important here as well—wanting to put your situation to its best advantage is hardly unique to owners of rental property.) We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Which leads into a rather important connection point between capitalism and the state. Indeed, the landlord could be paid an hourly wage by the tenants , rather than having any form of rent extraction — the landlord could receive an hourly wage, all at fair market (no such thing, but unimportant right now) rates, competitive to other groundskeepers, repairmen, lawnmowers, window washers, gutter cleaners, or whatever task the landlord is assigned by the tenants. For most of the world, as nearly all humans need and require housing and shelter, there are no other options — not because the masses lack ingenuity or fail to work hard, but because nearly all the property and land has already been claimed. Even less the property manager and repairs and maintenance and taxes, the remaining rent extractions are all still pure profit for the landlord, regardless of any material contributions that they put in, and with a competent property manager (or entire property management business) running things, landlording becomes nothing but regular extractions for the landlord. His chief pre-occupation was to show that landlords were parasites on society. 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