Dear Editor,
Re: “Property investors are not the enemy,” Letters, Jan. 27
I am responding to Julie Halfnights’ letter to the Richmond News.
First, I would like to mention I don’t see anyone as an enemy, but I do want to bring attention to another side of property investment, which is causing plight for many, citing my own personal example.
I am a teacher, and my husband is a social worker. This has been a career of our choice as we are passionate about the work we do — primarily serving the community. Unlike many in the business world, it takes us years of hard work to save money for a down payment to buy a place for ourselves.
A few years ago, we rented a place from a property investor who has numerous other similar properties. Our landlord had just bought this place. Most of the mortgage payment over the years was paid through our rent.
Last year we were finally in a place to put all our hard-earned savings as down payment to finally afford a small place. Unfortunately, immediately around that time the market got frenzied, and property prices rose to insane levels, driven largely by the property investors (due to low mortgage rates).
Our landlord now wants to cash in and is selling the place. Soon, my family with two school children will be driven out of the home, in the middle of a pandemic, with hardly any good places to buy or rent.
When requesting an extension, the landlord said one has to make money as “this is business.”
And we have been perfect tenants! I am not writing this to share a personal sob story but to merely point out the other side of property investment.
It is putting hundreds of thousands of people like us (policemen, firemen, teachers, social workers, health care workers and others), who are backbone of the community, out of a place to live. Our heart goes out to them.
Pooja Kapur
RICHMOND
