I know personally so many people who have left to go to Texas and Florida (I am so jealous.. just biding my time til I can work remote 100% of the time) yet California housing is so astonishingly insanely overpriced still. Like.. who in the fuck is buying these 1 million dollar piles of shit houses for 2 million? any decent 2 bed/2 bath apartment is $3000+ and a house with a yard thats decent is around 5k/month. If this was just inflation times I wouldnt be surprised since Cali has always been pricey so accounting for inflation is going to jack that way up, but knowing how many people are leaving here, WHO IS PAYING THAT? all the kids who moved here to bEcOmE a sTaR have moved back home during the pandemic, locals leaving en masse, people working remote for a Cali company and able to leave to work remote full time. I just.. dont get it.
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Are the houses actually occupied? The story goes is that BlackRock is buying up real estate at a premium.
Yep and while it might be part of the whole "you'll own nothing and be happy" agenda one wonders why they're buying them at a premium rather than snapping them up after the market crash like what happened in 2008. My theory is that Blackrock is snapping them up now because they badly need hard assets for later and need to get out of the dollar ASAP expecting to make up the loss later with rent.
The money is secondary in this case. This is a power and control move.
thats the only thing that makes sense bc financially this seems ilke an idiotic move, even for corps that are drowning in money. we need legislation banning corporations from buying single family homes bc that is some fucking horseshit.
A quick fix could be neighborhoods making amendments to their HOA rules that renting homes be banned. Of course many current HOAs might be in it for the cash so they’d allow it. But that’s something local action can overcome.
Just an idea. These companies will always use their money to gain power but that power is always through people. And the vast majority of people aren’t being paid.
This is possible, a different theory I've had is the Chinese are buying them all up so that they can make North Americans homeless. A sort of soft invasion. The west coast is absolutely overrun with Chinese "immigrants" with a lot of money, buying up real estate like it is going out of style.
The Chinese are running some kind of cryptocurrency scam, too. I believe the CCP banned crypto among its citizens, so Chinese scammers are reaching out to Americans like myself who have done business through places like Alibaba. I haven't bothered to see what the scam is about because I can smell that BS right away.
see I had seen the thing about BlackRock but didnt understand why they would buy things for up to double in some cases and if the property is just empty then wtf is the point financially, but this is an interesting thought..
BlackRock is buying up all homes, paying cash (for immediate escrow) at a ~30% markup. This has been going on for a while, and has driven up all the prices, putting housing costs out of reach for most people. In addition, there is a "shortage" of the raw materials (such as lumber) which further exacerbates the problem. Of course when you visit the actual lumber yards (which I have done) they are completely full of trees, but meh.
Of course since there is only one company in the world, it's not difficult to see the conspiracy. This is creating a housing crisis, which substantially contributes to the economic crisis (which has only just begun). These contrived crises are a necessary step towards the Great Reset; coming soon to a Theatre near you.
And how long do you think it will last? Til November? I ask because there is a confusing enigma occurring among American contract fabrication shops - they are all busy as hell. It makes no sense. Someone is buying US-made goods of all kinds right now.
i need the economy and housing market and all of it to crash pleeeeaaase.
Mexicans. Three generations in one house makes it easy.
Soon we're all gonna have to do it their way lol
Haha! I left CA 10 years ago. It was the best decision I've ever made for myself.
Hey man, the blacks do it too except they use section 8 so it's 3 generations of bums instead of 2 generations of workers and 1 in school. JK I know nothing about cali life for minorities. In my part of the woods it is very common to see nice cars parked in front of very shitty places because their parents survived on welfare and rode the bus but the next generation is working and haven't left home. That means your rent is free or close to free (think my buddy was paying $80 a month for a 3 bedroom 2 story apartment before his mom died). The parents still qualify for all sorts of help like food stamps, cheap/free phones/tv/internet etc. That means the kids going to work don't lose a majority of their paycheck trying to keep the house together. It was kind of neat to see a few local rappers throw shade at the next generation for that kind of shit.
Man 3k a month gets you waterfront property and a home in the south. Don't move here though unless you understand why that is the case.
Another factor keeping rents high in CA: imagine the nightmare of being a landlord in that hellscape. Taxes and more taxes, pissy regulations everywhere you turn, laws that gut YOUR rights in favor of various forms of entitlement to others, including your renters or potential renters, high living expenses (even before the Big Inflation since Bai-Dan arrived), etc. etc.
Monopoly money!
Shit was skyhigh here before covid. There's several of the biggest megalopolis markets in the world in CA alone, you do the math.
before covid made sense and i never questioned why shit was so high - though before was nothing compared to now. everyone wanted to move to LA to "make it", good weather, etcetc. but SINCE covid is what I dont get - people leaving en masse, people being FORCEd to leave bc they cant work/make enough here, etc.
Kind of makes less sense if you realize people aren't trying to make it in Hollywood nearly as much in the age of social media. They're trying to make it using the smart phone in their pocket or streaming on a PC.