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.
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..