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.