BREAKING: U.S. Senate Overwhelmingly PASSES Landmark Housing Affordability Bill!
(wltreport.com)
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I'm not normally for regulating who can buy what, but there does seem to be a concerted effort by these big entities to buy up all the housing to turn into giant rental communities, which will be detrimental to society.
There’s no need to defend the mega corporations that have suffocated the life out of the middle class. I get where you’re coming from but they can fuck off, eat shit, and die. It’s Wall Street. Remember what they’ve done to all of us.
This is how I feel. Full support for small business is what we need. Running a successful small business is the easiest way to achieve the American dream.
The problem with this that I see, is that these big firms will circumvent the law by creating smaller shell companies that in turn buy property. The end result is the same. Not sure if the language in the bill takes that into consideration as to who can and cannot purchase homes meant for families. The speculation in the real estate market has always been a problem for affordability by creating bubbles. It's great for those that already own homes, but for those looking to purchase, not so much. I can't say I like the value of my own home continuing to rise - it just makes my property taxes increase.
I was looking but never could. It was too expensive.
You are not alone fren. I had to wait for the property bubble crash before I was able to comfortably purchase. I managed to get into a decent home for less than I was paying for rent on a comparable home. My property has quadrupled in value since then. It's not real value. It's artificially inflated value driven by market speculation. As a retiree, the increases in property taxes and insurance really bite.
your spot on ,i've seen it,and the Governor's are in on it.
Especially in Florida.
Too much money for them to ignore. But in the end it's always average Americans that pay the price.
The bill does include language about that, oddly it was put in by a dumocrat.
Interesting to know. Thanks.
I could care less about who put the language into the bill as long as it is in there to try and clamp down on those blood suckers.
One per customer is good business sense on occasion
I disagree with this. I own three homes and rent one out to a friend to cover the mortgage until I retire fully and move in. There's no shame in an individual owning more than one home, it's when a company owns thousands. Hell now they are even building entire suburbs for a single owner who rents out all the houses from the start.
I agree that there's no shame at least for now but my question is what happens when the population of the planet outweighs the amount of Real Estate. There were three billion when I was born around 8 billion now 16 then comes 32 and at some point it seems like the first that arrived will be the elite and everyone else will rent from them. I'm being a little hyperbolic I'm sure there will be some kind of solution but it's food for thought
Now will this force these megafunds to liquidate and mark to market the vast properties they already own flooding the market and brining prices down? Of course not. The only thing that fixes the "affordability" problem is reducing prices to align with incomes, or increasing incomes to align with prices. All of these interventions do nothing to address the actual problem, credit creation that caused prices to get so high in the first place. This is a monetary issue not a housing issue, it's not just houses that are unaffordable it's everything. Preventing Blackrock from buying any more single family homes is a good start, but won't move the needle even a millimeter for the swaths of young people priced out forever. And before someone swoops in to say the plan is we're going to "grow our way out of this"..... no.
Maybe the line could be something like “publicly traded companies”, as often nobody really owns them and incentives can get real out of whack.
This MOVIE is getting more AWESOME by the day. When Elizabeth Warren makes sense and 5 Republicans show their TRUE colors ( Rand Paul has been a snake for a while) then you KNOW things are moving. IMO this is a great bill. Whenever housing is CONTROLLED by large companies or even Govt, the public suffers!. Either by price manipulation etc or in the Govts case cost overuns and poor design.
Got a clip?
Do mass deportations and housing inventory will open up
Gonna be a lotta land available in East Texas. Throw in cartel asset confiscation and govt could make it really affordable ie releasing it to impacted citizens.
corporations when they get so much money should find other avenues than buying up available homes
historically, corporations were granted their charters if they served a public benefit, such as building canals or bridges, but things changed and people no longer had to show that their endeavors included a public benefit.
maximizing profit became a key purpose, & this Senate bill seems to reign this in
Nice title, so what else is in that bill?
AHHH GrassHoppa...you hit nail on head very square!!!!!!!!
VRBO upset the most. And CHYNA
That's what I see too (in addition to banks/wall street owners who hoard and destroy the mkt) The Air BNB /VRBO SECOND RENTAL HOMES have helped destroy communities also. That industry or money maker for wealthy /upper middle class needed regulating - instead the 1 home owners became the victims of new taxation.
Typically whatever the title of a bill passed by congress, the result is the opposite. Be wary of uniparty agreement, rarely does it benefit the average American.
Reno Evictions are as evil as it comes. Any foreigners who bought US real estate and turn kicked Americana into the street, should have their assets seized and handed back to the tenants. The rents they paid out ,.paid off the mortgages.
Passed 95 to 5. Sens. Tommy Tuberville (R-Ala.), Ron Johnson (R-Wis.), Rick Scott (R-Fla.), Rand Paul (R-Ky.) and Mike Lee (R-Utah) voted against the measure.