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.
It is a dream that probably will never happen, sad but true. 😔
I didn't think so either at one time. It seemed so far out of my reach and I refuse to live my life for a mortgage. I know others that did. Mostly being pushed by friends and family to take on a burden that left no room. When the market crashed, they all lost their homes when one of them lost a job, or when something else unexpected happened.
People were pushing me as well, but I said no. It's not that I couldn't, I just didn't want to. It didn't make sense. I figured it would be in God's timing, not mime. So, I waited till a better time and it happened.
I have been around long enough to have seen these bubbles grow and then burst. I don't doubt we may have another. When? That I can't say. But they usually do come. The market is overinflated. There needs to be a correction.
With me, I knew a crash was coming when brokers and people intimately connected to the housing market were selling off their properties and renting a small house. They knew something was coming. They got out while encouraging others, usually young naive couples, to jump in. I actually confronted a broker one day about it. I asked him, "How do you sleep with yourself at night? Knowing the bottom is going to fall out of this and yet you are advising people to buy. You know full well they will be left holding the bag." What a bastard.
At the time, I figured it would be a couple of years from then. I was wrong. It happened the following year. What my house is worth now is what it was selling for at the height of the market before it all collapsed. I stepped in and got it for 1/4 the price. So don't give up hope friend. Nothing ever stays the same. Just continue on and prepare to buy the dip.
Thank you for your words, you are an angel. I am a single woman with disabilities and live in my sister’s house, a substitute teacher job and on top of that the Harrington Rod I have in my back I believe it is having its toll. I am in pain and I don’t know if it going to be very bad. I am a little afraid because I know no doctor will perform any surgery to remove it, but it was God’s plan and I am not mad about it at all. He wants his children with him, I hope that God forgives me for all my sins and gives me the chance to go to heaven someday. God bless you
Thank you as well. The whole house thing for me was by the hand of God - not my doing. He simply opened the doors and I walked through them. Even people that had been in the business of real estate for years were shocked at the speed and ease of my getting into my home. Every step along the way had God's guiding hand on it. Within less than 6 weeks I went from renter to home owner. Some people trying to buy homes at the time could take 9 months to a year to finalize a deal because of the way things went down at the time. Some of the legal roadblocks in the way of others, God had completely removed prior to the process even starting. He straightened those paths and cleared the way.
It was amazing to see Him work. It did shock many. He not only made the way straight, but He also added some extras into the mix for good measure that were beyond just the home purchase. He put extra cash in my hands I did not expect that paid for paint and new blinds before I moved in - a house right across the street from the house I was already renting. All these years later it is still almost hard to believe. But I lived it.
When it happened, after years of waiting for His timing, those doors started opening one right after the other. I was always pinching myself because it almost didn't seem true - but it was. He was fulfilling a promise that He had given me 15 years earlier during a much harder time in my life. When the real estate people were amazed at what was taking place in front of them, it was always the perfect time to give God all the credit, which was not difficult because He was the One that made it all possible. Many understood and blessed God to see it happen in their presence. Those that didn't understand heard the testimony anyway. My agent especially. He later told me that if someone would have told him the entire story, he wouldn't have believed it. But since he was along for the ride through the entire process, he had to believe it happened. He has never forgotten it.
As long as we draw breath, there is always an opportunity for God to do amazing things in our lives - if we would simply allow Him to do so. Sometimes it can be our own negative and defeatist thinking that can be the biggest obstacle. We don't always know what He has in mind for us. But we have to be willing and open to allow Him to direct that path - no matter where it heads. When we insist on steering the ship, He allows us to do it and it usually never ends well. Trust Him. No matter where He takes you. The life He gives us is precious and for that alone, is reason to give thanks. God bless you sister.
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.