BREAKING: U.S. Senate Overwhelmingly PASSES Landmark Housing Affordability Bill!
(wltreport.com)
🏆 - WINNING - 🏆
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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. 😔
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.