I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
For sure, both here and elsewhere. I hear Canada is having some of the same issues.
“The fear of death follows from the fear of life. A man [or woman] who lives fully is prepared to die at any time.”
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I wouldn’t own a rental property in one of these places. My uncle lives in SF and his landlord who is an individual can’t charge market prices, it’s rent controlled. I’m sure the owner pays market prices on their property tax though
we got into a long discussion about it. Apparently at least his understanding is the owner also can’t convert it back into a single family house either. The only way to evict someone is if the owner decides to move in. It’s great for him, awful for the owner
its nuts. I just wouldn’t want to own anything I can’t do with it as I please. I refuse to live in a deed restricted neighbourhood for the same reason even if it means the people next door are free to paint their house orange
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
Maybe speculative investments? I recall Vancouver had this rally bad a few years ago before they passed a law to address it, homes and apartments sitting empty, limiting supply, and the average home price approaching $1.5M CAD. And that was a few years before the craziness Covid brought to the housing market
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
Maybe speculative investments? I recall Vancouver had this rally bad a few years ago before they passed a law to address it, homes and apartments sitting empty, limiting supply, and the average home price approaching $1.5M CAD. And that was a few years before the craziness Covid brought to the housing market
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
Maybe speculative investments? I recall Vancouver had this rally bad a few years ago before they passed a law to address it, homes and apartments sitting empty, limiting supply, and the average home price approaching $1.5M CAD. And that was a few years before the craziness Covid brought to the housing market
If it’s manipulating the price, I agree. I would think price fixing to some extent is or should be illegal.
Airlines can’t do it for example. It also doesn’t mean tickets are wildly affordable either but they can’t agree to not compete
Generally I think your individual landlords who are funding their retirement or whatever are the ones who get screwed when people go after the rental market, the big guys always get away with it.
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I think you are being purposefully obtuse. Private Equity and VC firms are buying up single family homes and rental properties in neighborhoods previously affordable to the average american (also happening globally in countries around the world) to artificially drive up costs with the goal of seemingly keeping people in a cycle of never being able to buy as they are caught up with ever increasing rents and rising costs of housing. So now in addition to competing with each other, would be homeowners are also competing with the industry forces of global capitalism and wealth extraction. See blackrock, I'm sure you have never heard of them before today.
The Idea that anyone could be in favor of a person or entity buying up property to drive up prices thus barring private ownership on a small level in the name of ever increasing rents is immoral. And before you start your next argument, yes I see a person that owns a few properties in which they charge other people rent differently than I do transnational corporations and investment firms, ffs a line has to be drawn somewhere.
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I don't think it's the apartment building that's a problem. Apartment buildings are usually build to rent on purpose. Stuff built to rent on purpose isn't really the heart of the problem.
What's going on is many big corporations are buying up all the other residential stuff. Houses, townhouses, condo's. All the stuff which would of used to be owned and lived in by individuals.
Corporations can function indefinitely, so once it gets absorbed, the odds of going back on the market are probably slim. So the longer it happens more and more residential stuff will go from being owned by people to being owned and rented out by corporations. This creates increased competition amongst what's left available to buy, and also put's rental stock in the hands of entities that are designed to maximize revenues.
I think the US is much further ahead with this than Canada. The US has companies buying things like complete subdivisions of houses and stuff. One would hope in Canada maybe we address this before it becomes a larger problem.
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I don't think it's the apartment building that's a problem. Apartment buildings are usually build to rent on purpose. Stuff built to rent on purpose isn't really the heart of the problem.
What's going on is many big corporations are buying up all the other residential stuff. Houses, townhouses, condo's. All the stuff which would of used to be owned and lived in by individuals.
Corporations can function indefinitely, so once it gets absorbed, the odds of going back on the market are probably slim. So the longer it happens more and more residential stuff will go from being owned by people to being owned and rented out by corporations. This creates increased competition amongst what's left available to buy, and also put's rental stock in the hands of entities that are designed to maximize revenues.
I think the US is much further ahead with this than Canada. The US has companies buying things like complete subdivisions of houses and stuff. One would hope in Canada maybe we address this before it becomes a larger problem.
Old HGTVshow, Love It List It Vancouver. I watched it bc it’s such a nice town. Prices were routinely north of $2M CAD.
At the 26 min mark Todd says it all, “these properties attract buyers around the world.” This couple was looking at nice houses, not mansions, up to $4M CAD.
Speculative investing destroyed this housing market, years before Covid.
friends of ours live in Surrey. nice home, 3 bedroom 2 floors and a crawl space. I'd say 1500 sq ft.
ONE MILLION DOLLARS. and that was a decade ago. it's absurd.
When we lived in London I’m embarrassed to say how much we paid in rent. My wife’s company paid the difference Vs the average rent we would hypothetically pay back home, otherwise we wouldn’t have gone at all.
I get that it’s a problem however if we couldn’t rent and had to buy that house it would have been impossible
plus we were also probably contributing to the fact market prices kept rising. Someone is paying it, even if it’s not an affordable rent to almost anyone including us, if we had to do it on our own
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
Maybe speculative investments? I recall Vancouver had this rally bad a few years ago before they passed a law to address it, homes and apartments sitting empty, limiting supply, and the average home price approaching $1.5M CAD. And that was a few years before the craziness Covid brought to the housing market
I can see that, but I'm not sure that's the situation that is being discussed here. I can see how intentionally limiting supply is bad.
I don't have the stats at hand, but I'm told corporations are buying up properties and making rents unfavorable in many places. This was told to me by a woman I know indeed does own a building and, in fact, she formed a corporation around it (which somehow, I'm told makes good sense for her business wise). She is proud to have some of the most affordable rents in her town. She makes a modest amount of money on the rent rather than a killing and tells me she has great tenants and connects with them regularly and cares about their well being. But this is far from the norm. Most corporations that are buying up properties and renting them out and are doing it solely for profit. They buy up several properties, jack up the prices, and have little if any contact with their tenants or concern for their well being.
I'm lucky not to no longer be a renter (I was for over 30 years). Maybe some here who do rent can explain their experiences. I would be curious to know how many are happy with their situation. Is the rent fair? Do you have a good relationship with you landlord?
I'm only giving information I've heard. I could be wrong. Let's see what others say.
“The fear of death follows from the fear of life. A man [or woman] who lives fully is prepared to die at any time.”
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I think you are being purposefully obtuse. Private Equity and VC firms are buying up single family homes and rental properties in neighborhoods previously affordable to the average american (also happening globally in countries around the world) to artificially drive up costs with the goal of seemingly keeping people in a cycle of never being able to buy as they are caught up with ever increasing rents and rising costs of housing. So now in addition to competing with each other, would be homeowners are also competing with the industry forces of global capitalism and wealth extraction. See blackrock, I'm sure you have never heard of them before today.
The Idea that anyone could be in favor of a person or entity buying up property to drive up prices thus barring private ownership on a small level in the name of ever increasing rents is immoral. And before you start your next argument, yes I see a person that owns a few properties in which they charge other people rent differently than I do transnational corporations and investment firms, ffs a line has to be drawn somewhere.
But sure what we are talking about is too opaque to see through clearly.
Private equity is a much more specific term than "corporations" which was previously stated. So let's get that straight to start. And if you think Blackrocks raison d'etre for this strategy is to price rents so high that a person can never buy a home, well I disagree strenuously with that statement. Blackrock exists to maximize profits for its equity holders in a specific term for a specific fund. They are not conducting some long game to change the societal makeup of the United States, and make everyone renters beholden to them.
So I don't understand the law you are proposing. You are saying that no one that is back by private equity should be able to buy rental property. Yeah, good luck with your fantasy.
I know we have other members here who struggle with high rents. It's a widespread problem. I think some empathy for these folks is more to be expected in these forums than backing big businesses that make finding an affordable place to live so damn difficult. Maybe I'm wrong?
“The fear of death follows from the fear of life. A man [or woman] who lives fully is prepared to die at any time.”
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I don't think it's the apartment building that's a problem. Apartment buildings are usually build to rent on purpose. Stuff built to rent on purpose isn't really the heart of the problem.
What's going on is many big corporations are buying up all the other residential stuff. Houses, townhouses, condo's. All the stuff which would of used to be owned and lived in by individuals.
Corporations can function indefinitely, so once it gets absorbed, the odds of going back on the market are probably slim. So the longer it happens more and more residential stuff will go from being owned by people to being owned and rented out by corporations. This creates increased competition amongst what's left available to buy, and also put's rental stock in the hands of entities that are designed to maximize revenues.
I think the US is much further ahead with this than Canada. The US has companies buying things like complete subdivisions of houses and stuff. One would hope in Canada maybe we address this before it becomes a larger problem.
He knows this already
You're right, I know exactly how Blackrock works, probably more than you can imagine. My path has crossed with this very specific business unit of theirs. But I would invite you all to look to see how many units exist where Blackrock (NOT BLACKSTONE) has an interest. I think you'll be surprised how miniscule it is. This is not the reason we have housing shortages and high rents. It's because manufacturing of homes is at the lowest mark in decades. But go ahead, rail away at your perceived enemy and create some silly legislation.
I know we have other members here who struggle with high rents. It's a widespread problem. I think some empathy for these folks is more to be expected in these forums than backing big businesses that make finding an affordable place to live so damn difficult. Maybe I'm wrong?
Big business is an easy target. I’m not supporting them, but I don’t think it’s so black and white. I know in London we rented through an agency but some lady owned the house and moved out of the city. She was making a ton of money off us but it wasn’t a big business
I don’t think many people here who sell their own house do so at an affordable price, they get as much as they can. If a member here owns a rental house, I would expect nothing less than only accepting market prices
If it’s socially acceptable to sell your house for as much as possible but you can’t decide to rent it for as much as possible instead, I think that’s not fair
either way it’s a tough situation and I do see both sides. Living in a city for the better part of a decade that wasn’t affordable by any measure I was always shocked at the fact so many people did live there. How they did it, I have no idea.
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I think you are being purposefully obtuse. Private Equity and VC firms are buying up single family homes and rental properties in neighborhoods previously affordable to the average american (also happening globally in countries around the world) to artificially drive up costs with the goal of seemingly keeping people in a cycle of never being able to buy as they are caught up with ever increasing rents and rising costs of housing. So now in addition to competing with each other, would be homeowners are also competing with the industry forces of global capitalism and wealth extraction. See blackrock, I'm sure you have never heard of them before today.
The Idea that anyone could be in favor of a person or entity buying up property to drive up prices thus barring private ownership on a small level in the name of ever increasing rents is immoral. And before you start your next argument, yes I see a person that owns a few properties in which they charge other people rent differently than I do transnational corporations and investment firms, ffs a line has to be drawn somewhere.
But sure what we are talking about is too opaque to see through clearly.
Private equity is a much more specific term than "corporations" which was previously stated. So let's get that straight to start. And if you think Blackrocks raison d'etre for this strategy is to price rents so high that a person can never buy a home, well I disagree strenuously with that statement. Blackrock exists to maximize profits for its equity holders in a specific term for a specific fund. They are not conducting some long game to change the societal makeup of the United States, and make everyone renters beholden to them.
So I don't understand the law you are proposing. You are saying that no one that is back by private equity should be able to buy rental property. Yeah, good luck with your fantasy.
Where I live, owner occupied properties receive a 50% property tax exemption for the property they occupy, up to a 4 unit property. 5 units and above are considered commercial properties and don’t receive the tax break even if they live in one of the units. I know married couples who each bought a three family but live in one unit and both claim owner occupied. It would suck for them if the city found out.
You also have AirB&B’ers buying properties and getting a months rent in the equivalent of two 3 day weekends. Anything more is gravy for them and this is true with the advent of traveling nurses, skilled trades people like steel erectors who relocate for a construction job and college kids who want to have a party off campus. So housing in college towns or areas seeing major new building construction feel the strain.
Its not one thing making the impact but a combination, ABB, institutional investors and a lack of new housing stock. And investors, whether individual or institutional, absolutely will hold a property off market to drive cost, either for higher rent or resale, and they do buy multiple houses in neighborhoods.
I’d like to see more planned communities with smart green technology built in, micro grid, solar, heat pumps, car charging stations, bike lanes, designed to be car free, with a mix of commercial, condo, offices and single family homes, with a percentage held for affordable housing and a lesser percentage for market rate. Battery City in NYC was built that way and there are developments in Maryland as such, although too dismeyesque for my liking. People are done spending their life in a car or train to go to work and the current model is not sustainable. How much is enough?
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I think you are being purposefully obtuse. Private Equity and VC firms are buying up single family homes and rental properties in neighborhoods previously affordable to the average american (also happening globally in countries around the world) to artificially drive up costs with the goal of seemingly keeping people in a cycle of never being able to buy as they are caught up with ever increasing rents and rising costs of housing. So now in addition to competing with each other, would be homeowners are also competing with the industry forces of global capitalism and wealth extraction. See blackrock, I'm sure you have never heard of them before today.
The Idea that anyone could be in favor of a person or entity buying up property to drive up prices thus barring private ownership on a small level in the name of ever increasing rents is immoral. And before you start your next argument, yes I see a person that owns a few properties in which they charge other people rent differently than I do transnational corporations and investment firms, ffs a line has to be drawn somewhere.
But sure what we are talking about is too opaque to see through clearly.
Private equity is a much more specific term than "corporations" which was previously stated. So let's get that straight to start. And if you think Blackrocks raison d'etre for this strategy is to price rents so high that a person can never buy a home, well I disagree strenuously with that statement. Blackrock exists to maximize profits for its equity holders in a specific term for a specific fund. They are not conducting some long game to change the societal makeup of the United States, and make everyone renters beholden to them.
So I don't understand the law you are proposing. You are saying that no one that is back by private equity should be able to buy rental property. Yeah, good luck with your fantasy.
Where I live, owner occupied properties receive a 50% property tax exemption for the property they occupy, up to a 4 unit property. 5 units and above are considered commercial properties and don’t receive the tax break even if they live in one of the units. I know married couples who each bought a three family but live in one unit and both claim owner occupied. It would suck for them if the city found out.
You also have AirB&B’ers buying properties and getting a months rent in the equivalent of two 3 day weekends. Anything more is gravy for them and this is true with the advent of traveling nurses, skilled trades people like steel erectors who relocate for a construction job and college kids who want to have a party off campus. So housing in college towns or areas seeing major new building construction feel the strain.
Its not one thing making the impact but a combination, ABB, institutional investors and a lack of new housing stock. And investors, whether individual or institutional, absolutely will hold a property off market to drive cost, either for higher rent or resale, and they do buy multiple houses in neighborhoods.
I’d like to see more planned communities with smart green technology built in, micro grid, solar, heat pumps, car charging stations, bike lanes, designed to be car free, with a mix of commercial, condo, offices and single family homes, with a percentage held for affordable housing and a lesser percentage for market rate. Battery City in NYC was built that way and there are developments in Maryland as such, although too dismeyesque for my liking. People are done spending their life in a car or train to go to work and the current model is not sustainable. How much is enough?
I generally agree with you, but at the same time institutional investors target homes that need renovation. They are competing with other investors, whether they be small individuals or other institutions. But you're right, it's a bunch of things that have caused the shortage.
I know we have other members here who struggle with high rents. It's a widespread problem. I think some empathy for these folks is more to be expected in these forums than backing big businesses that make finding an affordable place to live so damn difficult. Maybe I'm wrong?
Big business is an easy target. I’m not supporting them, but I don’t think it’s so black and white. I know in London we rented through an agency but some lady owned the house and moved out of the city. She was making a ton of money off us but it wasn’t a big business
I don’t think many people here who sell their own house do so at an affordable price, they get as much as they can. If a member here owns a rental house, I would expect nothing less than only accepting market prices
If it’s socially acceptable to sell your house for as much as possible but you can’t decide to rent it for as much as possible instead, I think that’s not fair
either way it’s a tough situation and I do see both sides
I guess I've grown at least mildly cynical. I think our culture cares more about making money than people's well being. There was a time when the average person making a modest income could live in places like San Francisco or Vancouver B.C. In the early 70's, I shared a 3 BR flat with a couple of house mates in a nice neighborhood with a great view of much of the city. The most I ever made during those years was a few cents over minimum wage which was $1.75 and hour.
Here what it boils down to:
Then: $1.80 and hour, $200 a month rent. 111 hours work to make rent.
Now: $14.00 an hour, $4,000 a month (conservative estimate for that area). 285 hours work to make rent.
Who the hell can live in San Francisco today on $14.00 an hour?
“The fear of death follows from the fear of life. A man [or woman] who lives fully is prepared to die at any time.”
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I think you are being purposefully obtuse. Private Equity and VC firms are buying up single family homes and rental properties in neighborhoods previously affordable to the average american (also happening globally in countries around the world) to artificially drive up costs with the goal of seemingly keeping people in a cycle of never being able to buy as they are caught up with ever increasing rents and rising costs of housing. So now in addition to competing with each other, would be homeowners are also competing with the industry forces of global capitalism and wealth extraction. See blackrock, I'm sure you have never heard of them before today.
The Idea that anyone could be in favor of a person or entity buying up property to drive up prices thus barring private ownership on a small level in the name of ever increasing rents is immoral. And before you start your next argument, yes I see a person that owns a few properties in which they charge other people rent differently than I do transnational corporations and investment firms, ffs a line has to be drawn somewhere.
But sure what we are talking about is too opaque to see through clearly.
Private equity is a much more specific term than "corporations" which was previously stated. So let's get that straight to start. And if you think Blackrocks raison d'etre for this strategy is to price rents so high that a person can never buy a home, well I disagree strenuously with that statement. Blackrock exists to maximize profits for its equity holders in a specific term for a specific fund. They are not conducting some long game to change the societal makeup of the United States, and make everyone renters beholden to them.
So I don't understand the law you are proposing. You are saying that no one that is back by private equity should be able to buy rental property. Yeah, good luck with your fantasy.
Where I live, owner occupied properties receive a 50% property tax exemption for the property they occupy, up to a 4 unit property. 5 units and above are considered commercial properties and don’t receive the tax break even if they live in one of the units. I know married couples who each bought a three family but live in one unit and both claim owner occupied. It would suck for them if the city found out.
You also have AirB&B’ers buying properties and getting a months rent in the equivalent of two 3 day weekends. Anything more is gravy for them and this is true with the advent of traveling nurses, skilled trades people like steel erectors who relocate for a construction job and college kids who want to have a party off campus. So housing in college towns or areas seeing major new building construction feel the strain.
Its not one thing making the impact but a combination, ABB, institutional investors and a lack of new housing stock. And investors, whether individual or institutional, absolutely will hold a property off market to drive cost, either for higher rent or resale, and they do buy multiple houses in neighborhoods.
I’d like to see more planned communities with smart green technology built in, micro grid, solar, heat pumps, car charging stations, bike lanes, designed to be car free, with a mix of commercial, condo, offices and single family homes, with a percentage held for affordable housing and a lesser percentage for market rate. Battery City in NYC was built that way and there are developments in Maryland as such, although too dismeyesque for my liking. People are done spending their life in a car or train to go to work and the current model is not sustainable. How much is enough?
I generally agree with you, but at the same time institutional investors target homes that need renovation. They are competing with other investors, whether they be small individuals or other institutions. But you're right, it's a bunch of things that have caused the shortage.
To me the bigger problem is these developments in the suburbs that are built to be rentals not owner occupied.
I read an article a while back and it was something like 40 percent of new builds in Texas. Whatever the number was I was shocked.
Developers have found it more profitable to rent them, then sell way down the road. They both cover their building costs and then also take advantage of future appreciation later which exceeds what they could get today as a straight sale.
there are entire communities, hundreds of houses at a time and in areas that are not traditional rental markets. People move to the suburbs to buy a house, not rent them. If home builders don’t want to sell the houses they build anymore, that is a problem. They aren’t doing it to provide affordable housing.
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I think you are being purposefully obtuse. Private Equity and VC firms are buying up single family homes and rental properties in neighborhoods previously affordable to the average american (also happening globally in countries around the world) to artificially drive up costs with the goal of seemingly keeping people in a cycle of never being able to buy as they are caught up with ever increasing rents and rising costs of housing. So now in addition to competing with each other, would be homeowners are also competing with the industry forces of global capitalism and wealth extraction. See blackrock, I'm sure you have never heard of them before today.
The Idea that anyone could be in favor of a person or entity buying up property to drive up prices thus barring private ownership on a small level in the name of ever increasing rents is immoral. And before you start your next argument, yes I see a person that owns a few properties in which they charge other people rent differently than I do transnational corporations and investment firms, ffs a line has to be drawn somewhere.
But sure what we are talking about is too opaque to see through clearly.
Private equity is a much more specific term than "corporations" which was previously stated. So let's get that straight to start. And if you think Blackrocks raison d'etre for this strategy is to price rents so high that a person can never buy a home, well I disagree strenuously with that statement. Blackrock exists to maximize profits for its equity holders in a specific term for a specific fund. They are not conducting some long game to change the societal makeup of the United States, and make everyone renters beholden to them.
So I don't understand the law you are proposing. You are saying that no one that is back by private equity should be able to buy rental property. Yeah, good luck with your fantasy.
Where I live, owner occupied properties receive a 50% property tax exemption for the property they occupy, up to a 4 unit property. 5 units and above are considered commercial properties and don’t receive the tax break even if they live in one of the units. I know married couples who each bought a three family but live in one unit and both claim owner occupied. It would suck for them if the city found out.
You also have AirB&B’ers buying properties and getting a months rent in the equivalent of two 3 day weekends. Anything more is gravy for them and this is true with the advent of traveling nurses, skilled trades people like steel erectors who relocate for a construction job and college kids who want to have a party off campus. So housing in college towns or areas seeing major new building construction feel the strain.
Its not one thing making the impact but a combination, ABB, institutional investors and a lack of new housing stock. And investors, whether individual or institutional, absolutely will hold a property off market to drive cost, either for higher rent or resale, and they do buy multiple houses in neighborhoods.
I’d like to see more planned communities with smart green technology built in, micro grid, solar, heat pumps, car charging stations, bike lanes, designed to be car free, with a mix of commercial, condo, offices and single family homes, with a percentage held for affordable housing and a lesser percentage for market rate. Battery City in NYC was built that way and there are developments in Maryland as such, although too dismeyesque for my liking. People are done spending their life in a car or train to go to work and the current model is not sustainable. How much is enough?
I generally agree with you, but at the same time institutional investors target homes that need renovation. They are competing with other investors, whether they be small individuals or other institutions. But you're right, it's a bunch of things that have caused the shortage.
They're not always targeting those houses that need renovations at all. They have the wealth to weather 3 or more months of property taxes and a mortgage if it means they'll triple their "losses" when they sell or put it on the rental market. I posted WaPo articles about these funds and their strategies a few months ago. $1M to get in, hire a PM firm to deal with the tenants, make onerous leases to make it easier to evict and keep deposits and encourage churn so you can jack rents and get more OPM to play with/invest. Its payday lending applied to the housing market. A renter's bill of rights could be enacted to help alleviate some of the pain but the uber wealthy finding new ways to turn everything into an asset to be exploited is disgusting, to me. Again, when is enough, enough?
I wonder what building the wall that Mexico paid for did for housing construction labor availability?
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I don't think it's the apartment building that's a problem. Apartment buildings are usually build to rent on purpose. Stuff built to rent on purpose isn't really the heart of the problem.
What's going on is many big corporations are buying up all the other residential stuff. Houses, townhouses, condo's. All the stuff which would of used to be owned and lived in by individuals.
Corporations can function indefinitely, so once it gets absorbed, the odds of going back on the market are probably slim. So the longer it happens more and more residential stuff will go from being owned by people to being owned and rented out by corporations. This creates increased competition amongst what's left available to buy, and also put's rental stock in the hands of entities that are designed to maximize revenues.
I think the US is much further ahead with this than Canada. The US has companies buying things like complete subdivisions of houses and stuff. One would hope in Canada maybe we address this before it becomes a larger problem.
He knows this already
You're right, I know exactly how Blackrock works, probably more than you can imagine. My path has crossed with this very specific business unit of theirs. But I would invite you all to look to see how many units exist where Blackrock (NOT BLACKSTONE) has an interest. I think you'll be surprised how miniscule it is. This is not the reason we have housing shortages and high rents. It's because manufacturing of homes is at the lowest mark in decades. But go ahead, rail away at your perceived enemy and create some silly legislation.
Got it, legislation that protects the interests of the poor and working class from the ever expanding power and control of global capital is silly, because it would limit the ability of equity management firms to maximize profits for its equity holders in a specific term for a specific fund. Get back to me when all of these interests start putting their assets back on the market and stop holding on to them to maximize rents.
Regardless of how minuscule you perceive the share to be, the fact that working people are having to compete against Wall Street in order to buy a house would be laughable if it wasn't so sad.
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I don't think it's the apartment building that's a problem. Apartment buildings are usually build to rent on purpose. Stuff built to rent on purpose isn't really the heart of the problem.
What's going on is many big corporations are buying up all the other residential stuff. Houses, townhouses, condo's. All the stuff which would of used to be owned and lived in by individuals.
Corporations can function indefinitely, so once it gets absorbed, the odds of going back on the market are probably slim. So the longer it happens more and more residential stuff will go from being owned by people to being owned and rented out by corporations. This creates increased competition amongst what's left available to buy, and also put's rental stock in the hands of entities that are designed to maximize revenues.
I think the US is much further ahead with this than Canada. The US has companies buying things like complete subdivisions of houses and stuff. One would hope in Canada maybe we address this before it becomes a larger problem.
He knows this already
You're right, I know exactly how Blackrock works, probably more than you can imagine. My path has crossed with this very specific business unit of theirs. But I would invite you all to look to see how many units exist where Blackrock (NOT BLACKSTONE) has an interest. I think you'll be surprised how miniscule it is. This is not the reason we have housing shortages and high rents. It's because manufacturing of homes is at the lowest mark in decades. But go ahead, rail away at your perceived enemy and create some silly legislation.
Got it, legislation that protects the interests of the poor and working class from the ever expanding power and control of global capital is silly, because it would limit the ability of equity management firms to maximize profits for its equity holders in a specific term for a specific fund. Get back to me when all of these interests start putting their assets back on the market and stop holding on to them to maximize rents.
Regardless of how minuscule you perceive the share to be, the fact that working people are having to compete against Wall Street in order to buy a house would be laughable if it wasn't so sad.
But it's okay to for potential buyers to compete against all the other interests that invest in real estate. Why not make it illegal to profit off real estate? That would make more logical sense than to target only PE who represent less than 1/2 of 1% of residential property ownership.
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I don't think it's the apartment building that's a problem. Apartment buildings are usually build to rent on purpose. Stuff built to rent on purpose isn't really the heart of the problem.
What's going on is many big corporations are buying up all the other residential stuff. Houses, townhouses, condo's. All the stuff which would of used to be owned and lived in by individuals.
Corporations can function indefinitely, so once it gets absorbed, the odds of going back on the market are probably slim. So the longer it happens more and more residential stuff will go from being owned by people to being owned and rented out by corporations. This creates increased competition amongst what's left available to buy, and also put's rental stock in the hands of entities that are designed to maximize revenues.
I think the US is much further ahead with this than Canada. The US has companies buying things like complete subdivisions of houses and stuff. One would hope in Canada maybe we address this before it becomes a larger problem.
He knows this already
You're right, I know exactly how Blackrock works, probably more than you can imagine. My path has crossed with this very specific business unit of theirs. But I would invite you all to look to see how many units exist where Blackrock (NOT BLACKSTONE) has an interest. I think you'll be surprised how miniscule it is. This is not the reason we have housing shortages and high rents. It's because manufacturing of homes is at the lowest mark in decades. But go ahead, rail away at your perceived enemy and create some silly legislation.
Got it, legislation that protects the interests of the poor and working class from the ever expanding power and control of global capital is silly, because it would limit the ability of equity management firms to maximize profits for its equity holders in a specific term for a specific fund. Get back to me when all of these interests start putting their assets back on the market and stop holding on to them to maximize rents.
Regardless of how minuscule you perceive the share to be, the fact that working people are having to compete against Wall Street in order to buy a house would be laughable if it wasn't so sad.
But it's okay to for potential buyers to compete against all the other interests that invest in real estate. Why not make it illegal to profit off real estate? That would make more logical sense than to target only PE who represent less than 1/2 of 1% of residential property ownership.
I would not be opposed to a cap on real estate profit
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I don't think it's the apartment building that's a problem. Apartment buildings are usually build to rent on purpose. Stuff built to rent on purpose isn't really the heart of the problem.
What's going on is many big corporations are buying up all the other residential stuff. Houses, townhouses, condo's. All the stuff which would of used to be owned and lived in by individuals.
Corporations can function indefinitely, so once it gets absorbed, the odds of going back on the market are probably slim. So the longer it happens more and more residential stuff will go from being owned by people to being owned and rented out by corporations. This creates increased competition amongst what's left available to buy, and also put's rental stock in the hands of entities that are designed to maximize revenues.
I think the US is much further ahead with this than Canada. The US has companies buying things like complete subdivisions of houses and stuff. One would hope in Canada maybe we address this before it becomes a larger problem.
He knows this already
You're right, I know exactly how Blackrock works, probably more than you can imagine. My path has crossed with this very specific business unit of theirs. But I would invite you all to look to see how many units exist where Blackrock (NOT BLACKSTONE) has an interest. I think you'll be surprised how miniscule it is. This is not the reason we have housing shortages and high rents. It's because manufacturing of homes is at the lowest mark in decades. But go ahead, rail away at your perceived enemy and create some silly legislation.
Got it, legislation that protects the interests of the poor and working class from the ever expanding power and control of global capital is silly, because it would limit the ability of equity management firms to maximize profits for its equity holders in a specific term for a specific fund. Get back to me when all of these interests start putting their assets back on the market and stop holding on to them to maximize rents.
Regardless of how minuscule you perceive the share to be, the fact that working people are having to compete against Wall Street in order to buy a house would be laughable if it wasn't so sad.
But it's okay to for potential buyers to compete against all the other interests that invest in real estate. Why not make it illegal to profit off real estate? That would make more logical sense than to target only PE who represent less than 1/2 of 1% of residential property ownership.
I would not be opposed to a cap on real estate profit
I would be more inclined to support that rather than banning a particular type of perfectly legal organization.
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I don't think it's the apartment building that's a problem. Apartment buildings are usually build to rent on purpose. Stuff built to rent on purpose isn't really the heart of the problem.
What's going on is many big corporations are buying up all the other residential stuff. Houses, townhouses, condo's. All the stuff which would of used to be owned and lived in by individuals.
Corporations can function indefinitely, so once it gets absorbed, the odds of going back on the market are probably slim. So the longer it happens more and more residential stuff will go from being owned by people to being owned and rented out by corporations. This creates increased competition amongst what's left available to buy, and also put's rental stock in the hands of entities that are designed to maximize revenues.
I think the US is much further ahead with this than Canada. The US has companies buying things like complete subdivisions of houses and stuff. One would hope in Canada maybe we address this before it becomes a larger problem.
He knows this already
You're right, I know exactly how Blackrock works, probably more than you can imagine. My path has crossed with this very specific business unit of theirs. But I would invite you all to look to see how many units exist where Blackrock (NOT BLACKSTONE) has an interest. I think you'll be surprised how miniscule it is. This is not the reason we have housing shortages and high rents. It's because manufacturing of homes is at the lowest mark in decades. But go ahead, rail away at your perceived enemy and create some silly legislation.
Got it, legislation that protects the interests of the poor and working class from the ever expanding power and control of global capital is silly, because it would limit the ability of equity management firms to maximize profits for its equity holders in a specific term for a specific fund. Get back to me when all of these interests start putting their assets back on the market and stop holding on to them to maximize rents.
Regardless of how minuscule you perceive the share to be, the fact that working people are having to compete against Wall Street in order to buy a house would be laughable if it wasn't so sad.
But it's okay to for potential buyers to compete against all the other interests that invest in real estate. Why not make it illegal to profit off real estate? That would make more logical sense than to target only PE who represent less than 1/2 of 1% of residential property ownership.
I would not be opposed to a cap on real estate profit
Even on your house?
sucks If you want to sell to move to a more expensive market. Or even move up in your current city. You need all the profit you can get.
A lot of people cash out in California and retire in Montana. Their house is their 401k
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I don't think it's the apartment building that's a problem. Apartment buildings are usually build to rent on purpose. Stuff built to rent on purpose isn't really the heart of the problem.
What's going on is many big corporations are buying up all the other residential stuff. Houses, townhouses, condo's. All the stuff which would of used to be owned and lived in by individuals.
Corporations can function indefinitely, so once it gets absorbed, the odds of going back on the market are probably slim. So the longer it happens more and more residential stuff will go from being owned by people to being owned and rented out by corporations. This creates increased competition amongst what's left available to buy, and also put's rental stock in the hands of entities that are designed to maximize revenues.
I think the US is much further ahead with this than Canada. The US has companies buying things like complete subdivisions of houses and stuff. One would hope in Canada maybe we address this before it becomes a larger problem.
He knows this already
You're right, I know exactly how Blackrock works, probably more than you can imagine. My path has crossed with this very specific business unit of theirs. But I would invite you all to look to see how many units exist where Blackrock (NOT BLACKSTONE) has an interest. I think you'll be surprised how miniscule it is. This is not the reason we have housing shortages and high rents. It's because manufacturing of homes is at the lowest mark in decades. But go ahead, rail away at your perceived enemy and create some silly legislation.
Got it, legislation that protects the interests of the poor and working class from the ever expanding power and control of global capital is silly, because it would limit the ability of equity management firms to maximize profits for its equity holders in a specific term for a specific fund. Get back to me when all of these interests start putting their assets back on the market and stop holding on to them to maximize rents.
Regardless of how minuscule you perceive the share to be, the fact that working people are having to compete against Wall Street in order to buy a house would be laughable if it wasn't so sad.
But it's okay to for potential buyers to compete against all the other interests that invest in real estate. Why not make it illegal to profit off real estate? That would make more logical sense than to target only PE who represent less than 1/2 of 1% of residential property ownership.
I would not be opposed to a cap on real estate profit
Even on your house?
sucks If you want to sell to move to a more expensive market. Or even move up in your current city. You need all the profit you can get.
A lot of people cash out in California and retire in Montana. Their house is their 401k
If we're being serious here, you could legislate that LLCs, s corps, corps, etc. cannot profit. This would allow you to do so on your personal home. Although not sure what all the renters are going to do with no place to live.
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I don't think it's the apartment building that's a problem. Apartment buildings are usually build to rent on purpose. Stuff built to rent on purpose isn't really the heart of the problem.
What's going on is many big corporations are buying up all the other residential stuff. Houses, townhouses, condo's. All the stuff which would of used to be owned and lived in by individuals.
Corporations can function indefinitely, so once it gets absorbed, the odds of going back on the market are probably slim. So the longer it happens more and more residential stuff will go from being owned by people to being owned and rented out by corporations. This creates increased competition amongst what's left available to buy, and also put's rental stock in the hands of entities that are designed to maximize revenues.
I think the US is much further ahead with this than Canada. The US has companies buying things like complete subdivisions of houses and stuff. One would hope in Canada maybe we address this before it becomes a larger problem.
He knows this already
You're right, I know exactly how Blackrock works, probably more than you can imagine. My path has crossed with this very specific business unit of theirs. But I would invite you all to look to see how many units exist where Blackrock (NOT BLACKSTONE) has an interest. I think you'll be surprised how miniscule it is. This is not the reason we have housing shortages and high rents. It's because manufacturing of homes is at the lowest mark in decades. But go ahead, rail away at your perceived enemy and create some silly legislation.
Got it, legislation that protects the interests of the poor and working class from the ever expanding power and control of global capital is silly, because it would limit the ability of equity management firms to maximize profits for its equity holders in a specific term for a specific fund. Get back to me when all of these interests start putting their assets back on the market and stop holding on to them to maximize rents.
Regardless of how minuscule you perceive the share to be, the fact that working people are having to compete against Wall Street in order to buy a house would be laughable if it wasn't so sad.
But it's okay to for potential buyers to compete against all the other interests that invest in real estate. Why not make it illegal to profit off real estate? That would make more logical sense than to target only PE who represent less than 1/2 of 1% of residential property ownership.
I would not be opposed to a cap on real estate profit
Even on your house?
sucks If you want to sell to move to a more expensive market. Or even move up in your current city. You need all the profit you can get.
A lot of people cash out in California and retire in Montana. Their house is their 401k
Yes a cap on everyone would be fine by me I’m fine with profiting, but against profiteering. If people are having to sell their home and property in order to retire that speaks to a much bigger problem in our society.
I'm seeing a lot of local chatter about rents increasing. People in subsidized housing saying their monthly rent is going up $280/month now.
I know the freeze was lifted but around here there are a lot of new apartment complexes being built so I would have expected rates to level.
As long as corporations continue to buy up housing and rent them through rental agencies, rents will continue to go up. Will we see a return to affordable rents? Hard to say.
This is such a terrible practice and should be legislated out of existence.
What is the practice that should be outlawed? If I bought an apartment building, I'd form a corporation too. No way would I own it personally and I wouldn't do an LLC either. Probably too big for that. I'm not clear on what you guys are against here.
I don't think it's the apartment building that's a problem. Apartment buildings are usually build to rent on purpose. Stuff built to rent on purpose isn't really the heart of the problem.
What's going on is many big corporations are buying up all the other residential stuff. Houses, townhouses, condo's. All the stuff which would of used to be owned and lived in by individuals.
Corporations can function indefinitely, so once it gets absorbed, the odds of going back on the market are probably slim. So the longer it happens more and more residential stuff will go from being owned by people to being owned and rented out by corporations. This creates increased competition amongst what's left available to buy, and also put's rental stock in the hands of entities that are designed to maximize revenues.
I think the US is much further ahead with this than Canada. The US has companies buying things like complete subdivisions of houses and stuff. One would hope in Canada maybe we address this before it becomes a larger problem.
He knows this already
You're right, I know exactly how Blackrock works, probably more than you can imagine. My path has crossed with this very specific business unit of theirs. But I would invite you all to look to see how many units exist where Blackrock (NOT BLACKSTONE) has an interest. I think you'll be surprised how miniscule it is. This is not the reason we have housing shortages and high rents. It's because manufacturing of homes is at the lowest mark in decades. But go ahead, rail away at your perceived enemy and create some silly legislation.
Got it, legislation that protects the interests of the poor and working class from the ever expanding power and control of global capital is silly, because it would limit the ability of equity management firms to maximize profits for its equity holders in a specific term for a specific fund. Get back to me when all of these interests start putting their assets back on the market and stop holding on to them to maximize rents.
Regardless of how minuscule you perceive the share to be, the fact that working people are having to compete against Wall Street in order to buy a house would be laughable if it wasn't so sad.
But it's okay to for potential buyers to compete against all the other interests that invest in real estate. Why not make it illegal to profit off real estate? That would make more logical sense than to target only PE who represent less than 1/2 of 1% of residential property ownership.
I would not be opposed to a cap on real estate profit
Even on your house?
sucks If you want to sell to move to a more expensive market. Or even move up in your current city. You need all the profit you can get.
A lot of people cash out in California and retire in Montana. Their house is their 401k
If we're being serious here, you could legislate that LLCs, s corps, corps, etc. cannot profit. This would allow you to do so on your personal home. Although not sure what all the renters are going to do with no place to live.
True.
But a lot of people form a llc to buy their home. Helps shield your assets from lawsuits and stuff I think. Either that or have a giant umbrella policy. I know getting sued for something stupid is a valid concern
i notice it when we look up property records to protest tax increases. You see a lot of llc’s and the people are just normal people
Comments
For sure, both here and elsewhere. I hear Canada is having some of the same issues.
we got into a long discussion about it. Apparently at least his understanding is the owner also can’t convert it back into a single family house either. The only way to evict someone is if the owner decides to move in. It’s great for him, awful for the owner
its nuts. I just wouldn’t want to own anything I can’t do with it as I please. I refuse to live in a deed restricted neighbourhood for the same reason even if it means the people next door are free to paint their house orange
https://news.gov.bc.ca/releases/2022FIN0028-001137
The Idea that anyone could be in favor of a person or entity buying up property to drive up prices thus barring private ownership on a small level in the name of ever increasing rents is immoral. And before you start your next argument, yes I see a person that owns a few properties in which they charge other people rent differently than I do transnational corporations and investment firms, ffs a line has to be drawn somewhere.
some examples
https://www.cnn.com/2021/08/02/business/family-homes-wall-street/index.html
https://slate.com/business/2021/06/blackrock-invitation-houses-investment-firms-real-estate.html
https://www.theblaze.com/news/big-investment-companies-are-buying-houses-at-high-prices-and-renting-them-out-squeezing-would-be-home-owners
https://www.theatlantic.com/technology/archive/2019/02/single-family-landlords-wall-street/582394/
But sure what we are talking about is too opaque to see through clearly.
There are no kings inside the gates of eden
What's going on is many big corporations are buying up all the other residential stuff. Houses, townhouses, condo's. All the stuff which would of used to be owned and lived in by individuals.
Corporations can function indefinitely, so once it gets absorbed, the odds of going back on the market are probably slim. So the longer it happens more and more residential stuff will go from being owned by people to being owned and rented out by corporations. This creates increased competition amongst what's left available to buy, and also put's rental stock in the hands of entities that are designed to maximize revenues.
I think the US is much further ahead with this than Canada. The US has companies buying things like complete subdivisions of houses and stuff. One would hope in Canada maybe we address this before it becomes a larger problem.
There are no kings inside the gates of eden
At the 26 min mark Todd says it all, “these properties attract buyers around the world.” This couple was looking at nice houses, not mansions, up to $4M CAD.
Speculative investing destroyed this housing market, years before Covid.
https://youtu.be/y8vFPu-bh1A
ONE MILLION DOLLARS. and that was a decade ago. it's absurd.
www.headstonesband.com
I get that it’s a problem however if we couldn’t rent and had to buy that house it would have been impossible
plus we were also probably contributing to the fact market prices kept rising. Someone is paying it, even if it’s not an affordable rent to almost anyone including us, if we had to do it on our own
So I don't understand the law you are proposing. You are saying that no one that is back by private equity should be able to buy rental property. Yeah, good luck with your fantasy.
I don’t think many people here who sell their own house do so at an affordable price, they get as much as they can. If a member here owns a rental house, I would expect nothing less than only accepting market prices
If it’s socially acceptable to sell your house for as much as possible but you can’t decide to rent it for as much as possible instead, I think that’s not fair
either way it’s a tough situation and I do see both sides. Living in a city for the better part of a decade that wasn’t affordable by any measure I was always shocked at the fact so many people did live there. How they did it, I have no idea.
You also have AirB&B’ers buying properties and getting a months rent in the equivalent of two 3 day weekends. Anything more is gravy for them and this is true with the advent of traveling nurses, skilled trades people like steel erectors who relocate for a construction job and college kids who want to have a party off campus. So housing in college towns or areas seeing major new building construction feel the strain.
Its not one thing making the impact but a combination, ABB, institutional investors and a lack of new housing stock. And investors, whether individual or institutional, absolutely will hold a property off market to drive cost, either for higher rent or resale, and they do buy multiple houses in neighborhoods.
I’d like to see more planned communities with smart green technology built in, micro grid, solar, heat pumps, car charging stations, bike lanes, designed to be car free, with a mix of commercial, condo, offices and single family homes, with a percentage held for affordable housing and a lesser percentage for market rate. Battery City in NYC was built that way and there are developments in Maryland as such, although too dismeyesque for my liking. People are done spending their life in a car or train to go to work and the current model is not sustainable. How much is enough?
Libtardaplorable©. And proud of it.
Brilliantati©
I read an article a while back and it was something like 40 percent of new builds in Texas. Whatever the number was I was shocked.
there are entire communities, hundreds of houses at a time and in areas that are not traditional rental markets. People move to the suburbs to buy a house, not rent them. If home builders don’t want to sell the houses they build anymore, that is a problem. They aren’t doing it to provide affordable housing.
I wonder what building the wall that Mexico paid for did for housing construction labor availability?
Libtardaplorable©. And proud of it.
Brilliantati©
Regardless of how minuscule you perceive the share to be, the fact that working people are having to compete against Wall Street in order to buy a house would be laughable if it wasn't so sad.
There are no kings inside the gates of eden
There are no kings inside the gates of eden
sucks If you want to sell to move to a more expensive market. Or even move up in your current city. You need all the profit you can get.
There are no kings inside the gates of eden
i notice it when we look up property records to protest tax increases. You see a lot of llc’s and the people are just normal people