Quote:
Originally Posted by SexyPirates
Isn't BlackRock buying a bunch of single-family homes and renting them out? I see a lot of force pulling supply down while demand is heating up  |
Yeah a buddy of mine has been trying to buy a house desperately because his three daughters are getting to old to share a room. He is offering 25% over asking price and getting beat by cash and no inspection offers. I assume these are mostly corporations. They are loving that small time landlords are either (luckily as in my case) cashing out or (unluckily in other cases) going broke because of the no evictions. People might think it's great now but they will pay more in the longrun when housing become monopolized. I'm mixed feeling about that, but the real shame is the people who can't afford to buy a home anymore because of it. I feel like they are more innocent victims of situation caused by others. It's also like Elon Musk says though, "If you don't make the stuff there won't be any stuff." Building came to a near stop because of material and supply issues for a while during the pandemic and we are still playing catch up.
Meanwhile in China they are building empty apartment buildings just to artificially keep up their ailing GDP. Ironic part is 2nd and 3rd homebuying is starting to outpace 1st time home buyers. You would think communism would be more fair but apparently their rich/poor divide is worse. I guess it's only good on paper.
Sorry if this is a semi-politcal statement or philosophy but it seems to me like no matter who you are or what country you are from the free market is the best market. No matter how we try to manipulate them (even with the best intentions) it always comes back to bite us when we do.
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