Capitalism gone mad -- and as usual it's the middle class who got screwed. This is why houses are unaffordable.

[CrazyTrader55]

Thanks, Blackrock.
I'm not going to say much more, the tweet has plenty of details.

You will own nothing and you will be happy.

 

[Toddsterpatriot]

Thanks, Blackrock.
I'm not going to say much more, the tweet has plenty of details.

You will own nothing and you will be happy.

If my neighbor's home magically doubled overnight, it wouldn't
impact my affordability even one tiny bit.

The old retired couple can now sell their home for some fat stacks,
buy a nice condo and bank the rest.

 

[Captain Creeper]

Capitalism in general is “bad” to leftists. OP is not worth responding to.

 

[CrazyTrader55]

Capitalism in general is “bad” to leftists. OP is not worth responding to.

Hey Cap: I'm no leftist - look at my posting history.

 

[CrazyTrader55]

If my neighbor's home magically doubled overnight, it wouldn't
impact my affordability even one tiny bit.

The old retired couple can now sell their home for some fat stacks,
buy a nice condo and bank the rest.

Translation:

'I got mine, and screw the next generation and the one after that and the one after that".

"I got mine!"

 

[Blaster]

Translation:

'I got mine, and screw the next generation and the one after that and the one after that".

"I got mine!"

You sound like a slacker.

 

[sparky]

So BR is purposely facilitating the next crash?

~S~

 

[struth]

Thanks, Blackrock.
I'm not going to say much more, the tweet has plenty of details.

You will own nothing and you will be happy.

Don’t buy a house in the neighborhood. Problem solved

 

[Toddsterpatriot]

Translation:

'I got mine, and screw the next generation and the one after that and the one after that".

"I got mine!"

Translation "Look at that young guy talking about stuff he doesn't understand. But it sure sounds serious!"

That being said, pass a law outlawing firms like Blackrock from buying homes.
Wouldn't bother me one bit.

 

[Toddsterpatriot]

Don’t buy a house in the neighborhood. Problem solved

And sell yours for 20%-30% over asking price!

 

[task0778]

I'm having a little trouble adding all this up. How do you turn a $300k home into a $700k home and find enough buyers? And it's gotta be a heckuva lot more than 50,000 homes across the country, so where are all these buyers coming from?

 

[drudge X]

I'm having a little trouble adding all this up. How do you turn a $300k home into a $700k home and find enough buyers? And it's gotta be a heckuva lot more than 50,000 homes across the country, so where are all these buyers coming from?

There was a complete rundown house in SF years ago. It wasn't approved for human habitation but sold for more than $1 million. Buyer was paying for the lot.

Found it.

This San Francisco home 'in a deteriorative state' just sold for $1.2 million

It sold for roughly 50% above asking.

www.businessinsider.com

 

[drudge X]

BR is trying to push those who already owned a home out with increase property tax.

 

[task0778]

There was a complete rundown house in SF years ago. It wasn't approved for human habitation but sold for more than $1 million. Buyer was paying for the lot.

Found it.

This San Francisco home 'in a deteriorative state' just sold for $1.2 million

It sold for roughly 50% above asking.

www.businessinsider.com

I get that, but the OP was talking about affecting big picture housing prices across the country. Housing that cost $300k is now worth $700k? How many houses are we talking about, enough to affect housing prices becoming unaffordable for that reason? I don't know enough about it, but it doesn't sound right.

 

[RoshawnMarkwees]

You can come to my town and buy a historic house/fixer-upper for less than $50k.

 

[drudge X]

I get that, but the OP was talking about affecting big picture housing prices across the country. Housing that cost $300k is now worth $700k? How many houses are we talking about, enough to affect housing prices becoming unaffordable for that reason? I don't know enough about it, but it doesn't sound right.

It's possible by longshot especially companies like BR and Tricon with lots of disposable cash.

Let's say they buy 40 houses in a small city or suburbs. Remodel all of them. Property value goes up. That will also drive occupied properties up in value. Owners are happy looking to cash in. BR buys more.

 

[task0778]

BlackRock is not buying up all the homes in America. Large investors own only a fraction of single-family rentals, although in hotspots like Atlanta, their share is significantly higher. Rising rents have more to do with housing shortages, inflation, and high borrowing costs. [mortgage rates have risen in recent years from around 3% (2021) to over 6%]

No, BlackRock Isn’t Buying All the Houses—Here’s What’s Really Driving Up Your Rent

Rent is high, but viral claims that BlackRock is buying up neighborhoods miss the mark. So what’s really pushing up prices, and where do big landlords matter?

www.investopedia.com

Supply and demand, rising insurance costs, and higher property taxes are some other reasons why housing is unaffordable for many people.

 

[1srelluc]

I'm having a little trouble adding all this up. How do you turn a $300k home into a $700k home and find enough buyers? And it's gotta be a heckuva lot more than 50,000 homes across the country, so where are all these buyers coming from?

Blackrock damn near owns FL.....When the people in NYC want to move to FL they sell their places for big bucks so the higher cost home in FL is a wash or even less money wise.

Check out Palm Springs prices.

 

[whitehall]

If it's "capitalism" that's gone mad wait you see socialism take over NYC.

 

[Independent thinker]

Capitalism in general is “bad” to leftists. OP is not worth responding to.

The funny thing is leftist policies make the rich richer and the poor poorer and the blue states are the worst.