Wall Street has purchased hundreds of thousands of single-family homes since the Great Recession. Here's what that means for rental prices
www.cnbc.com
Corporations backed by private equity groups such as Blackstone and Pretium Partners bought tens of thousands of homes across the U.S. Sun Belt.

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  • Rivalarrival@lemmy.today
    ·
    8 months ago

    1. Establish Owner occupant credit against property taxes. You pay a lower tax rate for your home than an investor pays for the home next door.

    2. Increase property taxes. A lot.

    3. Increase owner-occupant credit commensurate with the increase in property taxes: your taxes don't change (they might even drop), but investors pay much more. The tax rate only increases on investors.

  • thejevans@lemmy.ml
    ·
    8 months ago

    Just a heads-up: There is not an actual source that shows that private equity purchased 44% of single-family homes in 2023, let alone that Blackstone did. This all seems to be coming from this Medium article misunderstanding or misrepresenting the linked cnbc article (EDIT: and others) the source for the 44% number, which is not, in fact the cnbc article. That was my bad.

      • thejevans@lemmy.ml
        ·
        8 months ago

        EDIT: Not the CNBC article, but the source for the 44% number, I don't know why I conflated the two in my head.

        Sure. First, here is the non-paywalled version of the article: https://archive.is/dYiTl

        Second, here is a succinct explanation of the problem with the 44% number they state: https://medium.com/@TheDebunker/the-article-is-a-disturbing-fraud-78faeebe2836