Over 70% of single family rental homes are owned by "MoM aNd PoP" landscalpers, so this isn't totally wrong. A lot of the "BlackRock is ruining housing" stories comes from real estate investment interests that relate to these smaller investors, when you start looking into the backgrounds of the people giving quotes. Fuck Wall Street, naturally, but also some of this stuff going on in the media is basically a fight between the haute and petite bourgeoisie. Wall Street and the traditional landlord class have started coming into conflict over purchasing these SFH investment properties, and it's led to this war on the media.
Yeah it's not mom and pop that just bought my apartment complex and increased rent 120 dollars while also saying we gotta pay the water bill now (another effective rent increase)
That's why I specified single family homes. BlackRock and other large institutions have dominated multi-family properties for a long time. It only became a media story when they got into single family rentals. It became a story because the local petty capitalists were upset they had bigger competition, plus some higher end PMC who are getting priced out of single family homes.
Also something broke a while ago, smaller landlords started demanding the rent pay the mortgage and bills. Previously, they'd eat a bit and rent under mortgage because they get equity out of it and eventually in 40 years rent is just pure passive profit. Now we gotta pay their mortgages and a lil profit and they don't service or maintain.
I swear it's cause everyone got leveraged to the tits and they can't handle even a couple hundred bucks a month.
That's 30% of rentals being owned by non-"Mom and Pops", not 30% owned by BlackRock. Again, fuck BlackRock, but also, they are only a part of a much larger problem.
I mean blackrock is kinda encompassing placeholder, but you’re right that libs will pinnochio you over this. Tbh mom and pops could own what, 200 rentals, and be mom and pop slumlords?
Most classifications I have seen classify a "mom and pop" landlord as someone who owns 10 or less units in their name (meaning not an LLC).
This is really about aggregate effects. One of these mom and pop investors doesn't have much of an effect on the market. But a couple thousand of them in a mid-sized city each trying buy up a couple houses or condos to rent out or put on AirBnB artificially increases demand, and thus housing prices increaae. And that increased cost to purchase means that's rents are going to go up as a result. Liberals absolutely hate to acknowledge that and will get real fucking pissy when you point out that their little AirBnB side hustle is hurting other people, and they don't think anything should be done about it. I always use the analogy that just because Hitler did the Holocaust wouldn't make it OK for you to go out and murder a single person. They don't like that analogy for whatever reason lol.
The problem isn't the total number of all homes black Rock currently owns, it's that in some areas of the country, up to 90% of home purchases in the last year are being bought by investment bankers.
Everything is going to shit, they've known about it because they did it, so they started to dump their money into real estate. They already have all the commercial, so residential is all that's left.
Investment banks don't buy houses, that's not what they do.
Investors bought 18.4% of the national market that was for sale in Q4'21. I had more recent numbers somewhere, but I think :reddit-logo: jannies deleted a comment I had saved with those numbers.
It's been climbing, but it's not near 90% (at least not yet). I'm pretty sure the only way you could get close to investors buying 90% of homes is if you include apartment buildings. They shouldn't be involved in that business either, but I think usually when people say "homes" in the US, they mean single family homes. Sometimes when they say investors, they mean anyone who buys the house for financial gain, but other times they use "investors" but only mean large investors.
Again, fuck Wall Street and BlackRock. My point is just that the two sides fighting here are the haute bourgeois PE firms and the petty bourgeois local business tyrants. The latter is Tucker Carlson's TV base, which is why he is comfortable running segments about how BlackRock is bad (and not out of any love for the working class).
I mean, yeah, I mostly agree with what you're saying. But zero is the only acceptable number for "houses bought purely for speculation by banks."
20 million unoccupied homes in this country. Housing should not be a fucking investment vehicle, bought for same day cash sight unseen, double asking price. That isn't reasonable behavior for someody that might actually be living in that house. It's wall street hedging with real estate.
Over 70% of single family rental homes are owned by "MoM aNd PoP" landscalpers, so this isn't totally wrong. A lot of the "BlackRock is ruining housing" stories comes from real estate investment interests that relate to these smaller investors, when you start looking into the backgrounds of the people giving quotes. Fuck Wall Street, naturally, but also some of this stuff going on in the media is basically a fight between the haute and petite bourgeoisie. Wall Street and the traditional landlord class have started coming into conflict over purchasing these SFH investment properties, and it's led to this war on the media.
30 percent of single family rental homes is what? 10 percent of total? Seems noticeable
Yeah it's not mom and pop that just bought my apartment complex and increased rent 120 dollars while also saying we gotta pay the water bill now (another effective rent increase)
That's why I specified single family homes. BlackRock and other large institutions have dominated multi-family properties for a long time. It only became a media story when they got into single family rentals. It became a story because the local petty capitalists were upset they had bigger competition, plus some higher end PMC who are getting priced out of single family homes.
Also something broke a while ago, smaller landlords started demanding the rent pay the mortgage and bills. Previously, they'd eat a bit and rent under mortgage because they get equity out of it and eventually in 40 years rent is just pure passive profit. Now we gotta pay their mortgages and a lil profit and they don't service or maintain.
I swear it's cause everyone got leveraged to the tits and they can't handle even a couple hundred bucks a month.
That's 30% of rentals being owned by non-"Mom and Pops", not 30% owned by BlackRock. Again, fuck BlackRock, but also, they are only a part of a much larger problem.
I mean blackrock is kinda encompassing placeholder, but you’re right that libs will pinnochio you over this. Tbh mom and pops could own what, 200 rentals, and be mom and pop slumlords?
Most classifications I have seen classify a "mom and pop" landlord as someone who owns 10 or less units in their name (meaning not an LLC).
This is really about aggregate effects. One of these mom and pop investors doesn't have much of an effect on the market. But a couple thousand of them in a mid-sized city each trying buy up a couple houses or condos to rent out or put on AirBnB artificially increases demand, and thus housing prices increaae. And that increased cost to purchase means that's rents are going to go up as a result. Liberals absolutely hate to acknowledge that and will get real fucking pissy when you point out that their little AirBnB side hustle is hurting other people, and they don't think anything should be done about it. I always use the analogy that just because Hitler did the Holocaust wouldn't make it OK for you to go out and murder a single person. They don't like that analogy for whatever reason lol.
Thanks for the clarification.
I only have 9 flats I rent out sounds a lot like they are enshrined in being landlords.
Besides Blackrock and Co drive the market up and others follow.
Did you just verb “pinnochio”? I love it.
The problem isn't the total number of all homes black Rock currently owns, it's that in some areas of the country, up to 90% of home purchases in the last year are being bought by investment bankers.
Everything is going to shit, they've known about it because they did it, so they started to dump their money into real estate. They already have all the commercial, so residential is all that's left.
Investment banks don't buy houses, that's not what they do.
Investors bought 18.4% of the national market that was for sale in Q4'21. I had more recent numbers somewhere, but I think :reddit-logo: jannies deleted a comment I had saved with those numbers.
https://www.redfin.com/news/investor-home-purchases-q4-2021/
It's been climbing, but it's not near 90% (at least not yet). I'm pretty sure the only way you could get close to investors buying 90% of homes is if you include apartment buildings. They shouldn't be involved in that business either, but I think usually when people say "homes" in the US, they mean single family homes. Sometimes when they say investors, they mean anyone who buys the house for financial gain, but other times they use "investors" but only mean large investors.
Again, fuck Wall Street and BlackRock. My point is just that the two sides fighting here are the haute bourgeois PE firms and the petty bourgeois local business tyrants. The latter is Tucker Carlson's TV base, which is why he is comfortable running segments about how BlackRock is bad (and not out of any love for the working class).
90 % in some areas. Not everywhere.
I mean, yeah, I mostly agree with what you're saying. But zero is the only acceptable number for "houses bought purely for speculation by banks."
20 million unoccupied homes in this country. Housing should not be a fucking investment vehicle, bought for same day cash sight unseen, double asking price. That isn't reasonable behavior for someody that might actually be living in that house. It's wall street hedging with real estate.
It's not 90% anywhere. Atlanta is the highest at around 30%. There is a breakdown by city in that link.
You're being deliberately obtuse in your insistence on what areas could mean. A single neighborhood. A street. Jesus, dude.
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