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.
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.