3 ms·

Blackrock isn't the only player in the market. If their rental prices are "too high" other rental properties will be listed for less.

brendoelfrendo 5y ago
The problem is single-family homes being bought by investors to rent in the first place. People want to buy, but even low interest rates allowing my bank to offer me cheap money can't out-compete a large investor that has more more assets that allow them access to even more cheap money. I get that no one has a God given right to home ownership, but we've made a deal with the devil where home equity and housing appreciation are major stores of wealth for the middle class. Letting the investor class corner this market feels like kicking out the ladder for anyone not already on it.
- WalterBright 5y ago
  Lots of people prefer renting. They may be in the area for only a short term. They may be unwilling to make the financial commitment necessary. They may be uninterested in the work and hassle of owning (like mowing the lawn, cleaning the roof, etc.). They may not want to deal with all the hassles and stress when selling.
  - brendoelfrendo 5y ago
    Yeah, that's great and all, but there aren't enough houses for the people who want to buy. The fact that some people like to rent doesn't change anything about what I said.
    - WalterBright 5y ago
      > there aren't enough houses for the people who want to buy. That's true of every item on the free market. It's why markets exist. Note that air is essential to life, but nobody is selling air. There's no marketplace for free software, either.
      - maxerickson 5y ago
        Lots of markets are well supplied and have prices that more or less follow costs. And then there's businesses that do sell bottled air and people that do contract work or paid support on free software.
        WalterBright 5y ago
        > then there's businesses that do sell bottled air They're selling compressed air. That's added value. > and people that do contract work or paid support on free software They're being paid for a service, not the software. But hey, I'm an enterprising man. Send me $100 and I'll send you a package with air in it and instructions for downloading free software.
      - silisili 5y ago
        Sorry, I'm dipping out of this conversation because I don't like arguing...but this is a troll position. Would you feel the same way if you or your SO had some awful disease, and someone was buying all the medication and selling it at a price out of your reach? 'Sorry honey, we can't afford medicine, that's the market working lol.' And before the argument starts 'well, someone else would just make more...' that takes a lot of lead time, like houses do. And by then, aforementioned medicine buyer has made enough profit to buy even more. I mean, it happened with TP or all things. There was enough for everyone, until people got greedy with it. Happens with gasoline yearly. Seems people with houses don't care because it's good for them. Hell, I made a lot of money in all of this even. Please understand I'm not arguing from a position of need. I don't need a house, and if I did, I'd just buy one. I'm arguing for people like my brother, who worked hard their whole life and keep getting priced out by asshole investors. In summary, I only ask you attempt to look at problems from a lens different than the one people like you and I currently look at things. It's easier when you know and love people affected, admittedly.
        WalterBright 5y ago
        The thing about shortages is they are caused by anti-gouging laws. > Would you feel the same way if you or your SO had some awful disease, and someone was buying all the medication and selling it at a price out of your reach? What is your proposed mechanism for deciding who gets it and who doesn't?
- throwaway6734 5y ago
  Then we need to build more housing to meet demand. > but we've made a deal with the devil where home equity and housing appreciation are major stores of wealth for the middle class. Letting the investor class corner this market feels like kicking out the ladder for anyone not already on it. But it's not the "investor class" that's cornering the market, it's current homeowners. Housing prices are going up due to a limited supply, something that many current homeowners actively fight for
  - brendoelfrendo 5y ago
    > But it's not the "investor class" that's cornering the market, it's current homeowners. It can be both. One keeps supply from entering the market, the other buys out the supply that does enter the market. Long term, yes, we need to build more houses. Americans should also probably adjust their expectations and zoning laws to expect less detached single-family houses. We also probably need to stop treating residential property as an investment, however we go about doing that.

brendoelfrendo 5y ago

The problem is single-family homes being bought by investors to rent in the first place. People want to buy, but even low interest rates allowing my bank to offer me cheap money can't out-compete a large investor that has more more assets that allow them access to even more cheap money. I get that no one has a God given right to home ownership, but we've made a deal with the devil where home equity and housing appreciation are major stores of wealth for the middle class. Letting the investor class corner this market feels like kicking out the ladder for anyone not already on it.

WalterBright 5y ago
Lots of people prefer renting. They may be in the area for only a short term. They may be unwilling to make the financial commitment necessary. They may be uninterested in the work and hassle of owning (like mowing the lawn, cleaning the roof, etc.). They may not want to deal with all the hassles and stress when selling.
- brendoelfrendo 5y ago
  Yeah, that's great and all, but there aren't enough houses for the people who want to buy. The fact that some people like to rent doesn't change anything about what I said.
  - WalterBright 5y ago
    > there aren't enough houses for the people who want to buy. That's true of every item on the free market. It's why markets exist. Note that air is essential to life, but nobody is selling air. There's no marketplace for free software, either.
    - maxerickson 5y ago
      Lots of markets are well supplied and have prices that more or less follow costs. And then there's businesses that do sell bottled air and people that do contract work or paid support on free software.
      - WalterBright 5y ago
        > then there's businesses that do sell bottled air They're selling compressed air. That's added value. > and people that do contract work or paid support on free software They're being paid for a service, not the software. But hey, I'm an enterprising man. Send me $100 and I'll send you a package with air in it and instructions for downloading free software.
    - silisili 5y ago
      Sorry, I'm dipping out of this conversation because I don't like arguing...but this is a troll position. Would you feel the same way if you or your SO had some awful disease, and someone was buying all the medication and selling it at a price out of your reach? 'Sorry honey, we can't afford medicine, that's the market working lol.' And before the argument starts 'well, someone else would just make more...' that takes a lot of lead time, like houses do. And by then, aforementioned medicine buyer has made enough profit to buy even more. I mean, it happened with TP or all things. There was enough for everyone, until people got greedy with it. Happens with gasoline yearly. Seems people with houses don't care because it's good for them. Hell, I made a lot of money in all of this even. Please understand I'm not arguing from a position of need. I don't need a house, and if I did, I'd just buy one. I'm arguing for people like my brother, who worked hard their whole life and keep getting priced out by asshole investors. In summary, I only ask you attempt to look at problems from a lens different than the one people like you and I currently look at things. It's easier when you know and love people affected, admittedly.
      - WalterBright 5y ago
        The thing about shortages is they are caused by anti-gouging laws. > Would you feel the same way if you or your SO had some awful disease, and someone was buying all the medication and selling it at a price out of your reach? What is your proposed mechanism for deciding who gets it and who doesn't?
throwaway6734 5y ago
Then we need to build more housing to meet demand. > but we've made a deal with the devil where home equity and housing appreciation are major stores of wealth for the middle class. Letting the investor class corner this market feels like kicking out the ladder for anyone not already on it. But it's not the "investor class" that's cornering the market, it's current homeowners. Housing prices are going up due to a limited supply, something that many current homeowners actively fight for
- brendoelfrendo 5y ago
  > But it's not the "investor class" that's cornering the market, it's current homeowners. It can be both. One keeps supply from entering the market, the other buys out the supply that does enter the market. Long term, yes, we need to build more houses. Americans should also probably adjust their expectations and zoning laws to expect less detached single-family houses. We also probably need to stop treating residential property as an investment, however we go about doing that.