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Companies owning housing don't show up locally to block new housing: > The role of institutional investors is still being studied, but the popularity of the na
by davidw 4y ago
Companies owning housing don't show up locally to block new housing:
> The role of institutional investors is still being studied, but the popularity of the narrative strikes at something dangerous: People want a convenient boogeyman and when they get it, they often ignore the structural problems that are harder to combat. Housing undersupply is the result of decades of locals opposing new home building. It’s not something that can be blamed on Wall Street greed and the nefarious tinkering of a private equity firm. And that’s a much harder truth to stomach.
https://www.vox.com/platform/amp/22524829/wall-street-housing-market-blackrock-bubble https://www.vox.com/platform/amp/22524829/wall-street-housin...
- bmitc 4y agoI think it’s probably actually understated. Although, it also probably depends on your area. In my area, as I already have given an example of, “site unseen” investors are absolutely prevalent.
- davidw 4y agoShe has a lot of data in that article and it's pretty solid. Whatever the amount of homes being purchased by investors, you have to look at the root cause of why they're investing. This is covered by the article - did any of you downvoters bother to read it? > Yield-chasing investors have turned to the real estate market because it has become a very profitable place to put your money. And the main reason it has become so profitable is the preexisting housing shortage created by local governments and certain homeowners seeking to block new homes from being built, leading to a nearly 4 million home shortage nationwide. Locally, when we look around at who's blocking housing, it's 100% our neighbors: https://bendyimby.com/2022/09/07/development-code-weaponized-against-housing/ https://bendyimby.com/2022/09/07/development-code-weaponized...