3 ms·
REITs buy up housing everywhere. That’s your answer - the wealthy elite need ways to keep making money.
by r00fus 4y ago
REITs buy up housing everywhere. That’s your answer - the wealthy elite need ways to keep making money.
- dehrmann 4y agoREITs aren't the problem; it's a lack of construction.
- r00fus 4y agoYou can build all you want the corporate and foreign wealth will still buy it before people can.
- marvin 4y agoWell, if they keep buying once there are twice as many housing units as people that want to buy them, they’ll go bankrupt and no one will buy their assets at a reasonable price. So that problem solves itself.
- r00fus 4y agoI used to think that, but they influence (read: buy) any politicians and regulators who adjust the policies (the pols benefit by knowing what they're doing also) - either they shift the approach, or exempt themselves.
- dehrmann 4y agoAnd do what with it? If they do nothing, they're paying property taxes. If they rent the units, that's housing on the market. If construction continues faster than people move into the city, rents will go down. > corporate and foreign wealth These terms are dog whistles. Unless you want to argue for something Marxist, but then "private wealth" would suffice.
- mbrameld 4y agoI have to think short-term rentals are a big part of it, too. Open up AirBnB in any city and see how many units have been lost.