3 ms·

The idea that Blackrock brought all the homes has reached the level of what I'd call "TikTok truth", ie. an idea that feels so true that reality can't compete.

The idea that Blackrock brought all the homes has reached the level of what I'd call "TikTok truth", ie. an idea that feels so true that reality can't compete. Can I ask you why you find it convincing? I found this Derek Thompson article informed my thinking on the subject: https://www.theatlantic.com/ideas/archive/2021/06/blackrock-ruining-us-housing-market/619224/ https://www.theatlantic.com/ideas/archive/2021/06/blackrock-...

rpmisms 3y ago
I'm not saying anything about Blackrock (although they are most likely evil). I'm simply saying that we should ban private equity firms owning residential properties, period. If it's not a problem, why should Blackrock care?
- alephnerd 3y ago
  > ban private equity firms owning residential properties What happens to apartments? What is a "PE" fund defined as? REITs own a number of properties but are not PE. Are small landlords banned from renting? What is the delineation of a Family Office/Small Landlord and a PE fund? You've basically done the policy equivalent of asking you to build me a website that can host FB level load with no other criteria except Facebook did it.
  - rpmisms 3y ago
    I came up with a rough idea for a policy. I'd say it's more like I'm describing Facebook as a timeline-based social media website where you can connect with your friends. Low detail, high accuracy.
notaustinpowers 3y ago
Not OP, but I did work real estate for 8 years. While Blackrock themselves aren't buying all the homes, private companies such as them buying homes for investment portfolios is a major issue. In the area I worked in, 30% of all home sales were bought with cash with no inspections to investment companies like Blackrock and then listed for rent. In the 3 cities around me, 2 new communities that were supposed to be starter homes starting at $300k, were all bought up by those investment companies and are now rental-only communities. The average American can't compete with that no matter how much we delude ourselves into thinking we can.

rpmisms 3y ago

I'm not saying anything about Blackrock (although they are most likely evil). I'm simply saying that we should ban private equity firms owning residential properties, period. If it's not a problem, why should Blackrock care?

alephnerd 3y ago
> ban private equity firms owning residential properties What happens to apartments? What is a "PE" fund defined as? REITs own a number of properties but are not PE. Are small landlords banned from renting? What is the delineation of a Family Office/Small Landlord and a PE fund? You've basically done the policy equivalent of asking you to build me a website that can host FB level load with no other criteria except Facebook did it.
- rpmisms 3y ago
  I came up with a rough idea for a policy. I'd say it's more like I'm describing Facebook as a timeline-based social media website where you can connect with your friends. Low detail, high accuracy.

notaustinpowers 3y ago

Not OP, but I did work real estate for 8 years. While Blackrock themselves aren't buying all the homes, private companies such as them buying homes for investment portfolios is a major issue. In the area I worked in, 30% of all home sales were bought with cash with no inspections to investment companies like Blackrock and then listed for rent. In the 3 cities around me, 2 new communities that were supposed to be starter homes starting at $300k, were all bought up by those investment companies and are now rental-only communities. The average American can't compete with that no matter how much we delude ourselves into thinking we can.