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Build baby build doesn't work when Black Rock and so many other private equity companies are content to buy as many houses as they can and then hold them to rai
by joecot 3y ago
Build baby build doesn't work when Black Rock and so many other private equity companies are content to buy as many houses as they can and then hold them to raise prices further or rent them out. 44% of all Single-Family Home Purchases were from Private Investors in 2023. A huge portion of the problem would be solved immediately by 1) a vacancy tax, 2) banning the purchase of single family homes by corporations.
- toomuchtodo 3y agoI agree this is a component of the solution due to the speed at which capital can move.
- refurb 3y agoThose investors are most individuals buying houses to rent. Blackrocks fund accounted for 0.01% of US housing stock.
- r00fus 3y agoDisagree [1]. Blackrock owns Invitations Homes, which does indeed own a large portion of US housing stock. They buy in cash or with loans that are a lot less interest rate than you or I would pay. [1] https://slate.com/business/2021/06/blackrock-invitation-houses-investment-firms-real-estate.html https://slate.com/business/2021/06/blackrock-invitation-hous...
- refurb 3y agoYour article actually admits they don't own that big a percentage of homes. Invitation Homes operates in 16 cities, with the biggest concentration in Atlanta, where it owns 12,556 houses. (Though that’s not much compared with the 80,000 homes sold in Atlanta each year