It should be illegal for corporations, hedge funds, investment firms, etc to own homes. Single family homes should be owned by people who can actually live there.
I have been saying this for years. I was lucky that I lived in a family owned apartment complex the last 7 years I was in California. We rarely got rent increases and even got an unasked for refund(s) during covid. Prior to that I lived in corporate owned apartments that sold out to larger corporations who then remodeled them and started charging for absolutely everything including a parking space. The last corporate one charged for a “technology package” that wasn’t optional. When I left California those corporate apartment complexes were going for $2800-3400 for a one bedroom one bath. Plus electricity, gas, sewer, water, technology package, parking space. (Edit) and trash disposal.
@@user-gz4ve8mw9lalso what a patently false conclusion look at what absolute garbage your argument is. Original poster said single family homes you immediately chimed in and take that Venn diagram and just yank it all out of shape and include all rental properties that's completely illegitimate. I wouldn't mind making that kind of thing illegal and making it so that basically any place that has human habitable housing is purchasable only and cannot be hoarded and we can do that with a tax code. But again original poster was only talking about single family homes which would be no skin off the back of most you know landlords since they have to make it more than a single-family home in order to rent it. But again, way to strawman a perfectly reasonable argument.
Definitely. One of the basic principles of being American is property ownership. It's so inherently un-American to make money off of housing as a corporate investor. Rent costs more than actually owning? What in the Hell? That is some ridiculous market manipulation right there. I am a total Libertarian Capitalist; property ownership is the cornerstone of being American, and making money off of housing from socialist bull crap like lobbying and local regulations that favor huge corporations that want to corner particular markets is ridiculous commie nonsense. Property taxes are treason, too. That has GOT to go. And HOAs. I don't know exactly when we lost our way in this country, but people need to own their own homes, and it is NOT healthy when the banks and investors own them. Or when the government can charge you protection money like a Mafia guy in a movie.
@@timmy-wj2hc The Earth provides for everything on Earth~! But with the Misguided Humans! We need too be educated it does not come Natural anymore~ So we need Money, & things that sparkle back into our eyes to find value! When we can't_ 👀It~! In The Big Picture Of Life On Planet Earth~ We are blind & ignorant to not see... That there is more to life when you find something to offer~! We just don't know our part in the food chain~$..We don't even know how to eat & drink right~ Some use their TasteBuds As a way of thinking~ Trying to make themselves to go extinct! So we all need to eat~ How much is that worth to you~^~? And How much do you think it is for you to have for others! People are educated to get a job and to not know anything else! So they are blinded by their only way of thinking!~ Too think that is all their is! Not willing to learn new ways to have it in perfect results to have it for anyone that has it! Something more than just money~ It starts with you taking care of your self right! To master it so it rubs off on to other in only the best ways & reasons! You have to have the capability to reason it starts there & it ends there!~
Corporate greed won't be stopped because the American people continue to vote for their candidates and some portions of the people continue to apologize for corporations.
@@jamiemcgill67 It's rather obvious you can't sell something for exactly what it cost you to make it. Any business has overhead, employees, utilities. The difference is wanting eternal ever growing profits. If you're a business and you make a billion dollars this year and a billion and a half dollars next year, universally, that's going to be considered good. If you make a billion this year and a billion next, that's considered stagnation when I would argue that's stability. Make a billion this year and 900 million the next, shock horror, now you're LOSING money when, in fact, you still made money, just not as much. Greed is the unfulfillable thirst for ever more wealth. There are only so many resources in this world, and allowing so much of it to be controlled by so few people is greed. In old fairy tales, dragons hoarded wealth, destroying the lives and livelihoods of everyone around until a hero came to slay the dragon. Why do you think the French people revolted in their Revolution? Greed, taking far more than you need and hurting everyone around you. But, I kind of figured your question was disingenuous, I'm expecting some pity conservative nonsense in return.
If you asked the native inhabitants of Barcelona they’d tell you they are now unable to afford to live in Barcelona and cannot pay their rent . Airbnb landlords can make a bigger profit by short-term rentals and so locals have no choice but to do long commutes . Seems to me airbnb should be banned or at least strictly licensed.
When somebody resells video game consoles, they’re called scalpers. When they resell sports cards, they’re called scalpers. When they resell housing to a population directly in a housing crisis, they’re called real estate investors
Great observation! Also when its time to get out them out of trouble its called “bail out” but when it comes to people they call it “forgiveness” as if they did something wrong trying to live and survive
@@forsakensavior7316 I think BOTH large scale "bailouts" and "financial forgiveness" are wrong. Never understood why people use one wrong to justify the other. Using the government to transfer large scale wealth from some people to others is wrong. Always has been. Always will be.
Just had a corporate investor mail a check contingent based offer to me on my house. It isn't even on the market and needs about $65k in repairs. Yet somehow they knew it needed $65k in repairs and offered the current value of it minus the repairs. I've had several call offering to buy it I keep telling them no. Worse yet they keep sending contingent check offers in other peoples names. I own the house outright, no mortgage. I do plan to sell, however not until my 50s at least. It's going to take me around 10-15 years to finish renovations and planned addition on it as is.
The US government must intervene. This is obvious and it is leading to a dystopian hellscape for individual buyers. Certain asset classes must be shielded from these unethical hedge funds.
Unfortunately, corporations have usurped the U.S. government's power by putting their own people in positions meant to regulate corporations and to govern the country to corporate ends.
Half the houses on my street are rentals. You can pick out which ones are and are not. Rentals are terrible for community building. No ownership, no pride, no sense of permeancy
One detail you might be ignorant of is that No one dreams of renting for life. Yet you might think it's some gd given right for a minority of the population to own a majority of the homes because of some extraneous, bs supremacist adjacent, economic philosophy.. Kindly rewatch the video, please.
Thank you for saying this. You're absolutely right. Half the problem is Wall Street and half the problem is Nimbies. And the whole problem is falsely treating housing as no limits at-all-costs speculation.
@@impeachy1518why not? If rent was cheap as it should be, and would be in a non-rigged real market, then many people would be perfectly fine with renting for life. Many would prefer it, no maintenance, no grass cutting, etc. There are many examples of people getting older who sell their hard to maintain homes to move into apartments.
@@tw8464 "Yea, Boss!.. You the Massa'.. Sorry, Boss!.. Don't know what I was thinking, that I might want to own a piece.. Nobody thinks like that." FO.
@@impeachy1518 Where are you getting your drivel from? The poster was clearly agreeing with the video and adding in about those who bought the houses now have to be surrounded by corps who rent them out. Where in the world did you get the thought they were in favor of people having to rent?
Wish that were true. But he either is unable to see that the Dems are part of the problem or knows it, and is kinda running cover for them by not calling them out. Either way, it undermines his message, even though his diagnosis is correct.
@@Ketoswammy corporations bought tons of units when landlords could not collect rent for a couple years but still had to pay the mortgage. Thanks Dems.
@@karlabritfeld7104 you obviously don't get out very much. Just two doors up from my childhood home of 54 years, foreign buyers bought the house and live in China half the year. Half the year here. The US has SIXTEEEN MILLION EMPTY HOMES. How much more evidence to you need? We do not owe the world a good ROI on their money - especially when it comes to housing. We owe Americans HOMES. That NO ONE is discussing this is very telling. Yes, I know those who own property enjoy some MAJOR equity, thanks to our open real estate market. It would suck to see home values drop, but we owe our children, grandchildren and future generations HOMES to live in. Not profitable line items on a portfolio's balance sheet.
This makes me so furious. We really, really need to start protecting actual, physical human beings ahead of corporations and investors. And not just in housing.
PE is also buying up trailer parks, finding elderly owners eager to sell, doing minimal upgrades and jacking up lot rents. This is truly a sign of the ragged edge of peak capitalism.
Considering Gen Z hasn't hit 30 yet and some are still pre-teens (12-27) that might be a good thing. 🤔 (Save up funds before leaving so you have an down payment/paid off vehicle & emergency fund) I know that doesn't work for everyone due to family situations, etc. But think about it Millenials are a bit different since they got the great recession shock and now the covid-19 price run up. But if the bulk of them had a job (and kept it) 2012 - 15 would have been good years to purchase. (The younger Millenials are definitely unlucky in the timing of things) And refinance into lower rates during the pandemic low interest rates. The Millenials as a group are as large as the boomers unfortunately; since the housing bust took out many home builders it will be a while to build enough inventory for them. (Where they want to live, price, etc). Housing is being built it's just a matter of time before the real housing price vs. income curves back down. I just wonder by how much builders will over build this time around in the next 5/10/15 years ?
No wonder rent prices have soared in Colorado, especially for one-bedroom. The cheapest for a one bedroom might be 1300-1500, and that's too expensive. We need to get Wall Street out of the housing
How's the supply of apartments there, SLC officially is in oversupply of apartments so they're putting out big incentives and prices are going down. Think of Wall Street like the government, they spend a bunch of money to fix the problems people think are valuable to fix, they just do it better.
@scifirealism5943 the reason there's no mass homelessness is a concept the left doesn't understand. You can't just have high prices for fun... there has to actually be supply and demand constraints. The reason san diagonal can have high rents is because the people in San Diego can afford it. The poor have to move away and the rich choose to move in.
The same hedge fund/private equity/Wall Street investors are buying up mobile home communities & raising lot rents ever higher and are buying up farmland keeping young farmers priced out of land ownership, too.
This has happened in southeast Idaho. The homes were bought up overnight and longtime renters are kicked out without any power to prevent being put on the street and the click of city government does not even say one word of truth about destruction of neighborhoods overnight. It's an atrocity and destroys cohesive histories of community.
It's not fair, regular people cant compete with a corporation when buying a house, corporations will almost always have better credit options and cash reserves. Corporations should not be allowed to rent properties and even private citizens should have a limit on how many homes can be owned for renting otherwise this will keep happening.
@karlabritfeld7104 what do you mean? If you want capitalism without this craziness, regulations must be made. You could go further but that's what is needed right now.
@@unknownone5314 we have to re-regulate what Reagan de-regulated. I still can’t forget Greenspan saying “I thought that the banks would regulate themselves”.
Republicans made corporations people. Don't vote for Republicans. I'm old have seen this coming since Regan. Mitch McConnell also was responsible and rallied for big money donations and allowing corporations to lobby our government. I remember reading this back when it happened.
Residential homes must be purchased by an individual or a family, NOT corporate entities who can be treated as individual human beings. Take money out of politics to stop corporations from "buying" laws to protect their greed and corruption. This is destroying the country. If people think there have been enough mass protests- see what happens if this is allowed to get worse! VOTE BLUE- and hold them accountable!!
What’s also so disheartening is that in our area even locally owned properties are being rented for outrageous amounts “to keep up with the market.” A one bedroom that is only 700 sq feet total shouldn’t be $1700 per month.
We refused to sell our home to a subsidiary of Blackrock. They approached us offering twice the value of our home because we are in a very nice community near two good schools.
@@karlabritfeld7104 Even I might be tempted if I were offered twice the value of my home. However corporate investors keep offering me lowball offers, $65k under the value of it. Due to it needing $65k in repairs, they can go screw themselves. They can't even get the name of the home owner correct. Add to that I've no plans to sell this decade or the next in reality.
Here in Berkeley where i'm a public school teacher . Lots of new apartment buildings have been built supposedly to help with the insane lack of affordable housing . The city forced them to leave a certain number of apartments for " low income" .folks . The problem is many of us make " too much" or " not enough " to qualify . It's so demeaning to work full time ( especially as a Teacher ) and live paycheck to paycheck because rent and health insurance gobbles up so much of our salaries .
Sounds very much like Corvallis, Oregon. Quite a few large complexes have been built, but they haven't relieved my rent increases. Almost half of the enrollment at OSU are international. My experience is that they come from wealth and can afford it.
@@d.e.7467 Hi, Yes that's very similar . I know Corvallis , Oregon well . I used to sell my Jewelry at the Oregon Country Fair. It's such a beautiful area . Here it's also very wealthy International students and Tech workers migrating up here from Silicon Valley . Where are the people who teach their children supposed to live ? It's very frustrating and we're trying to not be angry and resentful ( but it's hard sometimes ...) Have a good summer ! peace
I live in a working class neighborhood in Mesa, AZ. They have all but destroyed one of the most affordable and relatively safe neighborhoods in the E Valley of Maricopa County. I do my best to not top out my rental budget, but a having a 75% raise in rent is not bearable, for anyone, I think it is a big reason so many people feel like they are poor.
My dad a WW2 22yr Navy vet, got a home in Miami in 1966 for $11000. House payment of $120 and he bragged about that . And paid the 30yr mortgage off with double payments. That home now with taxes and insurance with make it impossible for my dad to live in that home. Home value on my childhood home he purchased in 1966 , $450,000. Its sickening. Its a race for the wealthy to get more and more and not looking over their shoulders to see most of Americans old and youngs are way behind. The country is only as strong as its weakest link. When Eisenhower served as President made in American keep good paying jobs in America. Now the middle class slips further behind the working poor just above the homeless and poverty. Finland, Norway , Demark countries with balance creating a sense of harmony. Less stressful society. Quality over quantity.
Yep, your Dad should have a cap on taxes for his home, 'grandfathered in' as they say, and if he sells the home (or you sell it) then that new owner can pay taxes on the value.
Many places have senior property tax exemptions and property tax caps for low income people. Property taxes,like home prices, have gone up exponentially over time. Property taxes are the bailouts for local governments and taxing districts. Not enough money for pensions - budget shortfall -the answer - raise property taxes.
@@delmofritz3964 With the crisis situation we're in right now capping home ownership at two seems the better bet. If nothing else, just make the taxes on more than two homes insanely high to discourage buying up and flipping homes.
@@delmofritz3964 Tne uber rich often own many homes, but they're not really affecting the housing market for normal people so I don't really think it matters if Jeff Bezos owns a dozen homes.
Why not? I would be destitute if not for corporate home buyers. When I got divorced, I bought a foreclosure home in an area I had good reason to think would soar in value. I hoped to stay there, and I put in a ton of work and a fair amount of money making it livable, but health issues ended that. Last year, with my savings depleted, and no ability to hold down a good paying job, that house was all I had left. But it was still a major project for any buyer if they wanted to really fix it as I had. Retail buyers (if they made any offer at all) low balled the offers ridiculously. By playing off corporate buyers against each other, I got nearly DOUBLE the best offer I had gotten in over 6 months. That money has saved me. If I had had to take Social Security at 62, it would not have been enough to get by on. The best retail offer I got would have bought me maybe a year after buying a different home. Now, even if I can't make much money, I can get to 65 or 67 at least, when my benefits will at least meet my needs. I don't think you know how desperate I was - I was staring down homelessness and at best, might stave it off for a year. I have worked hard all my life, the only "benefits" I ever took were two weeks of unemployment once. That house was worth MORE than I got (otherwise, for profit buyers would not have paid what they did) and it is not my fault that retail buyers either did not see that value, or were unwilling to take on the project of finishing the rehab of the place, or did not have the money for it. Should I be homeless just so that some younger person can get my old home for a bargain price? I rarely disagree with Reich, but he is wrong on one point and right on another - supply is the problem not greedy corporations. They are not paying above market prices just to screw people - they are paying BELOW actual value and making a profit. And only increasing the supply of decent housing can lower that value.
We need more people like Robert Reich. He is a righteous voice in the wilderness right now. Nobody else seems to care about what's happening to our country today.
...they're not just buying up individual homes but also apartment blocks and complexes as well jacking up rents which in many cities are already far too high and also outpace any wage gaines. Where I live the average rent for a 1 BR apartment is around 1,650$ a month. For someone making 15$ an hour that is 63% of one's monthly gross...just to keep a roof over the head.
Not only have the done this, many rental companies require you to prove you have 3 x the monthly income. Many of us on disability don't have that cushion which makes us ineligible for an apartment. We are limited in resources and many are on the verge of being homeless. I am close to it myself!!
@@scifirealism5943 because many of the companies buying up the apartments, houses and trailer parks want to make profits for their share holders and themselves!! They are greedy!!
Taxes are directly controlled by LOCAL gov'ts. They are our elected officials, usually the city council. They determine the spending priorities and WHERE the money will come from, OUR TAXES! Vote in those that have YOUR priorities in mind, not priorities of corporations.
Liberty Mutual bumped my homeowners insurance by $300 per month. I have no idea why. I’ve owned the house for 21 years and have never made a claim. So my monthly payment has jumped from $1070 to $1400. That’s a lot!
I was looking for a cheap 1 bedroom apt in Denver last night for the hell of it and I found one for $1200/month in one of the shittiest neighborhoods you can find in that city. I used to live in that same neighborhood in 2011 and the 2 bedroom me and my roommate shared was $700/month. So 12plus years ago I was paying 350/month making $16/hr. hardly ever worried about money to now if I wanted to get a place of my own in "shankville" it'll cost more than 3X that, while making $21/hr. Rent went from being around a 1/4 of what I brought in a month to more than HALF of what I bring in a month! And I make more now than I did then. I feel like I'm taking crazy pills.
The economic system is messed up. The current laws allow the very rich to take advantage of everybody. The proposed law to ban wall street investors from buying single family homes sounds like a very good start to a better future.
I just hope that there aren't any obvious "workarounds" like private equity being able to just create subsidiary shell companies and holdings that can circumvent the intent of the law. Usually, there are such loopholes…
I bought my house in 1991. My neighbor's mortgage payment is more than 4 times mine. My property value is 5 times what I paid (tax effect), but even if I sold it, I couldn't afford to replace it.
With the money from the sale, yes you would. It would cost you the sales commission. Think about it. You sell for 5 times what you paid for it and you can buy a similar house for that price. But why would you unless you wanted to move? Move to a cheaper city or house and you've improved your standard of living.
It doesn't have to be like this. In Austria, Finland and Singapore rents are cheap. You need counsil rentals and lots of them. Like minimum 1/4 of all rentals. If it's left to the market then ordinary people suffer. In Helsinki when there is built a new metro station around the station 1/4 of homes are sold to private citizen, 1/4 to big companys, 1/4 are council housing and 1/4 is partly owned partly rentals. Foreign big companys can buy as much as they wan't and bring money to Finland. They will never be able to double the rents. Rents in Helsinki in private rentals stagnated years ago. Prices are going down in rapidly growing Helsinki because we built what we need and a little extra for imigrants. Wages have gone up. I moved from a studio to a one bedroom apartment. Meny of my single friends live in 2 bedroom apartments because why not. You can have a home office or guest room. I use my extra money on traveling around Europe. I'm a practical nurse.
I live in a Charlotte NC suburb and can confirm this is a huge problem in the real estate market here. They are also trying to build multi-family units in the middle of single family home neighborhoods in the name of “affordable housing “. Building a triplex on a half acre lot that cost the investor $750,000 to develop is never going to result in 3 affordable housing units.
Same, worse yet they come in other peoples names sometimes. Which makes even less sense considering I own the home fully paid off, so no mortgage. A simple google search via local county assessor's office could tell them this.
Where are these 'investors' getting all their money?....from the trillions of dollars of 'fake money' created in the last 4 years in the name of 'pandemic emergency' spending. (By BOTH parties).
Inflation ONLY comes from government. Just a reminder where the problem is. This absolutely ridiculous socialism kick since the 1990s has almost destroyed us.
I work but I have no home. It's not allowed because people assume I don't need money to live. They prefer for me to work for rent and food stamps. The laws help keep me afraid.
Agree 100% with all points. I recently had to settle a family members estate and worked through an attorney and a seasoned realtor. But I was overwhelmed with cash offers from fast talkers and their all cash offers. The all cash offers were for 30-50% more than the property was actually worth. Yeah! The would have ruined a nice quiet neighborhood with young families. I sold to a young couple with children for a fair price. You are right home ownership is a LARGE chunk of the American dream
I am in Dallas, and it’s really bad. We have a new neighborhood popping up every day, and small cities become larger cities because of these new communities being built by Wall Street inventors. It's driving the rent through the roof. I saw a documentary about a company that’s only 10 miles from my house in Richardson, TX, called RealPage. This company located in Dallas is the reason rent is so high across America. One of the biggest lies I hear from Texas Republicans is that we don’t have room for all these migrants. There is so much extra space in Texas that you can build 4 new Dallas/FortWorth, 4 new Houston and 4 new San Antonio, and still have more space to build. There is a lot of empty land in Texas. These could be new taxpayers, but Republicans also fear new voters for Dems.
Corporations support immigration because what corporations want is access to labor forces who cannot afford to argue and will work very hard for very low rates of pay.
This is just another example of a self-centered politician who cares about only themselves and has no interest in their constituency because they are expendable. In contrast, the politician's role is to suck the lifeblood out of their constituents at any cost the better themselves.
I used to live in a studio apt for 440/month only two years ago. New landlord bought the apartments, barely renovated them, and doubled the rent to over 800. We need national rent stabilization ASAP.
The rentals in the neighborhood also drive down property values of those of us who own our homes, because the renters have little to no incentive to maintain the property and landscaping. I don’t blame them for that specifically, but the rental companies certainly don’t seem interested in taking care of it either, beyond what they legally have to (and sometimes not even then).
Apartments require you to make three times the rent to sleep indoors. In Denver, (avg. rent 2200.00 per month), that is $6600.00 per month, approximately $80,000 per year…. Minimum…. For shelter.
@@BradWhite25roommate??? If they can't help they self I don't want them around me ...There's a Reason ... Life tip Hang out with people that have way more money than you ...
@@BradWhite25 it takes 3-5 full time incomes to pay the goddamned rent! So please, don’t give advice and blame the victims of predatory housing prices and policies. We need full on rent control and affordable housing policy to ensure that people have a place to live!
He makes me have good hope in dark places too. He clearly says he is not delusional about it being easy. It will not be easy because so many are hopeless. Keep strong for progress.
Legislation needs to happen to stop the out of control greed in this country. It's enough that so many laws & tax loops allow the wealthier to get more and more. So many hard working people who can barely afford rent..some working 2 jobs. This is the American Nightmare. What ever happened to the American Dream, the dream of home ownership. It's a shame, but you are right, we need to keep fighting and always do our best to push back!!
Still furious about 2008, the bailouts and no one was held accountable. Was outbid on 8 homes by investors in 2015. Now I'm renting and rent goes up 20% in one year. The American dream is dead thanks to Wall St. and the government allowing the corporate greed to go unchecked. Do not sell your home to cash investors like this.
I'm in NC. I work minimum wage while in community college. I make $10.50/hr as a cashier. Most jobs pay less than $15/hr. Even if i made $30/hr, i simply cannot afford $2000 a month rent, plus I must make three times this to qualify.
I honestly wish I had the money to buy land and just develop an intentional village. I'm in the same situation as you. Not in Raleigh but close enough to it that I can't afford the rent either. I came down from Maryland because everyone said it would be cheaper, only for me to find the cost of apartments rapidly reaching the same costs all over the place. It's an impossible situation, especially since homelessness is being criminalized everywhere, so even falling off isn't an option.
In Texas the minimum wage is still $7.25 an hour while single bedroom apartment rent is $1200 - $1400. Even if you somehow paid no income taxes or sales taxes you still can't afford it because they won't rent to you due to income requirements. Yes, homeless are much more numerous than just a few years ago.
There was one politician running for governor in new york like 10 yrs back or so, his party was called 'The rent is too damn high'. The guy was funny 😂
This is so important!! I see a lot of social media pointing out the imbalance of older homeowners versus younger people but if the current owners sell now the odds are those homes will end up as expensive rentals. Short term rentals also remove a lot of inventory in some locations.
And Canada. The far right is using the worldwide housing affordability crisis to blame any center or left government. In Canada, Trudeau is blamed for everything by the extremists. They think inflation etc is only happening here. Sigh.
Let us not forget the OTHER reason rent prices are so high; They want only people of significant financial standing to pay those $3600+/mo rents. If you're not a doctor or lawyer, etc.... you need not apply. A sort of "ethnic cleansing" or class cleansing.
We are retired and sold our big house in 2016 to travel. We could not afford to buy a house in our home state when we were ready to settle down again. In less than a decade housing costs had nearly doubled.
Here in Texas there are some new communities being built with the sole purpose of renting them. We’re talking good sized affordable houses with new schools, stores, etc, with “homes for rent coming soon” signs
I bought my small home in 2000, 75% of the homes in the neighborhood were owned by those who lived there, the housing bust took out half of these, then after the pandemic, it took the other quarter, now every home on the block around me is a rental, and at higher rates than my mortgage, all of my friends with full time jobs out of college can't find a home to buy, even if they can afford it because hedge funds are buying up entire blocks of homes. The hope these days is knowing an older relative or friends of relatives who might sell to you at asking price before it goes on the market
After getting outbid three times by entities with cash willing to close in a week with no contingencies, I started including a letter to the sellers explaining how I wanted to make a home and be part of the community, and asking them not to sell to yet another investor. It made a huge difference. I've already have had investors calling me, trying to get me to sell for cash, and I haven't even been there a year. The last one that called got an earful.
Add: Greedy. Greedy Capitalists. You can be a capitalist and pay your fair share in taxes, pay your employees proper living wages OR you can screw everyone around you by buying politicians that are soulless & make rules just to protect the capitalists only.
@@MrMarinus18 Rent is not wealth extraction. That's absurd. Rentals have always been an integral part of the housing market for generations because they're more accessible to the lower class and retirees. The reason why rent is so high is because of artificial housing scarcity caused by single-family zoning, mandatory parking minimums, and restrictive building codes. The whole reason why the missing middle is missing in the first place is because it's illegal to build in most places in the US. Almost of the missing middle housing you find today has just been grandfathered in. This is the biggest cause of housing crisis. We treat space like it's an unlimited resource, but it's not. And the added burden of car dependency has basically become an additional tax that strips every American of their freedom of movement. Building mixed-use transit oriented development and legalizing front yard businesses would work wonders for local entrepreneurs and upward mobility.
That IS the problem. IDK about Canada, but here, 5 out of the 9 judges on SCOTUS allowed the rich to legally buy politicians in 2010. A case called Citizens United. The ONLY way to fight back now is Americans all staying engaged and voting every damn chance we get for more progressive policies and politicians that can't be bought. The problem is Americans haven't voted in huge numbers like other developed countries always do so whenever there's low voter turnout, the greedy rich win. Americans need to stop bitching and complaining & take action, getting involved with local politics. Change in America ALWAYS starts locally. We are too lazy. That's a fact.
The only way my wife and I got our offer accepted was because the seller only wanted to sell to owner-occupants. I nearly wanted to hug him and pick him up off the ground.
The title of the bill is "End Hedge Fund Control of American Homes Act", introduced by Senator Jeff Merkley and Representative Adam Smith. This number was on the text of the bill, but I don't know if it's the bill number. MCG23660 CGR
In Seattle, 4 bedroom homes rent for roughly $4,000/month on zillow. Zillow says the same house will cost almost $9,000 a month in mortgage rates. These prices can not sustain themselves this way.
Also the apartment monopolies want credit ratings of 700+ and as much or more personal financial documentation than you would need for a mortgage! Ridiculous!
Yep please control rents . That drives out let’s say all landlords . Some fraction of People needing homes buy up the rental stock now those evil landlords are gone . Oh wait we only satisfied the demand for a few . millions still waiting to buy but no supply . Back to square 1 . Only now you can pitch tents like in California and go to toilet on the roadside . Yep how is rent control working now
PEF are buying all all mom/pop type businesses and setting higher prices while screwing the consumer with poor quality products, MUCH LESS CHOICE, and very bad nonexistant customer service. Greed.
The housing bubble did not burst in 08-09. It was a balloon that deflated about 40%. Housing never came back down to correct affordable prices even right after the 08-09 recession.
@@geoffreykeating8172Don't say "government." That's overwhelming and confusing to ppl. Say politicians!! It's certain politicians that are soulless & serve as whores to their donors. That's WHY we need to vote and research those politicians before we do that.
Lots of times you don’t even know it’s being bought by a rental company. They can use an individuals name as the purchaser even though it’s just a front for a company that’s buying it
New apartment buildings are popping up all over this area and I don't know a single person who can afford one. I just couldn't figure it out. Now I get it.
Ugh. Don’t remind me. I’ve had an effective pay cut every year since I started my career, and my apartment has almost tripled in rent during that period. Meanwhile, because I’ve been in my complex so long, my rent is basically a deep discount compared to comparable or even downzised apartments in my area if I were to move. So I’m stuck with no options except to drop all things that could seem like luxuries and just hope I can stop spending more than I make every single month. Currently, that has proven impossible, and my debt is skyrocketing. No idea what to do about it, other than pray for a lucrative side hustle. And I live in a cheraper part of the country than many folks. It’s all too much!
I'm in Vancouver BC Canada, the Melbourne Australia detachment of their version of the FBI named the real estate scams starting there "the Vancouver method", over here, not a word... plus insane rent and real estate prices
I'm also in Vancouver. The epicenter of unaffordable real estate. The entire city is being ripped apart by new construction yet the prices remain astronomical.
And it's even worse if your health insurance is limited to certain areas of each state. For instance to be covered by Kaiser you must live within 75 miles of a Kaiser facility. That means if there are only a few facilities, you can only live in these small areas. In northern CA, the most northern facility is in Santa Rosa, CA. This community has gone through a boom in housing costs and rental costs. There is less expensive housing in some much more northern and eastern areas, but they're not in the 75 mile zone. Similar is true in Oregon and Washington state, and both have even less facilities. And Kaiser is only available in certain states. Then, if you're retired, and you want to stay in the group plan you've paid into, your provider or the pension that's associated with your insurance decides if you can keep the group plan in the new area of another state. So, you get priced out of rentals in the area you worked in and paid into, but you're limited as to where you can move by your insurance company. You could purchase an individual plan but the rates are often higher than the group plan. Limited by housing/rental costs and restricted where you can go by insurance costs. Maybe time to look at another country? Many are.....
I’ve been trying to buy a home, I’m losing the place I stay in in 3 months, I’m at 90k a year, there isn’t a single home I can afford. Even manufactured or mobile homes are expensive, with hoa’s over 1000$ or lot fees over 1000. Cheapest apartment that isn’t rent controlled in my area is somewhere around 2k a month without utilities and they don’t vary much from 1-2-3 bedroom. This is a struggle.
Is it safe to ask that Wall Street never learned from the crash of 29 almost 100 years ago? If there is another Wall Street crash in the future it will be far more devastating for sure, to the point it makes the crash of 29 look like a minor incident
Wall Street DID learn from 100 years ago - they WERE NOT BAILED OUT back then - we have had a crash every ten years, and every time the burden is carried by the people - THE RICH GOT RICHER. Our entire culture has become corporate driven, to the point where people now talk about their lives as 'their brand' and art has become 'content' ' it's insidious and evil.
I make a good salary, but because I'm in Washington, DC, I spend 50% of my income on rent. Not in a fancy smancy place. In a VERY modest neighborhood where the median income is around $65-90K, and yet because of this issue, rents on a small one bedroom, one bath apartment is $2K IF you can get it that cheap. Moving out to the suburbs of Maryland or Virginia means you pay MAYBE $200 less per month in rent, BUT that comes with Adding $6K per year on additional transportation costs for your commute. All of this is designed to keep us poor, make the rich extra rich, and completely destroy those of us in the middle. 😔
Where you live and the job you pick are your choices. Many others in your area are making the same choices and it is competition that is driving the prices and wages. Don't complain about the choices YOU made. Either pay the going rate or pick another job, or somewhere else to live. I faced the same dilemma in San Diego back in the mid 70s. Times have not changed, only the prices. But in real dollars they are the same.
This is true. I have raised rents too but only by $100 or $150 and only if the tenant has vacated. So a house that rented for $800 in 2017 rents now for $950. It will stay there no matter what. Less people qualify than there used to. This is near KC MO.
Big capital is always going to find it's way into bidding up the price of any home while they have an attractive yeild. the state needs to compete with private rental to bring down prices bottom up or danish style rental taxation from the top down. The other advantages of social housing is that it benefits the poorest most, creates floor on rental unit quality and stabilises house prices to reduce their capital risk.
There is another factor, foreign ownership. America is one of the few countries where overseas investors can own real estate. As an American, try buying real estate in other countries.
Not sure where you get your info. I’m an American who bought a house in Sweden (and live here now). I know LOTS of Americans who have bought property all over Europe.
Malaysia is the only place in Southeast Asia where foreigners can own land. Even married to a Filipina, as I am, I cannot own land there. Hope you like Sweden, I went to Uppsala University for grad school and lived in Stockholm for 5 years. At that time, aside from long term leases on a lägenhet it wasn't possible to buy land. Maybe that changed. The reality is that a Saud, Chinese or other national with money does not have to even set foot in the USA to own land here. That is a fact jack.
Don’t buy high. Live differently, then buy just after the coming crash. I’d say 15 yrs max, especially if US becomes dictatorship so no overseas demand. Who’s buying in Russia?
My husband is American and he cannot buy/own any property in the Philippines. It is the law. The govt will not give u citizenship either. Filipinos who were born in the Phils are the only citizens of the Phils. Now if they can do that here in the US, that will be good to protect its own citizens.
Property taxes should go up for each additional single-family property past the first that any person owns, and it should be calculated through all of their assets and entities, not just on a per-company basis.
Here are the actual reasons: property taxes are way up: often 35%+, often more. Repair/maintenance costs from repair vendors/tradespeople is also up 40% since 2020, home owners insurance is up 30-40% since 2020. News flash: there is significant costs to own and maintain a property and nobody will provide that at cost. Just like you wouldn’t let someone borrow anything you own at your exact cost. If you feel differently, be the example: buy a home you pay all the overhead for and provide the rent at your exact cost
Since 2000, the value of our home is far more than doubled. But the cost of maintaining it is staggering, just compared since 2000. Property taxes have more than doubled. It would not be possible for us to buy it now, and then pay all this expense of living here.
This is happening in Europe too, a terrible shame. The rising tide of misery in the western world is alarming. I don't know how a Country can say it is rich when there are more and more poor.
The damage has already been done. My son spent a good part of his retirement just to buy an overpriced house. Brought on by wall street getting into single family dwellings. This is killing America people have to be able to live.
I used to work for a company that did exactly this in the 2010s, they bought homes, sight unseen, literally never visited them, and sometimes never even rented them out.
It should be illegal for corporations, hedge funds, investment firms, etc to own homes. Single family homes should be owned by people who can actually live there.
Make being a landlord in general illegal, unless you rent out your own home, or a portion of it.
I have been saying this for years. I was lucky that I lived in a family owned apartment complex the last 7 years I was in California. We rarely got rent increases and even got an unasked for refund(s) during covid. Prior to that I lived in corporate owned apartments that sold out to larger corporations who then remodeled them and started charging for absolutely everything including a parking space. The last corporate one charged for a “technology package” that wasn’t optional. When I left California those corporate apartment complexes were going for $2800-3400 for a one bedroom one bath. Plus electricity, gas, sewer, water, technology package, parking space. (Edit) and trash disposal.
@@user-gz4ve8mw9loh well.
@@user-gz4ve8mw9lalso what a patently false conclusion look at what absolute garbage your argument is. Original poster said single family homes you immediately chimed in and take that Venn diagram and just yank it all out of shape and include all rental properties that's completely illegitimate.
I wouldn't mind making that kind of thing illegal and making it so that basically any place that has human habitable housing is purchasable only and cannot be hoarded and we can do that with a tax code.
But again original poster was only talking about single family homes which would be no skin off the back of most you know landlords since they have to make it more than a single-family home in order to rent it.
But again, way to strawman a perfectly reasonable argument.
Definitely. One of the basic principles of being American is property ownership.
It's so inherently un-American to make money off of housing as a corporate investor. Rent costs more than actually owning? What in the Hell? That is some ridiculous market manipulation right there.
I am a total Libertarian Capitalist; property ownership is the cornerstone of being American, and making money off of housing from socialist bull crap like lobbying and local regulations that favor huge corporations that want to corner particular markets is ridiculous commie nonsense.
Property taxes are treason, too. That has GOT to go. And HOAs. I don't know exactly when we lost our way in this country, but people need to own their own homes, and it is NOT healthy when the banks and investors own them. Or when the government can charge you protection money like a Mafia guy in a movie.
Corporate Greed will not be stopped.
Because Corporations pay for laws that protect them.
Abolish capitalism
@@timmy-wj2hc And replace it with the anarchy you lefties worship. Dream on comrade because it ain't happening.
and over half of congress are millionaires - before they get there - so that's 50% representation for less than 1% of the population.
@@timmy-wj2hc The Earth provides for everything on Earth~! But with the Misguided Humans! We need too be educated it does not come Natural anymore~
So we need Money, & things that sparkle back into our eyes to find value! When we can't_ 👀It~! In The Big Picture Of Life On Planet Earth~ We are blind & ignorant to not see...
That there is more to life when you find something to offer~! We just don't know our part in the food chain~$..We don't even know how to eat & drink right~
Some use their TasteBuds As a way of thinking~ Trying to make themselves to go extinct! So we all need to eat~ How much is that worth to you~^~?
And How much do you think it is for you to have for others! People are educated to get a job and to not know anything else! So they are blinded by their only way of thinking!~
Too think that is all their is! Not willing to learn new ways to have it in perfect results to have it for anyone that has it! Something more than just money~
It starts with you taking care of your self right! To master it so it rubs off on to other in only the best ways & reasons!
You have to have the capability to reason it starts there & it ends there!~
Corporate greed won't be stopped because the American people continue to vote for their candidates and some portions of the people continue to apologize for corporations.
Greed destroys everything.
It's going to be the end of humanity.
@@funkenstien1155 That should fix the greed.
Likely just America. The world capital of greedy and stupid.
Tell us the difference between greed and profit.
@@jamiemcgill67 It's rather obvious you can't sell something for exactly what it cost you to make it. Any business has overhead, employees, utilities. The difference is wanting eternal ever growing profits. If you're a business and you make a billion dollars this year and a billion and a half dollars next year, universally, that's going to be considered good. If you make a billion this year and a billion next, that's considered stagnation when I would argue that's stability. Make a billion this year and 900 million the next, shock horror, now you're LOSING money when, in fact, you still made money, just not as much. Greed is the unfulfillable thirst for ever more wealth. There are only so many resources in this world, and allowing so much of it to be controlled by so few people is greed. In old fairy tales, dragons hoarded wealth, destroying the lives and livelihoods of everyone around until a hero came to slay the dragon. Why do you think the French people revolted in their Revolution? Greed, taking far more than you need and hurting everyone around you. But, I kind of figured your question was disingenuous, I'm expecting some pity conservative nonsense in return.
Another huge problem is Airbnb. If corporations aren't buying houses to rent them out, rich individuals will.
Exactly. "Airbnb" is a huge part of the problem.
If you asked the native inhabitants of Barcelona they’d tell you they are now unable to afford to live in Barcelona and cannot pay their rent . Airbnb landlords can make a bigger profit by short-term rentals and so locals have no choice but to do long commutes .
Seems to me airbnb should be banned or at least strictly licensed.
@@MookMineolaP000
@@MookMineolaqqq
@@MookMineolaqq
When somebody resells video game consoles, they’re called scalpers. When they resell sports cards, they’re called scalpers. When they resell housing to a population directly in a housing crisis, they’re called real estate investors
totally agree
Great observation! Also when its time to get out them out of trouble its called “bail out” but when it comes to people they call it “forgiveness” as if they did something wrong trying to live and survive
@@forsakensavior7316 I think BOTH large scale "bailouts" and "financial forgiveness" are wrong. Never understood why people use one wrong to justify the other. Using the government to transfer large scale wealth from some people to others is wrong. Always has been. Always will be.
Just had a corporate investor mail a check contingent based offer to me on my house. It isn't even on the market and needs about $65k in repairs. Yet somehow they knew it needed $65k in repairs and offered the current value of it minus the repairs. I've had several call offering to buy it I keep telling them no. Worse yet they keep sending contingent check offers in other peoples names. I own the house outright, no mortgage.
I do plan to sell, however not until my 50s at least. It's going to take me around 10-15 years to finish renovations and planned addition on it as is.
@@JohnSmith-ks5xw it is never wrong to return wealth back to the rightful owners which has and will always be the people!
The US government must intervene. This is obvious and it is leading to a dystopian hellscape for individual buyers. Certain asset classes must be shielded from these unethical hedge funds.
Unfortunately, corporations have usurped the U.S. government's power by putting their own people in positions meant to regulate corporations and to govern the country to corporate ends.
The wealthy have exploited everything else except for your RETIREMENT!!! They're coming for that next.
Half the houses on my street are rentals. You can pick out which ones are and are not. Rentals are terrible for community building. No ownership, no pride, no sense of permeancy
Yeah, like they did for the Average American in 2008. 😂
As long as people vote along party lines, nothing will change.
Intervening would be communism. End of discussion!
One detail that gets left out of this video is that nobody who buys a home wants to be surrounded by homes that are rental properties.
One detail you might be ignorant of is that No one dreams of renting for life.
Yet you might think it's some gd given right for a minority of the population to own a majority of the homes because of some extraneous, bs supremacist adjacent, economic philosophy..
Kindly rewatch the video, please.
Thank you for saying this. You're absolutely right. Half the problem is Wall Street and half the problem is Nimbies. And the whole problem is falsely treating housing as no limits at-all-costs speculation.
@@impeachy1518why not? If rent was cheap as it should be, and would be in a non-rigged real market, then many people would be perfectly fine with renting for life. Many would prefer it, no maintenance, no grass cutting, etc. There are many examples of people getting older who sell their hard to maintain homes to move into apartments.
@@tw8464 "Yea, Boss!.. You the Massa'.. Sorry, Boss!.. Don't know what I was thinking, that I might want to own a piece.. Nobody thinks like that."
FO.
@@impeachy1518 Where are you getting your drivel from? The poster was clearly agreeing with the video and adding in about those who bought the houses now have to be surrounded by corps who rent them out. Where in the world did you get the thought they were in favor of people having to rent?
Robert is a warrior for the common man. We need more like him.
No. He is a warrior for government.
He’s a warrior propagandist for the Democratic Party who couldn’t care less about doing the right thing for the people.
Wish that were true. But he either is unable to see that the Dems are part of the problem or knows it, and is kinda running cover for them by not calling them out. Either way, it undermines his message, even though his diagnosis is correct.
@@Ketoswammy corporations bought tons of units when landlords could not collect rent for a couple years but still had to pay the mortgage. Thanks Dems.
@@Ketoswammy And you're obviously a gullible sponge for the alt-right. Go take your trolling someplace else.
No Hedge funds, no foreign investors in single family home mkt
There's nothing foreign. It's all American
@@karlabritfeld7104 you obviously don't get out very much. Just two doors up from my childhood home of 54 years, foreign buyers bought the house and live in China half the year. Half the year here.
The US has SIXTEEEN MILLION EMPTY HOMES.
How much more evidence to you need?
We do not owe the world a good ROI on their money - especially when it comes to housing.
We owe Americans HOMES.
That NO ONE is discussing this is very telling. Yes, I know those who own property enjoy some MAJOR equity, thanks to our open real estate market. It would suck to see home values drop, but we owe our children, grandchildren and future generations HOMES to live in. Not profitable line items on a portfolio's balance sheet.
Yes, and NO MORE MASS IMMIGRATION, either!!!
Wrong, we need Hedge Funds and foreign investors
purpose built units. dont let them buy up already built stuff and force them to build their own they have the money. its very simple actually.
This makes me so furious. We really, really need to start protecting actual, physical human beings ahead of corporations and investors. And not just in housing.
Nothing will happen until We the People protest.
Corporations run the government
What's your plan!!
@@scifirealism5943 Biden said Hush ...
Not gonna happen.
PE is also buying up trailer parks, finding elderly owners eager to sell, doing minimal upgrades and jacking up lot rents. This is truly a sign of the ragged edge of peak capitalism.
The legislation is called 'End Hedge Fund Control of American Homes Act'.
Thanks to Wall Street, Millennials and Gen Zers still live with their parents.
Yep.
While baby boomers talk about how they were so independent immediately after high school
@@time2livelife"Well just pull yourself up from your bootstraps, buy less avocado toast and deliver a few pizzas!" 🥴🥴🥴
Considering Gen Z hasn't hit 30 yet and some are still pre-teens (12-27) that might be a good thing. 🤔
(Save up funds before leaving so you have an down payment/paid off vehicle & emergency fund) I know that doesn't work for everyone due to family situations, etc. But think about it
Millenials are a bit different since they got the great recession shock and now the covid-19 price run up. But if the bulk of them had a job (and kept it) 2012 - 15 would have
been good years to purchase. (The younger Millenials are definitely unlucky in the timing of things) And refinance into lower rates during the pandemic low interest rates.
The Millenials as a group are as large as the boomers unfortunately; since the housing bust took out many home builders it will be a while to build enough inventory for them. (Where they want to live, price, etc).
Housing is being built it's just a matter of time before the real housing price vs. income curves back down. I just wonder by how much builders will over build this time around in the next 5/10/15 years ?
That is a good thing. When people stop paying rent investors will leave and prices will fall like a rock.
No wonder rent prices have soared in Colorado, especially for one-bedroom. The cheapest for a one bedroom might be 1300-1500, and that's too expensive. We need to get Wall Street out of the housing
How's the supply of apartments there, SLC officially is in oversupply of apartments so they're putting out big incentives and prices are going down.
Think of Wall Street like the government, they spend a bunch of money to fix the problems people think are valuable to fix, they just do it better.
Exactly
2,500 for a studio apartment in San Diego.
@@richardernst8025 how the hell isn't there massive homelessness??
@scifirealism5943 the reason there's no mass homelessness is a concept the left doesn't understand. You can't just have high prices for fun... there has to actually be supply and demand constraints.
The reason san diagonal can have high rents is because the people in San Diego can afford it.
The poor have to move away and the rich choose to move in.
The same hedge fund/private equity/Wall Street investors are buying up mobile home communities & raising lot rents ever higher and are buying up farmland keeping young farmers priced out of land ownership, too.
Its a race to create another monopoly.
This has happened in southeast Idaho. The homes were bought up overnight and longtime renters are kicked out without any power to prevent being put on the street and the click of city government does not even say one word of truth about destruction of neighborhoods overnight. It's an atrocity and destroys cohesive histories of community.
Rule of life: If anything is any good, everyone will jump in and ruin it.
as long as bribery (campaign contributions) is legal nothing will ever change
Exactly! Campaign finance corruption effects EVERY issue.
@@badminton5920 Biden said Quiet You ....
It's not fair, regular people cant compete with a corporation when buying a house, corporations will almost always have better credit options and cash reserves.
Corporations should not be allowed to rent properties and even private citizens should have a limit on how many homes can be owned for renting otherwise this will keep happening.
Yep.
Nothing you can do about that when you want capitalism.
@karlabritfeld7104 what do you mean? If you want capitalism without this craziness, regulations must be made. You could go further but that's what is needed right now.
@@unknownone5314 we have to re-regulate what Reagan de-regulated. I still can’t forget Greenspan saying “I thought that the banks would regulate themselves”.
Republicans made corporations people. Don't vote for Republicans. I'm old have seen this coming since Regan. Mitch McConnell also was responsible and rallied for big money donations and allowing corporations to lobby our government. I remember reading this back when it happened.
Residential homes must be purchased by an individual or a family, NOT corporate entities who can be treated as individual human beings. Take money out of politics to stop corporations from "buying" laws to protect their greed and corruption. This is destroying the country. If people think there have been enough mass protests- see what happens if this is allowed to get worse! VOTE BLUE- and hold them accountable!!
What’s also so disheartening is that in our area even locally owned properties are being rented for outrageous amounts “to keep up with the market.” A one bedroom that is only 700 sq feet total shouldn’t be $1700 per month.
Everyone loves unregulated free enterprise until they realize they're just a pawn in the game.
Exactly. Libertarians are corporatists and anarchists. They just don't realize it.
Right!!
We don't want unregulated free enterprise, we want *fair* market enterprise! It's the greedy corporations that want it unregulated.
@@denisemayosky1955 Greedy corporations and the Republican party, whose whole platform revolves around deregulation.
@@denisemayosky1955 I agree, but everyone I talk to hates government regulation.
We refused to sell our home to a subsidiary of Blackrock. They approached us offering twice the value of our home because we are in a very nice community near two good schools.
So then you sold.
@@karlabritfeld7104 Even I might be tempted if I were offered twice the value of my home. However corporate investors keep offering me lowball offers, $65k under the value of it. Due to it needing $65k in repairs, they can go screw themselves. They can't even get the name of the home owner correct. Add to that I've no plans to sell this decade or the next in reality.
Thank you💪🥳
Uhm, Blackrock is NOT STUPID! Why would they offer you double the value of your home? So they can lose money, LOL!
@@karlabritfeld7104 no. We have 2.5% interest and need to live somewhere.
Here in Berkeley where i'm a public school teacher . Lots of new apartment buildings have been built supposedly to help with the insane lack of affordable housing . The city forced them to leave a certain number of apartments for " low income" .folks . The problem is many of us make " too much" or " not enough " to qualify . It's so demeaning to work full time ( especially as a Teacher ) and live paycheck to paycheck because rent and health insurance gobbles up so much of our salaries .
Sounds very much like Corvallis, Oregon. Quite a few large complexes have been built, but they haven't relieved my rent increases. Almost half of the enrollment at OSU are international. My experience is that they come from wealth and can afford it.
@@d.e.7467 Hi, Yes that's very similar . I know Corvallis , Oregon well . I used to sell my Jewelry at the Oregon Country Fair. It's such a beautiful area . Here it's also very wealthy International students and Tech workers migrating up here from Silicon Valley . Where are the people who teach their children supposed to live ? It's very frustrating and we're trying to not be angry and resentful ( but it's hard sometimes ...) Have a good summer ! peace
My point exactly: If anything is any good, everyone will jump in and ruin it. Govt is the CAUSE of this problem, not the solution.
I live in a working class neighborhood in Mesa, AZ. They have all but destroyed one of the most affordable and relatively safe neighborhoods in the E Valley of Maricopa County. I do my best to not top out my rental budget, but a having a 75% raise in rent is not bearable, for anyone, I think it is a big reason so many people feel like they are poor.
My dad a WW2 22yr Navy vet, got a home in Miami in 1966 for $11000. House payment of $120 and he bragged about that . And paid the 30yr mortgage off with double payments. That home now with taxes and insurance with make it impossible for my dad to live in that home. Home value on my childhood home he purchased in 1966 , $450,000. Its sickening. Its a race for the wealthy to get more and more and not looking over their shoulders to see most of Americans old and youngs are way behind. The country is only as strong as its weakest link. When Eisenhower served as President made in American keep good paying jobs in America. Now the middle class slips further behind the working poor just above the homeless and poverty. Finland, Norway , Demark countries with balance creating a sense of harmony. Less stressful society. Quality over quantity.
Yep, your Dad should have a cap on taxes for his home, 'grandfathered in' as they say, and if he sells the home (or you sell it) then that new owner can pay taxes on the value.
Many places have senior property tax exemptions and property tax caps for low income people. Property taxes,like home prices, have gone up exponentially over time. Property taxes are the bailouts for local governments and taxing districts. Not enough money for pensions - budget shortfall -the answer - raise property taxes.
The wealthy (as usual) have no long game. This price gouging will sooner or later lead to another Great Depression that will eventually hurt the rich.
@@Magazine_stitcher wow
He doesn't get any property tax exemption. I'm 100%, and I do not have to pay property taxes in Texas.
Corporations shouldn't be allowed to buy homes. People shouldn't be allowed to own more than five homes tops.
I agree. I'm all for living a good life, but not at other's expense. Nobody needs 5 plus home to "get by."
How about more than 2?
@@delmofritz3964 With the crisis situation we're in right now capping home ownership at two seems the better bet. If nothing else, just make the taxes on more than two homes insanely high to discourage buying up and flipping homes.
@@delmofritz3964 Tne uber rich often own many homes, but they're not really affecting the housing market for normal people so I don't really think it matters if Jeff Bezos owns a dozen homes.
Why not? I would be destitute if not for corporate home buyers. When I got divorced, I bought a foreclosure home in an area I had good reason to think would soar in value. I hoped to stay there, and I put in a ton of work and a fair amount of money making it livable, but health issues ended that. Last year, with my savings depleted, and no ability to hold down a good paying job, that house was all I had left. But it was still a major project for any buyer if they wanted to really fix it as I had. Retail buyers (if they made any offer at all) low balled the offers ridiculously. By playing off corporate buyers against each other, I got nearly DOUBLE the best offer I had gotten in over 6 months. That money has saved me. If I had had to take Social Security at 62, it would not have been enough to get by on. The best retail offer I got would have bought me maybe a year after buying a different home. Now, even if I can't make much money, I can get to 65 or 67 at least, when my benefits will at least meet my needs.
I don't think you know how desperate I was - I was staring down homelessness and at best, might stave it off for a year. I have worked hard all my life, the only "benefits" I ever took were two weeks of unemployment once. That house was worth MORE than I got (otherwise, for profit buyers would not have paid what they did) and it is not my fault that retail buyers either did not see that value, or were unwilling to take on the project of finishing the rehab of the place, or did not have the money for it. Should I be homeless just so that some younger person can get my old home for a bargain price?
I rarely disagree with Reich, but he is wrong on one point and right on another - supply is the problem not greedy corporations. They are not paying above market prices just to screw people - they are paying BELOW actual value and making a profit. And only increasing the supply of decent housing can lower that value.
We need more people like Robert Reich. He is a righteous voice in the wilderness right now. Nobody else seems to care about what's happening to our country today.
...they're not just buying up individual homes but also apartment blocks and complexes as well jacking up rents which in many cities are already far too high and also outpace any wage gaines. Where I live the average rent for a 1 BR apartment is around 1,650$ a month. For someone making 15$ an hour that is 63% of one's monthly gross...just to keep a roof over the head.
Not only have the done this, many rental companies require you to prove you have 3 x the monthly income. Many of us on disability don't have that cushion which makes us ineligible for an apartment. We are limited in resources and many are on the verge of being homeless. I am close to it myself!!
Many who are not disabled do not have a cushion either.
43% of the population makes poverty wages. You aren't alone.
Why have such a high multiplier when these people know wages are low and inflation is high?
@@scifirealism5943 because many of the companies buying up the apartments, houses and trailer parks want to make profits for their share holders and themselves!! They are greedy!!
@@OLIVE_ARROW1969 very true!
Don't forget to mention the fact that homeowners insurance and property taxes are also a big factor in the unaffordablity of homes today.
My county, Douglas County, Georgia has a "homestead exemption" for owners who actually live on their property.
@@jimcapps5330 you still have to pay property taxes and hoi.
Taxes are directly controlled by LOCAL gov'ts. They are our elected officials, usually the city council. They determine the spending priorities and WHERE the money will come from, OUR TAXES! Vote in those that have YOUR priorities in mind, not priorities of corporations.
Liberty Mutual bumped my homeowners insurance by $300 per month. I have no idea why. I’ve owned the house for 21 years and have never made a claim. So my monthly payment has jumped from $1070 to $1400. That’s a lot!
They must want ppl to be homeless, in this country...... 😮
Actions speak louder than words. That's how you know you are right
many many are...
Vote Blue and Have a Poop Map near you ....
I was looking for a cheap 1 bedroom apt in Denver last night for the hell of it and I found one for $1200/month in one of the shittiest neighborhoods you can find in that city. I used to live in that same neighborhood in 2011 and the 2 bedroom me and my roommate shared was $700/month. So 12plus years ago I was paying 350/month making $16/hr. hardly ever worried about money to now if I wanted to get a place of my own in "shankville" it'll cost more than 3X that, while making $21/hr. Rent went from being around a 1/4 of what I brought in a month to more than HALF of what I bring in a month! And I make more now than I did then. I feel like I'm taking crazy pills.
The economic system is messed up. The current laws allow the very rich to take advantage of everybody.
The proposed law to ban wall street investors from buying single family homes sounds like a very good start to a better future.
I just hope that there aren't any obvious "workarounds" like private equity being able to just create subsidiary shell companies and holdings that can circumvent the intent of the law. Usually, there are such loopholes…
Then when you pass these laws you will be living in Russia
I bought my house in 1991. My neighbor's mortgage payment is more than 4 times mine. My property value is 5 times what I paid (tax effect), but even if I sold it, I couldn't afford to replace it.
Wow
That would Be Dumb to sale Don't do it ...I want to pay tax on a 100k Home that's worth a Million ...
With the money from the sale, yes you would. It would cost you the sales commission. Think about it. You sell for 5 times what you paid for it and you can buy a similar house for that price. But why would you unless you wanted to move? Move to a cheaper city or house and you've improved your standard of living.
It doesn't have to be like this. In Austria, Finland and Singapore rents are cheap.
You need counsil rentals and lots of them. Like minimum 1/4 of all rentals.
If it's left to the market then ordinary people suffer.
In Helsinki when there is built a new metro station around the station 1/4 of homes are sold to private citizen, 1/4 to big companys, 1/4 are council housing and 1/4 is partly owned partly rentals. Foreign big companys can buy as much as they wan't and bring money to Finland. They will never be able to double the rents.
Rents in Helsinki in private rentals stagnated years ago. Prices are going down in rapidly growing Helsinki because we built what we need and a little extra for imigrants.
Wages have gone up. I moved from a studio to a one bedroom apartment. Meny of my single friends live in 2 bedroom apartments because why not. You can have a home office or guest room.
I use my extra money on traveling around Europe. I'm a practical nurse.
I live in a Charlotte NC suburb and can confirm this is a huge problem in the real estate market here. They are also trying to build multi-family units in the middle of single family home neighborhoods in the name of “affordable housing “. Building a triplex on a half acre lot that cost the investor $750,000 to develop is never going to result in 3 affordable housing units.
I get bombarded with mail ads from investors wanting to buy my home, plus endless ads on TV from investors saying "we'll buy your home".
Yep and ProPublica recently investigated "We Buy Ugly Homes" finding their deceptive practices and getting them shut down.
I’ve even gotten those in the mail and I rent my apartment from my daughter. She owns the 3 flat home.
They call my mom weekly, asking if she wants to sell. It's disgusting 😔
Same, worse yet they come in other peoples names sometimes. Which makes even less sense considering I own the home fully paid off, so no mortgage. A simple google search via local county assessor's office could tell them this.
Where are these 'investors' getting all their money?....from the trillions of dollars of 'fake money' created in the last 4 years in the name of 'pandemic emergency' spending. (By BOTH parties).
When salaries have been stagnant for 40 years, the minimum wage is 7.25 and the average price of a home is 400,00.00 it's not cynicism it's a fact.
This is the transfer of wealth to the very wealthy soon there will be the very wealthy and the serfs which one do you think you will be?
Inflation ONLY comes from government. Just a reminder where the problem is.
This absolutely ridiculous socialism kick since the 1990s has almost destroyed us.
Then start a business . Take the risks associated with starting a business . You then can hand out your money to whoever you please . Sheesh !
@@craigshak My statement was simply saying that it's not cynicism when you have a 40-year history of stagnant or declining income/quality of life.
@@craigshakMmmk boomer
I work but I have no home. It's not allowed because people assume I don't need money to live. They prefer for me to work for rent and food stamps. The laws help keep me afraid.
Agree 100% with all points. I recently had to settle a family members estate and worked through an attorney and a seasoned realtor. But I was overwhelmed with cash offers from fast talkers and their all cash offers. The all cash offers were for 30-50% more than the property was actually worth. Yeah! The would have ruined a nice quiet neighborhood with young families. I sold to a young couple with children for a fair price.
You are right home ownership is a LARGE chunk of the American dream
I am in Dallas, and it’s really bad. We have a new neighborhood popping up every day, and small cities become larger cities because of these new communities being built by Wall Street inventors. It's driving the rent through the roof. I saw a documentary about a company that’s only 10 miles from my house in Richardson, TX, called RealPage. This company located in Dallas is the reason rent is so high across America. One of the biggest lies I hear from Texas Republicans is that we don’t have room for all these migrants. There is so much extra space in Texas that you can build 4 new Dallas/FortWorth, 4 new Houston and 4 new San Antonio, and still have more space to build. There is a lot of empty land in Texas. These could be new taxpayers, but Republicans also fear new voters for Dems.
Corporations support immigration because what corporations want is access to labor forces who cannot afford to argue and will work very hard for very low rates of pay.
This is just another example of a self-centered politician who cares about only themselves and has no interest in their constituency because they are expendable. In contrast, the politician's role is to suck the lifeblood out of their constituents at any cost the better themselves.
and of course there's no good public transportation and only more cars will be on the road
@@helpanimals- exactly
I live in the far north area of Fort Worth, and new housing communities are constantly being built.
I used to live in a studio apt for 440/month only two years ago. New landlord bought the apartments, barely renovated them, and doubled the rent to over 800. We need national rent stabilization ASAP.
poor developers boohoo
@@gabetalks9275 lets stop wasting time thinking about incentivizing rich people okay
But you didn't want socialism so how is that going to happen??!
czcams.com/video/oJvTTGOHFkU/video.htmlsi=9xZhMXkPHHYJXVBh. Rent control is one of the things that creates the short supply.
nah, it's a free market. Just pay up.
The rentals in the neighborhood also drive down property values of those of us who own our homes, because the renters have little to no incentive to maintain the property and landscaping.
I don’t blame them for that specifically, but the rental companies certainly don’t seem interested in taking care of it either, beyond what they legally have to (and sometimes not even then).
Read the room.
Same problem in my country. Average rent is about $700 a week. Price for a very basic house in a basic area is a million.
Canada or Hawaii?
Apartments require you to make three times the rent to sleep indoors. In Denver, (avg. rent 2200.00 per month), that is $6600.00 per month, approximately $80,000 per year…. Minimum…. For shelter.
Plus you don't get to build equity. The middle class gets poorer every day, while the poor becomes destitute.
Vote Different ....
So get a roommate or spouse and have a 2-income household to keep your personal rent expense under 30% of your income. This really isn't that hard.
@@BradWhite25roommate??? If they can't help they self I don't want them around me ...There's a Reason ... Life tip Hang out with people that have way more money than you ...
@@BradWhite25 it takes 3-5 full time incomes to pay the goddamned rent! So please, don’t give advice and blame the victims of predatory housing prices and policies. We need full on rent control and affordable housing policy to ensure that people have a place to live!
Thank you for being a sanity check.
little robbie reich ain't even a sanity clause.
He makes me have good hope in dark places too. He clearly says he is not delusional about it being easy. It will not be easy because so many are hopeless. Keep strong for progress.
@@perlman7376 Yet you're here, chief. Take a hike.
@@brucebasile5083 I'm here to see what evil creatures are up to.
@@perlman7376you mean you? I don't need your opinion & I certainly don't want it.
Legislation needs to happen to stop the out of control greed in this country. It's enough that so many laws & tax loops allow the wealthier to get more and more. So many hard working people who can barely afford rent..some working 2 jobs. This is the American Nightmare. What ever happened to the American Dream, the dream of home ownership. It's a shame, but you are right, we need to keep fighting and always do our best to push back!!
Still furious about 2008, the bailouts and no one was held accountable. Was outbid on 8 homes by investors in 2015. Now I'm renting and rent goes up 20% in one year. The American dream is dead thanks to Wall St. and the government allowing the corporate greed to go unchecked. Do not sell your home to cash investors like this.
Kudos to RR for the drawing skills! Really helps get the point across.
He is multi talented!
I'm in NC.
I work minimum wage while in community college.
I make $10.50/hr as a cashier.
Most jobs pay less than $15/hr.
Even if i made $30/hr, i simply cannot afford $2000 a month rent, plus I must make three times this to qualify.
I honestly wish I had the money to buy land and just develop an intentional village. I'm in the same situation as you. Not in Raleigh but close enough to it that I can't afford the rent either. I came down from Maryland because everyone said it would be cheaper, only for me to find the cost of apartments rapidly reaching the same costs all over the place. It's an impossible situation, especially since homelessness is being criminalized everywhere, so even falling off isn't an option.
@@AdrianCarroll-fj5ce that's messed up
Move to Canada. Minimum wage is $15 per hour
@@karlabritfeld7104avoid Vancouver as rent here for a 1 bedroom averages $3000/mo. Toronto is similar.
In Texas the minimum wage is still $7.25 an hour while single bedroom apartment rent is $1200 - $1400. Even if you somehow paid no income taxes or sales taxes you still can't afford it because they won't rent to you due to income requirements. Yes, homeless are much more numerous than just a few years ago.
There was one politician running for governor in new york like 10 yrs back or so, his party was called 'The rent is too damn high'. The guy was funny 😂
This is so important!! I see a lot of social media pointing out the imbalance of older homeowners versus younger people but if the current owners sell now the odds are those homes will end up as expensive rentals. Short term rentals also remove a lot of inventory in some locations.
This problem is not only happening in the US by the way, also in Europe.
And Canada. The far right is using the worldwide housing affordability crisis to blame any center or left government. In Canada, Trudeau is blamed for everything by the extremists.
They think inflation etc is only happening here.
Sigh.
Let us not forget the OTHER reason rent prices are so high; They want only people of significant financial standing to pay those $3600+/mo rents. If you're not a doctor or lawyer, etc.... you need not apply. A sort of "ethnic cleansing" or class cleansing.
We are retired and sold our big house in 2016 to travel. We could not afford to buy a house in our home state when we were ready to settle down again. In less than a decade housing costs had nearly doubled.
Here in Texas there are some new communities being built with the sole purpose of renting them. We’re talking good sized affordable houses with new schools, stores, etc, with “homes for rent coming soon” signs
I bought my small home in 2000, 75% of the homes in the neighborhood were owned by those who lived there, the housing bust took out half of these, then after the pandemic, it took the other quarter, now every home on the block around me is a rental, and at higher rates than my mortgage, all of my friends with full time jobs out of college can't find a home to buy, even if they can afford it because hedge funds are buying up entire blocks of homes. The hope these days is knowing an older relative or friends of relatives who might sell to you at asking price before it goes on the market
And.. ask about your buyers! Sell to the young families, or at least people! Owners can choose.
After getting outbid three times by entities with cash willing to close in a week with no contingencies, I started including a letter to the sellers explaining how I wanted to make a home and be part of the community, and asking them not to sell to yet another investor. It made a huge difference. I've already have had investors calling me, trying to get me to sell for cash, and I haven't even been there a year. The last one that called got an earful.
Unfortunately the companies hire actors.
Righttttttt
@@DJTI99 i hope you make a beautiful life❤️🤗🗣️🥳
We need to follow our Canadian brothers/sisters who prevents hedge funders purchase.
the return to the feudal system is in full force. they own the land and the means of production.
Evil capitalists are the reason rents are high.😛
“Capitalist” are the reason rents are high. FTFY
Ironically, Robert’s son sells shirts that explicitly say “Capitalism is the Bad Guy”
In the wealth of nations it's called "economic rent" and treated as the enemy of wealth creation. Rent is wealth extraction.
Add: Greedy. Greedy Capitalists. You can be a capitalist and pay your fair share in taxes, pay your employees proper living wages OR you can screw everyone around you by buying politicians that are soulless & make rules just to protect the capitalists only.
@@MrMarinus18 Rent is not wealth extraction. That's absurd. Rentals have always been an integral part of the housing market for generations because they're more accessible to the lower class and retirees. The reason why rent is so high is because of artificial housing scarcity caused by single-family zoning, mandatory parking minimums, and restrictive building codes. The whole reason why the missing middle is missing in the first place is because it's illegal to build in most places in the US. Almost of the missing middle housing you find today has just been grandfathered in. This is the biggest cause of housing crisis. We treat space like it's an unlimited resource, but it's not. And the added burden of car dependency has basically become an additional tax that strips every American of their freedom of movement. Building mixed-use transit oriented development and legalizing front yard businesses would work wonders for local entrepreneurs and upward mobility.
Same thing in Canada, how is this legal??? Wtf are politicians and the law for if they allow this??
That IS the problem. IDK about Canada, but here, 5 out of the 9 judges on SCOTUS allowed the rich to legally buy politicians in 2010. A case called Citizens United.
The ONLY way to fight back now is Americans all staying engaged and voting every damn chance we get for more progressive policies and politicians that can't be bought.
The problem is Americans haven't voted in huge numbers like other developed countries always do so whenever there's low voter turnout, the greedy rich win.
Americans need to stop bitching and complaining & take action, getting involved with local politics. Change in America ALWAYS starts locally.
We are too lazy. That's a fact.
People are easily mislead into voting their enemies into office.
Take personhood away from corporations as well.
The only way my wife and I got our offer accepted was because the seller only wanted to sell to owner-occupants. I nearly wanted to hug him and pick him up off the ground.
What's the bill number of the legislation to ban hedge funds owning houses? I'll call my reps and tell them to support it.
Too bad for you they don't work for you. They work for the corporations, the rich and themselves. The sooner you realize this the better.
The title of the bill is "End Hedge Fund Control of American Homes Act", introduced by Senator Jeff Merkley and Representative Adam Smith.
This number was on the text of the bill, but I don't know if it's the bill number.
MCG23660 CGR
In Seattle, 4 bedroom homes rent for roughly $4,000/month on zillow. Zillow says the same house will cost almost $9,000 a month in mortgage rates. These prices can not sustain themselves this way.
In other words that rent should be raised to at least $9000 per month!
@@rack9458 I Do ....
And now you see the purpose in giving corporations the right to be classified as "People."
Also the apartment monopolies want credit ratings of 700+ and as much or more personal financial documentation than you would need for a mortgage! Ridiculous!
Possible solution: sliding property tax rates. Tax on 1st home is very low, then tax each additional home at a higher and higher rate.
I'm sure the rich will find a loophole. They always do.
Yes, that could help.
Each property is under its own LLC. This just won't work. Rent control would probably work better to curb investor appetite.
Yep please control rents . That drives out let’s say all landlords . Some fraction of People needing homes buy up the rental stock now those evil landlords are gone . Oh wait we only satisfied the demand for a few .
millions still waiting to buy but no supply . Back to square 1 . Only now you can pitch tents like in California and go to toilet on the roadside . Yep how is rent control working now
And you can make the Renter pick up the slack ...Right
I've been saying this since the financial crises. Private equity is buying up all the real estate.
PEF are buying all all mom/pop type businesses and setting higher prices while screwing the consumer with poor quality products, MUCH LESS CHOICE, and very bad nonexistant customer service.
Greed.
The housing bubble did not burst in 08-09. It was a balloon that deflated about 40%. Housing never came back down to correct affordable prices even right after the 08-09 recession.
Right. Corporate entities should not be allowed to own a single family home!
Can refuse to sell our homes to corporate interests?
gov needs to regulate buying up of homes by investors, and that includes foreign investors.
Agree ! Wall Street shouldn't be allowed to purchase single family homes , but government is letting them
@@geoffreykeating8172Don't say "government." That's overwhelming and confusing to ppl.
Say politicians!! It's certain politicians that are soulless & serve as whores to their donors.
That's WHY we need to vote and research those politicians before we do that.
Lots of times you don’t even know it’s being bought by a rental company. They can use an individuals name as the purchaser even though it’s just a front for a company that’s buying it
We can, but it's hard to buy a new house without that high money from a sale to corporation. It's a sucky trap that shouldn't be legal.
New apartment buildings are popping up all over this area and I don't know a single person who can afford one. I just couldn't figure it out. Now I get it.
Ugh. Don’t remind me.
I’ve had an effective pay cut every year since I started my career, and my apartment has almost tripled in rent during that period. Meanwhile, because I’ve been in my complex so long, my rent is basically a deep discount compared to comparable or even downzised apartments in my area if I were to move. So I’m stuck with no options except to drop all things that could seem like luxuries and just hope I can stop spending more than I make every single month. Currently, that has proven impossible, and my debt is skyrocketing. No idea what to do about it, other than pray for a lucrative side hustle.
And I live in a cheraper part of the country than many folks. It’s all too much!
This is what you get when you deregulate.
Or Vote Wrong ...
Thank you, Robert Reich, for this explanation of - - and major solution to - - this huge housing problem.
In Utah one bedroom apartment is $1700.00 a month😢
One word _ greed. Always.
double amen
Friends bought homes 20 yrs ago with $10k down. Now that's unthinkable
100k Now ...
We have always had major problems with greedy speculators; individual buyers and greedy Wall Street bankers.
But now they get government subsidies and bail outs, they get a cushion to fall back on, not the people, now you see who is running the show.
Not always. Just recently.
@@karlabritfeld7104 Interesting ... I think I voted Wrong...No Reason
I'm in Vancouver BC Canada, the Melbourne Australia detachment of their version of the FBI named the real estate scams starting there "the Vancouver method", over here, not a word... plus insane rent and real estate prices
I'm also in Vancouver. The epicenter of unaffordable real estate. The entire city is being ripped apart by new construction yet the prices remain astronomical.
I know the govt meddling is the CAUSE of high real estate in Canada. Govt is the CAUSE of this problem, not the solution.
And it's even worse if your health insurance is limited to certain areas of each state. For instance to be covered by Kaiser you must live within 75 miles of a Kaiser facility. That means if there are only a few facilities, you can only live in these small areas. In northern CA, the most northern facility is in Santa Rosa, CA. This community has gone through a boom in housing costs and rental costs. There is less expensive housing in some much more northern and eastern areas, but they're not in the 75 mile zone. Similar is true in Oregon and Washington state, and both have even less facilities. And Kaiser is only available in certain states. Then, if you're retired, and you want to stay in the group plan you've paid into, your provider or the pension that's associated with your insurance decides if you can keep the group plan in the new area of another state. So, you get priced out of rentals in the area you worked in and paid into, but you're limited as to where you can move by your insurance company. You could purchase an individual plan but the rates are often higher than the group plan. Limited by housing/rental costs and restricted where you can go by insurance costs. Maybe time to look at another country? Many are.....
I’ve been trying to buy a home, I’m losing the place I stay in in 3 months, I’m at 90k a year, there isn’t a single home I can afford. Even manufactured or mobile homes are expensive, with hoa’s over 1000$ or lot fees over 1000. Cheapest apartment that isn’t rent controlled in my area is somewhere around 2k a month without utilities and they don’t vary much from 1-2-3 bedroom. This is a struggle.
Move to a cheaper city or state. I lived in n.m. now i live in Indiana. Indiana is cheaper to live in than new mexico was.
We need to build more starter homes like they built in the 40's and 50's. Make it law that only individuals can purchase them as a primary residence.
Is it safe to ask that Wall Street never learned from the crash of 29 almost 100 years ago? If there is another Wall Street crash in the future it will be far more devastating for sure, to the point it makes the crash of 29 look like a minor incident
Wall Street DID learn from 100 years ago - they WERE NOT BAILED OUT back then - we have had a crash every ten years, and every time the burden is carried by the people - THE RICH GOT RICHER. Our entire culture has become corporate driven, to the point where people now talk about their lives as 'their brand' and art has become 'content' ' it's insidious and evil.
Buy Gold ...
I make a good salary, but because I'm in Washington, DC, I spend 50% of my income on rent. Not in a fancy smancy place. In a VERY modest neighborhood where the median income is around $65-90K, and yet because of this issue, rents on a small one bedroom, one bath apartment is $2K IF you can get it that cheap. Moving out to the suburbs of Maryland or Virginia means you pay MAYBE $200 less per month in rent, BUT that comes with Adding $6K per year on additional transportation costs for your commute. All of this is designed to keep us poor, make the rich extra rich, and completely destroy those of us in the middle. 😔
Think really Hard when you Vote in November ...I can't Lie I was and America was way better off 2017 2018 2019 2020 ask Ukraine ...
Where you live and the job you pick are your choices. Many others in your area are making the same choices and it is competition that is driving the prices and wages. Don't complain about the choices YOU made. Either pay the going rate or pick another job, or somewhere else to live. I faced the same dilemma in San Diego back in the mid 70s. Times have not changed, only the prices. But in real dollars they are the same.
Spend half my income on rent. Even if homes arent bought or rented by corporate class everybody else prices according to how they've set the market
This is true. I have raised rents too but only by $100 or $150 and only if the tenant has vacated. So a house that rented for $800 in 2017 rents now for $950. It will stay there no matter what. Less people qualify than there used to. This is near KC MO.
Big capital is always going to find it's way into bidding up the price of any home while they have an attractive yeild.
the state needs to compete with private rental to bring down prices bottom up or danish style rental taxation from the top down.
The other advantages of social housing is that it benefits the poorest most, creates floor on rental unit quality and stabilises house prices to reduce their capital risk.
There is another factor, foreign ownership. America is one of the few countries where overseas investors can own real estate. As an American, try buying real estate in other countries.
There are many, many countries where Americans can buy real estate.
Not sure where you get your info. I’m an American who bought a house in Sweden (and live here now). I know LOTS of Americans who have bought property all over Europe.
Malaysia is the only place in Southeast Asia where foreigners can own land. Even married to a Filipina, as I am, I cannot own land there. Hope you like Sweden, I went to Uppsala University for grad school and lived in Stockholm for 5 years. At that time, aside from long term leases on a lägenhet it wasn't possible to buy land. Maybe that changed. The reality is that a Saud, Chinese or other national with money does not have to even set foot in the USA to own land here. That is a fact jack.
Don’t buy high. Live differently, then buy just after the coming crash. I’d say 15 yrs max, especially if US becomes dictatorship so no overseas demand. Who’s buying in Russia?
My husband is American and he cannot buy/own any property in the Philippines. It is the law. The govt will not give u citizenship either. Filipinos who were born in the Phils are the only citizens of the Phils. Now if they can do that here in the US, that will be good to protect its own citizens.
Property taxes should go up for each additional single-family property past the first that any person owns, and it should be calculated through all of their assets and entities, not just on a per-company basis.
Good idea
Here are the actual reasons: property taxes are way up: often 35%+, often more. Repair/maintenance costs from repair vendors/tradespeople is also up 40% since 2020, home owners insurance is up 30-40% since 2020. News flash: there is significant costs to own and maintain a property and nobody will provide that at cost. Just like you wouldn’t let someone borrow anything you own at your exact cost. If you feel differently, be the example: buy a home you pay all the overhead for and provide the rent at your exact cost
Since 2000, the value of our home is far more than doubled. But the cost of maintaining it is staggering, just compared since 2000. Property taxes have more than doubled. It would not be possible for us to buy it now, and then pay all this expense of living here.
AirBNB and VRBO are a problem as well.
This is happening in Europe too, a terrible shame. The rising tide of misery in the western world is alarming. I don't know how a Country can say it is rich when there are more and more poor.
Because they chose to rate the stock market on how investors are doing, if you saw the 'main street' report, people would riot
I’m in southern California, and know all this to be absolutely true. Get the greedy corporations out of the housing market.
@Robert Reich Congress needs to add Banks and 3rd party "flippers" to that list of speculator bans.
We need to completely abolish Wall Street and the entire stock market.
we need to make the market reflect the true economy, not just what stocks are doing
@@KeiPalace Or just do away with it altogether.
Yes.
What a laugh
Lol delusional
Wouldn't happen under the current SCOTUS. Companies are people and you can't stop people from buying homes.
The damage has already been done. My son spent a good part of his retirement just to buy an overpriced house. Brought on by wall street getting into single family dwellings. This is killing America people have to be able to live.
I used to work for a company that did exactly this in the 2010s, they bought homes, sight unseen, literally never visited them, and sometimes never even rented them out.