Meet the Billionaire Investors Behind the US Housing Affordability Crisis (www.commondreams.org)

submitted 3 weeks ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

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This is not your grandparent’s gentrification, but rather a hyper-gentrification fueled by concentrated wealth driving up land and housing costs, expanding short-term rentals, and treating housing like a commodity to speculate on or a place to park wealth. The billionaires are displacing the millionaires, and the millionaires are disrupting the housing market for everyone else.

Our report found that billionaire-backed private equity firms have wormed their way into different segments of the housing market to extract ever-increasing rents and value from multi-family rental, single-family homes, and mobile home park communities. For instance, Blackstone has become the largest corporate landlord in the world, with a vast and diversified real estate portfolio. It owns more than 300,000 residential units across the U.S., has $1 trillion in global assets, and nearly doubled its profits in 2021.

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[-] ptz@dubvee.org 4 points 3 weeks ago* (last edited 3 weeks ago)

Wait, is this why I get about 1-2 random calls a month asking if I want to sell my house, no-questions-asked, for like 30% above market rate?

I've told them politely, but firmly, to fuck off every time because I highly suspect that's the case.

It's always "Hello, am I speaking to Patrick {LastName} at {address}?" so they've obviously gotten my name/address from property records and somehow cross referenced that to my phone number (which I do not give out).

[-] pelespirit@sh.itjust.works 3 points 3 weeks ago

I've had people come up to me while I'm getting out of my car in the driveway. Seattle is something else.

this post was submitted on 23 Oct 2024

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