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

submitted 1 month ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

4 comments fedilink hide all child comments

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.

you are viewing a single comment's thread
view the rest of the comments

[-] ptz@dubvee.org 5 points 1 month ago* (last edited 1 month 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 1 month 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

12 points (100.0% liked)

Politics

355 readers

224 users here now

For civil discussion of US politics. Be excellent to each other.

Rule 1: Posts have the following requirements:
▪️ Post articles about the US only

▪️ Title must match the article headline

▪️ Recent (Past 30 Days)

▪️ No Screenshots/links to other social media sites or link shorteners

Rule 2: Do not copy the entire article into your post. One or two small paragraphs are okay.

Rule 3: Articles based on opinion (unless clearly marked and from a serious publication-No Fox News or equal), misinformation or propaganda will be removed.

Rule 4: Posts or comments that are homophobic, transphobic, racist, sexist, ableist, will be removed.

Rule 5: Keep it civil. It’s OK to say the subject of an article is behaving like a jerk. It’s not acceptable to say another user is a jerk. Cussing is fine.

Rule 6: Memes, spam, other low effort posting, reposts, advocating violence, off-topic, trolling, offensive, regarding the moderators or meta in content may be removed at any time.

USAfacts.org

The Alt-Right Playbook

Media owners, CEOs and/or board members

founded 2 years ago

MODERATORS

kersploosh@sh.itjust.works

pelespirit@sh.itjust.works