Fucking do it you cowards.
this post was submitted on 07 Dec 2023
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I think you're forgetting about Republicans.
Or more than half of the democrats that do Wall Street's bidding too.
Or the courts that would throw the law out as soon as it gets challenged the first time
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They should never have been allowed to buy them to begin with.
The second best time is now.
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Looking at companies like Blackstone, who buy up houses at auction, lightly flip them and put them back on the market as high-priced rentals. THEY'RE the big reason for the lack of affordable housing.
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How does this limit a corporation from doing the same thing?
So a hedge fund doesn't do it, but a specific company does the same thing and that's fine. What am I missing?
The bill would require hedge funds, defined as corporations, partnerships or real estate investment trusts that manage funds pooled from investors, to sell off all the single-family homes they own over a 10-year period, and eventually prohibit such companies from owning any single-family homes at all.
It does include corporations. For instance the Bezos thing we've been hearing about the past couple days would be covered:
Arrived, a young real estate company backed by Amazon.com Inc. founder Jeff Bezos, has just announced its entry into the single-family rental fund space. Arrived currently operates a fractional real estate investing platform that has attracted nearly half a million retail investors since its launch in 2021. The platform allows these investors to purchase shares of single-family rental properties with as little as $100.
https://finance.yahoo.com/news/jeff-bezos-backed-real-estate-151102586.html
Just so it's clear, they want to turn our homes into a mini stock market.
This bill won't pass.
We already live in a completely fucked up dystopia, most people just haven't realized it.
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If we actually had a democracy, there would be a total of 0 people against this. It's so incredibly unfavorable to want corporations to buy houses for profit.
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Please do. I'd love to see more supply.
it’s cool they had the idea. hopefully they act on it
Please make it happen, it's an important first step
Now what’s the chance of this actually passing?
Via referendum? I say 80% chance of a majority.
Congress? 5% is generous
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With a divided Congress, the bills are unlikely to pass into law this session. But Mr. Smith said legislators needed to start a conversation.
:|
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Who ever tabeled this needs to run for your president. Seriously
Step in the right direction, hope some version of it gets passed.
why were they ever allowed to do this? why should the system allow you to gamble on houses?
Because they saw an opportunity to fuck America again after imploding Wall St in 2007-08.
Rampant unfettered capitalism only cares about the money they can make, never about the people's lives they destroy.
Wall Street is not the problem, a lack of new housing is, according to David Howard, the chief executive of the National Rental Home Council, a trade association. The country needs anywhere from 2 million to 6.5 million units of new housing, according to various estimates.
“Policies really need to be shaped and crafted so that they support the production, investment and development of new housing,” Mr. Howard said. “I think bills that work against that ultimately are just going to perpetuate the challenges we’re already facing.”
While I certainly disagree with this person on some of their specifics, and don't necessarily agree with the "teeth" of this bill (10k per home owned isn't that much in the grand scheme of things, and can just be priced in to an already out-of-control market), seeing a trade organization argue for the actual long-term solution bodes really well for the future of solving the housing crisis.
That's crazy that they say we need more housing when there are so many empty houses sitting on the market from corporate real estate investing and other house flippers. "Wall Street is not the problem, a lack of new housing is" really sounds like the guy with gasoline and matches in hand saying "it wasn't me" at the scene of an arson fire.
A significant problem isn't just the lack of housing, it's the lack of affordable housing. Builders keep building single family homes in spread out suburbs which is problematic in its own way. But not everyone could afford those homes regardless of whether they are buying or renting.
Investors owning single family homes is a big problem, the bigger problem is exacerbated but not explicitly caused by that. Affordable housing simply isn't available in places where it's needed. That's why people say we need more homes.
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The head of an organization that represents landlords is advocating for building more houses. Now why do you think that is?
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In case you want to learn about the bill:
NYT article (archive link):
Press releases:
https://adamsmith.house.gov/press-releases?ID=637A8E58-8F0D-4CB0-AECC-1D4690A00725
Text of the bill:
https://www.merkley.senate.gov/wp-content/uploads/2023/12/MCG23660.pdf
I do like this.
DNC really driving it home what their platform is with actions instead of words, lately.
Can we expand this to multi-family houses? I don't think we need it for apartment buildings too, but triple-deckers, for example, are not that different.
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