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Posted: 5/2/2024 10:55:52 AM EDT
[#1]
I personally know Brazilians, who live full time in Brazil, who were buying up houses sight-unseen. This shit has got to stop.
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USA
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Posted: 5/2/2024 11:13:09 AM EDT
[#2]
That doesn't go far enough. They should be required to give the houses over to newly arrived immigrants from South of the Border or anyone who doesn't like the pronouns they were assigned at birth.
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GA, USA
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Posted: 5/2/2024 11:20:05 AM EDT
[#3]
Quote HistoryOriginally Posted By callmestick: Their hearts are in the right place but it's government so they will fuck us. Not supposed to give correct answers on the first page. Corporations will get around it. Small business landlord or the average family that wants to rent out an extra home for whatever reason, will get fucked. The law makers have no idea what they are doing, they ask the big corporations how to regulate themselves then make it a law. |
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SGP
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Posted: 5/2/2024 11:20:46 AM EDT
[#4]
Quote HistoryOriginally Posted By Zhukov: I love how some of the most ardent self-proclaimed super patriots in here are proclaiming their support for the government to tell people who they can buy from or who they can sell to. I can't wait for the many explanations of "Oh, but this is different". Don't forget to keep calling others "commies" at every opportunity though. Pathetic... |
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Posted: 5/2/2024 11:21:58 AM EDT
[#5]
This should have been done two years ago, these companies have ruined entire neighborhoods with their rental homes.
The HOA where I am at finally did something about it by making a home buyer be in a home for one year before they could rent it. Since that change, only one home has been sold to an investor. I think that time frame should have been two years. They just waited too late to do this, several homes were scooped up by these people and are now rentals. I don't really blame the people selling the home, but they knew what was going to happen and they just took the money and ran and said screw all the neighbors. |
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Posted: 5/2/2024 11:24:28 AM EDT
[#6]
Quote HistoryOriginally Posted By odiedodi: No amount of brow beating is going to pay anybody's mortgage. I don't know when conservatism became an ideology that does nothing but criticize anybody pointing out problems in society while offering no alternative solutions, but it sucks. The while purpose of capitalism is that these problems largely resolve themselves. People aren't patient enough to let these things resolve themselves so they demand government intervention which makes us worse off each time. |
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AL, USA
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Posted: 5/2/2024 11:26:05 AM EDT
[#7]
Quote HistoryOriginally Posted By Notcalifornialegal: The while purpose of capitalism is that these problems largely resolve themselves. People aren't patient enough to let these things resolve themselves so they demand government intervention which makes us worse off each time. Quote HistoryOriginally Posted By Notcalifornialegal: Originally Posted By odiedodi: No amount of brow beating is going to pay anybody's mortgage. I don't know when conservatism became an ideology that does nothing but criticize anybody pointing out problems in society while offering no alternative solutions, but it sucks. The while purpose of capitalism is that these problems largely resolve themselves. People aren't patient enough to let these things resolve themselves so they demand government intervention which makes us worse off each time. |
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OH, USA
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Posted: 5/2/2024 11:27:10 AM EDT
[#8]
Quote HistoryOriginally Posted By PR361: Just another investment strategy. Owning inflated paper tied to houses didn’t work out, so they moved to the next level. Don’t care. If they have money to spend, let them . You don't care because you aren't young and in the market to buy a home. |
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Posted: 5/2/2024 11:27:33 AM EDT
[#9]
I don't like mega corporations monopolizing and controlling an entire sector of the free market.
I don't like the government or anything they do. I'm at a loss with this one. |
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Posted: 5/2/2024 11:28:24 AM EDT
[#10]
Quote HistoryOriginally Posted By crownvic96: *looks around the US* Where exactly is this capitalism that you speak of? Do you think we have capitalism right now? *here's a hint, we don't*. So we need to repeal laws then right? |
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AS, USA
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Posted: 5/2/2024 11:29:25 AM EDT
[Last Edit: CoconutLaCroix]
[#11]
A lot of companies that bought up these homes did so with floating rate credit facilities that were obtained when interest rates were at rock bottom due to the fools at the Fed dropping rates back down to 0%.
The free market solution would be to allow rates to continue to rise, have the Fed dump all the remaining $2.4 trillion in mortgage back securities THAT IT NEVER SHOULD HAVE PURCHASED, let the companies that bought up these homes get burned and go under as their credit facilities reset and their business model goes up in flames, and then get burned even harder as company after company goes belly up and offloads their portfolios driving home prices and rents back down to historic norms. Problem solved. Yes, all the regular people who overextended themselves on homes they couldn't really afford will also get burned as prices collapse, but that's better than having a Bolshevik revolution from all the people that were permanently removed from the housing ladder as a result of the Fed's socialistic induced asset bubble. |
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Posted: 5/2/2024 11:30:24 AM EDT
[#12]
Quote HistoryOriginally Posted By catrepair: As a private homeowner. Don't try to control the sale of my land. Simple. I can't think of a single thing the government has gotten involved with that has been successful or done anything for the average citizen Quote HistoryOriginally Posted By catrepair: Originally Posted By midcap: In this case, the big investment banks and other entities have been manipulating the market. They also have been colluding and price setting the rental market also. Plenty of evidence behind this If you own land in Hawaii, you can sell it, you aren't a giant corp As a private homeowner. Don't try to control the sale of my land. Simple. I can't think of a single thing the government has gotten involved with that has been successful or done anything for the average citizen Nothing helps government control something better than a handful of big corporations owning everything compared to millions of individuals. |
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AB, CAN
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Posted: 5/2/2024 11:31:01 AM EDT
[#13]
LOL what a fucking scam. it's along the same lines as the subprime mortgage debacle, except this time rather than the central banks go running to the government to get reimbursed for the billions that were "lost" in unpaid mortgages, this time the money printers (computer keyboard at the central banks) spent billions buying real estate with money that was created out of thin air. then they are "forced" to turn around and sell it to the peasants who spend their time and labor to pay for it with real value money at inflated prices. well, as real as fiat currency can be anyway. I swear, between corrupt politicians and cunning financial charlatans the peasants are well and truly fucked. the "crackdown" buzzword or any other term they may come up with is just smoke to make it appear as though wall street is being forced to give something up at a loss. they aren't.
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MI, USA
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Posted: 5/2/2024 11:31:56 AM EDT
[#14]
Quote HistoryOriginally Posted By Zhukov: I love how some of the most ardent self-proclaimed super patriots in here are proclaiming their support for the government to tell people who they can buy from or who they can sell to. I can't wait for the many explanations of "Oh, but this is different". Don't forget to keep calling others "commies" at every opportunity though. Pathetic... I’m glad I’m not the only one seeing it in this thread. |
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Posted: 5/2/2024 11:32:05 AM EDT
[#15]
I like hoe this John Burns guy says that these firms have barely bought any homes this last year, no shit mother fucker they already bought and own all the available houses. I used to get emails all the time from Zillow and Realtor.com and even some of the agents I had worked with in the past. I barely ever see an email about real estate anymore. Even if I go look there isn't barely anything for sale.
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SGP
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Posted: 5/2/2024 11:33:05 AM EDT
[#16]
Quote HistoryOriginally Posted By Notcalifornialegal: The while purpose of capitalism is that these problems largely resolve themselves. People aren't patient enough to let these things resolve themselves so they demand government intervention which makes us worse off each time. |
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Posted: 5/2/2024 11:33:57 AM EDT
[Last Edit: KaerMorhenResident]
[#17]
It's amazing to see the faith in government so many people still have even post COVID.
Absolutely amazing. Anyone who thinks this legislative crackdown will not consiste of laws written by Blackrock and other Wall Street entities to advantage them and squeeze out competition while doing next to nothing to help the average American is living in an imagination land world. Remember the Affordable Care Act (aka. "Obamacare")? Did that help people or was it just in the end a big handout to insurance companies and the medical industry? Nothing in D.C. is done to your benefit, not a single thing unless you're a member of the Donor class. You don't want the government to have more power no matter what they promise you it is for. |
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USA
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Posted: 5/2/2024 11:41:10 AM EDT
[#18]
Yea I'm not for the Blackrocks of the world owning everything on the block and dictating terms to the working man
Foreign capital should also not be allowed to own real estate in this country....fight me |
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Posted: 5/2/2024 11:42:15 AM EDT
[#19]
Quote HistoryOriginally Posted By odiedodi: Not all the time they don't. Capitalism is imperfect, and I think many sometimes forget that. Besides that, critics of economic intervention on this forum almost always ignore all of the prior economic intervention on whatever issue is being discussed. Calling the housing market capitalist now, and asserting that this would somehow change that, is absolutely a false premise. The amount of regulation already in the housing market is part of what has allowed this scheme to develop. In every thread, I say the same thing, which is to lax zoning codes and allow them to develop higher density, but that's often ignored, or people get asshurt about it because they don't want section 8 apartments next to their SFDs. The biggest thing I think we all would agree on is that we need more deregulation. What were asking the government to do in this case is intervene in voluntary commerce and prohibit who I can sell my house to. If people don't want their neighbors to sell their house to a company like Blackrock it can be built into an HOA agreement. That's the BEST solution because it's limited in scope and can't be abused at a national level. |
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Posted: 5/2/2024 11:44:44 AM EDT
[#20]
Quote HistoryOriginally Posted By Zhukov: I love how some of the most ardent self-proclaimed super patriots in here are proclaiming their support for the government to tell people who they can buy from or who they can sell to. I can't wait for the many explanations of "Oh, but this is different". Don't forget to keep calling others "commies" at every opportunity though. Pathetic... Everyone hates "big government" and "socialism" ... right up to the point when the government does something that benefits them personally, or it's their head in the socialist feeding trough. |
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USA
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Posted: 5/2/2024 11:45:38 AM EDT
[#21]
Quote HistoryOriginally Posted By Notcalifornialegal: What if I want to sell to Blackrock?  Then you screw over your neighbors and neighborhood I've been offered a few thousand more by a big firm from out west on my house. I will much rather sell my house to a local for a little less. I'm not hurting for money and wouldn't want to open the door to those shitbags Greed will eventually sink everything, instead of something being good enough |
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Posted: 5/2/2024 11:54:51 AM EDT
[#22]
Quote HistoryOriginally Posted By Notcalifornialegal: The biggest thing I think we all would agree on is that we need more deregulation. What were asking the government to do in this case is intervene in voluntary commerce and prohibit who I can sell my house to. If people don't want their neighbors to sell their house to a company like Blackrock it can be built into an HOA agreement. That's the BEST solution because it's limited in scope and can't be abused at a national level. Agreed, as much as I dislike HOAs I still agree with the above. |
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Posted: 5/2/2024 12:03:36 PM EDT
[#23]
How will this affect mega banks foreclosing on houses in the next recession?
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USA
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Posted: 5/2/2024 12:05:04 PM EDT
[#24]
Own nothing and be happy little insects
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SGP
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Posted: 5/2/2024 12:06:55 PM EDT
[#25]
Quote HistoryOriginally Posted By trails-end: How will this affect mega banks foreclosing on houses in the next recession? |
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MS, USA
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Posted: 5/2/2024 12:11:13 PM EDT
[#26]
Investors buying up neighborhoods for profit should be taxed at a rate double the average mortgage rate.
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Posted: 5/2/2024 12:11:34 PM EDT
[Last Edit: DDalton]
[#27]
Quote HistoryOriginally Posted By Notcalifornialegal: The while purpose of capitalism is that these problems largely resolve themselves. People aren't patient enough to let these things resolve themselves so they demand government intervention which makes us worse off each time. Quote HistoryOriginally Posted By Notcalifornialegal: Originally Posted By odiedodi: No amount of brow beating is going to pay anybody's mortgage. I don't know when conservatism became an ideology that does nothing but criticize anybody pointing out problems in society while offering no alternative solutions, but it sucks. The while purpose of capitalism is that these problems largely resolve themselves. People aren't patient enough to let these things resolve themselves so they demand government intervention which makes us worse off each time. Truth. FOMO fever, and these corporations are completely taking advantage of the irrational decisions that accompany the FOMO. Leads to one over-correction after another. |
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AS, USA
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Posted: 5/2/2024 12:12:56 PM EDT
[Last Edit: CoconutLaCroix]
[#28]
Quote HistoryOriginally Posted By DK-Prof: Everyone hates "big government" and "socialism" ... right up to the point when the government does something that benefits them personally, or it's their head in the socialist feeding trough. It goes both ways |
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USA
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Posted: 5/2/2024 12:13:34 PM EDT
[#29]
The gov't has zero business curtailing such investments and they also had and have zero business with the insanity of to "big to fail".
If it all comes crashing down suck it just like everyone else. |
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MS, USA
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Posted: 5/2/2024 12:14:31 PM EDT
[#30]
Quote HistoryOriginally Posted By DK-Prof: Everyone hates "big government" and "socialism" ... right up to the point when the government does something that benefits them personally, or it's their head in the socialist feeding trough. Quote HistoryOriginally Posted By DK-Prof: Originally Posted By Zhukov: I love how some of the most ardent self-proclaimed super patriots in here are proclaiming their support for the government to tell people who they can buy from or who they can sell to. I can't wait for the many explanations of "Oh, but this is different". Don't forget to keep calling others "commies" at every opportunity though. Pathetic... Everyone hates "big government" and "socialism" ... right up to the point when the government does something that benefits them personally, or it's their head in the socialist feeding trough. Anything that empowers an individual to own their home and assets is a good thing in a liberty loving free country. |
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IN, USA
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Posted: 5/2/2024 12:14:39 PM EDT
[#31]
But is the massive property purchase a function of the fed unloading their balance sheet of mortgage backed securities? It seems that this property investment is a symptom of market manipulation over the last 16+ years, or is this the unwinding of government involvement in the markets? Seriously looking learn here.
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Posted: 5/2/2024 12:14:47 PM EDT
[#32]
Quote HistoryOriginally Posted By BMSMB: In your example... it sounds like the megacorp is already not maintaining the home. Exactly. 5-8 years of rental and then dump the shell of a former nice home on the market at probably what they paid for it or a little less. Zero maintenance invested. Ever see a rental home that went that long without maintenance? I’m sure they’ll maintain the minimum required by law. My last home was a rental. Yard was complete shit and eroded away, went without outside maintenance and had all kinds of hidden rot the useless inspector didn’t find, carpet was bad, chimney wasn’t swept, all the toilets needed new flush valves and flappers. I could keep going. And that was just a small company “maintaining” it for the owner. Imagine how investment firms will ignore things. |
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Posted: 5/2/2024 12:16:59 PM EDT
[#33]
Quote HistoryOriginally Posted By theblackcat: I’m glad I’m not the only one seeing it in this thread. Quote HistoryOriginally Posted By theblackcat: Originally Posted By Zhukov: I love how some of the most ardent self-proclaimed super patriots in here are proclaiming their support for the government to tell people who they can buy from or who they can sell to. I can't wait for the many explanations of "Oh, but this is different". Don't forget to keep calling others "commies" at every opportunity though. Pathetic... I’m glad I’m not the only one seeing it in this thread. Do you have a definition of patriot that's different from what's in the dictionary? |
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Posted: 5/2/2024 12:17:10 PM EDT
[#34]
By the time the lobbyists are done bribing the legislators whatever law that is passed will be ineffective at best.
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WI, USA
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Posted: 5/2/2024 12:19:08 PM EDT
[#35]
Keep it simple. Just tax the heck out of mortgage-backed securities.
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WA, USA
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Posted: 5/2/2024 12:19:15 PM EDT
[#36]
you can blame the inflaters, real estate is the best hedge against in inflation.
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Posted: 5/2/2024 12:20:13 PM EDT
[#37]
Quote HistoryOriginally Posted By callmestick: Their hearts are in the right place but it's government so they will fuck us. Hearts? Politicians are mostly lawyers. |
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MN, USA
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Posted: 5/2/2024 12:22:03 PM EDT
[#38]
Quote HistoryOriginally Posted By catrepair: Good. I'm glad the government is getting involved in free Commerce. I shouldn't be able to sell land I own in Hawaii either I'm glad the government solved that problem Free commerce? They literally make money out of thin air to loan to each other. |
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Posted: 5/2/2024 12:22:35 PM EDT
[#39]
Quote HistoryOriginally Posted By CoconutLaCroix: And everyone loves "capitalism" when they are the beneficiaries of the Fed's socialistic policy of artificially lowering rates down to 0% and illegally buying $2.8 trillion in mortgage backed securities with the goal of artificially inflating asset prices so that the people with said assets are wealthier than they otherwise would have been in a free market. It goes both ways Quote HistoryOriginally Posted By CoconutLaCroix: Originally Posted By DK-Prof: Everyone hates "big government" and "socialism" ... right up to the point when the government does something that benefits them personally, or it's their head in the socialist feeding trough. It goes both ways It does go both ways, but I think you'd fine it's the same group of individuals...the ones that want the government involved at all. 
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NC, USA
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Posted: 5/2/2024 12:25:03 PM EDT
[#40]
Quote HistoryOriginally Posted By macaho45: I don't like mega corporations monopolizing and controlling an entire sector of the free market. I don't like the government or anything they do. I'm at a loss with this one. no kidding. the government never knew a problem they couldn't make worse. you have to figure Mom and Pop landlords would somehow get the shaft. |
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Posted: 5/2/2024 12:25:05 PM EDT
[#41]
Quote HistoryOriginally Posted By CoconutLaCroix: And everyone loves "capitalism" when they are the beneficiaries of the Fed's socialistic policy of artificially lowering rates down to 0% and illegally buying $2.8 trillion in mortgage backed securities with the goal of artificially inflating asset prices so that the people with said assets are wealthier than they otherwise would have been in a free market. It goes both ways So what if we don't do either of those things? |
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Posted: 5/2/2024 12:25:22 PM EDT
[#42]
Half of this thread wants a generation to own nothing and be happy.
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Posted: 5/2/2024 12:25:40 PM EDT
[#43]
All these overpriced empty rental places must be hard to keep tabs on. It would be a shame if squatters started moving into them.
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Posted: 5/2/2024 12:28:19 PM EDT
[#44]
Quote HistoryOriginally Posted By Undaunted: mixed. I am opposed to foreign entities owning residential, farm land, etc. though. You shouldn’t be mixed. You think all investors are in the us? You would be surprised how many countries invest in the us including china. But if the gov has an interest in it, I’m sure theres a reason for it. They don’t do anything out of the goodness of their hearts. |
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TX, USA
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Posted: 5/2/2024 12:30:55 PM EDT
[#45]
Quote HistoryOriginally Posted By midcap: Good....I am all for free markets until Big Mega Corps turn free markets into private markets by buying up all the inventory. Exactly, it's not a free market when mega corps can come in and buy cash for 20-50% over asking. It has to be stopped. Pain and simple. Owning a house is the best way to secure your financial future. Your housing costs only go to based on tax appraisal and insurance. So as time goes on you typically best inflation and are getting ahead. Renters get fucked. If you want to support the communist take over of America, please support businesses buying up all the homes so Americans can never own their home and build wealth. Otherwise realize that the US economy isn't a true free market unfettered capitalist system. It has laws and regulations which are required to prevent mega corps and ultra wealthy from owning everything. |
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AS, USA
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Posted: 5/2/2024 12:32:37 PM EDT
[Last Edit: CoconutLaCroix]
[#46]
Quote HistoryOriginally Posted By Notcalifornialegal: So what if we don't do either of those things? |
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Posted: 5/2/2024 12:33:38 PM EDT
[#47]
Quote HistoryOriginally Posted By BooJangles: Exactly, it's not a free market when mega corps can come in and buy cash for 20-50% over asking. It has to be stopped. Pain and simple. Owning a house is the best way to secure your financial future. Your housing costs only go to based on tax appraisal and insurance. So as time goes on you typically best inflation and are getting ahead. Renters get fucked. If you want to support the communist take over of America, please support businesses buying up all the homes so Americans can never own their home and build wealth. Otherwise realize that the US economy isn't a true free market unfettered capitalist system. It has laws and regulations which are required to prevent mega corps and ultra wealthy from owning everything. The laws of supply and demand are not man's laws but God's. They cannot be broken. If some corp wants to overpay for a house, they're going to get bit in the ass when rent doesn't offset their investment cost. So they will... go out of business and have to liquidate. Zillow already tried this and failed. |
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Posted: 5/2/2024 12:33:55 PM EDT
[#48]
Quote HistoryOriginally Posted By CoconutLaCroix: Then you should be rooting for the Fed to back out of the housing market and the subsequent housing crash that would occur in a free market, because the alternative is a revolution. Lit. So let's do that. |
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WA, USA
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Posted: 5/2/2024 12:37:28 PM EDT
[#49]
graduated property tax would change this.
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Posted: 5/2/2024 12:42:15 PM EDT
[#50]
Quote HistoryOriginally Posted By Notcalifornialegal: What if I want to sell to Blackrock? I sold a house to black rock. |
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