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this post was submitted on 05 Dec 2023
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residential property should not be able to be bought by corporations, there is no benefit in allowing that to happen at all
It's sure beneficial for the rich fucks behind these companies. Everyone else gets fucked.
No, that's not any of this works. In a free market, it's entirely possible (and often the case) that both the rich fucks and everyone else benefit.
I recommend Basic Economics by Thomas Sowell and also Poor Economics by Abhijit V. Banerjee.
edit Based on the voting response, I guess I should have suggested something from Dr. Seuss first.
Then pray tell, how is private equity purchasing homes benefiting everyone else?
It increases the overall supply, brings more resources and stability to the housing market. Corporations that specialize in house rental have a opportunity to view market data. All this combined benefits everybody.
Only if these corporations are actually required by regulation to make these houses available for rent, and at market-adequate rates. If a company is as cashed up as this one is likely to be, they'll only rent to people who are willing to pay higher rents, and if there's nobody who wants to rent a specific property, they'd rather leave it sitting vacant than lower the rent.
This isn't hypothetical, it's happening in practically every property market where wealthy investors are buying up housing stock.
Free market doesn't exist without regulation
That is true. Protecting the free market is one of the few legitimate roles of the government.
Lol please tell me this comment is a joke.
Lol please go read those books so you can stop being so ignorant.
Please humble yourself and acknowledge that maybe you're not an expert on the subject after reading "the basics of..." book about it. Just a thought.
Keep in mind that there are people who have dedicated their careers/lives to studying this stuff. Don't disregard rebuttals just because your "basics of economics" or whatever book didn't get there yet.
The real world just doesn't work that way. But maybe if you went beyond Econ 100 level shit (or honestly, not even), you would have learned that.
Have you considered looking outside every now and then? What's your answer to the discrepancy between any previous generation and modern day? https://www.investopedia.com/millennial-homeownership-still-lagging-behind-previous-generations-7510642 https://www.nar.realtor/blogs/economists-outlook/millennials-still-underperforming-amid-gains-in-homeownership-rate https://www.supermoney.com/inflation-adjusted-home-prices/
It's been bought by them for a long time now.
https://www.statista.com/statistics/603416/leading-apartment-owners-in-the-us-by-units-owned/
They used to just buy your mortgages, then they started cutting out the middle man.
Sure there is. Just not to the regular person.
People should not be able to buy residential building? /s
USA has roughly 15 million vacant homes currently. If this company manages to fill some of them with people, that means there'll be fewer vacant homes. Obvious net benefit for all.
edit I guess you guys enjoy that there are homeless people then
Oh look... a capitalist shill using homeless people as a propaganda prop to do apologetics for the capitalists that caused all the homelessness.
Yawn.
The reason those houses are vacant is because companies bought them and are now pricing them out of the reach of most consumers
How do you think businesses work? By pricing the things they are selling out of reach of consumers?
How much money does a corporation make by just owning a house? I think it's not as much as renting it.
Free market can work in fields where competition is plenty and entering is cheap.
When the amount of “players” in the market is so small they can collude to keep prices high it all falls apart.
No, free market never works, because all people cannot be experts on all subjects at all times.
Because of that, you end up with people dying as "collateral damage" while the free market "corrects itself." Things like: "Well they should have done their research and known that brand of car has faulty brakes, and went to a different company instead, so it's kind of their own fault." Or, "this is just part of the process. Now everyone will know (lol right) that this company makes cars with faulty brakes and stop buying their products," while completely ignoring that these are fucking people that are dying. That's not ok.
And what if a company decides to hide things about their product from the public? What happens when that very product ends up giving people mesothelioma, but because that's an illness that can take decades to manifest after exposure, there's no clear causal link to the regular consumer. How does the free market correct that one? Or do we just let people suffer and die horrible deaths so that we can keep using the cheaper kind of insulation and save a few bucks?
Sorry but the loss of human lives is not ever acceptable "collateral damage". Especially not when the loss is 100% unnecessary.
That’s not price regulation though, it’s more about quality control. I’m assuming there’s already laws in place that prevent glaringly faulty products from being sold (…unless the lobbyists start messing with stuff, but regulations wouldn’t really solve that either).
It was more about the “free market keeps prices low” argument. It does if we’re talking about easy-to-access markets, but it falls apart if the entry barrier is so high and the only parties can easily collude.
Do you know that real estate investment exists? A house is an asset, and unless the entire economy crashes (like in 2008), then owning homes (even if empty) will make you easy money. It's an appreciating asset. I could be wrong, but I also believe it's very good for laundering money.
Wealthier Chinese nationals have been doing this for years in the US and Canada (look at what Chinese real estate investment has done to the housing market in Vancouver, for example).
Hol up. Lolololol.
Are you saying that the rich fucks who are buying up housing stock will make them accessible to the houseless population of America?
So far they actually have nothing to say beyond "nuh uh you're wrong", which is effectively nothing at all. I've asked them to explain, we'll see what we get.
No, that's not what I'm saying.
... Proceeds to let the crickets explain their position
Then what the fuck are you saying lol
They don't know. Look at their comment above, the book they recommended to everyone was "the basics of economics" or something.
I really hope it's a troll, because holy shit the narcissism it takes to read an Econ 100 level (if even that) book, and think you're an expert on the subject. Wild.
It reads like a landlords son lol
And please explain the economic theory behind your post. We have history as far back as the start of capitalism. It shows your post to be completely out of touch with reality. If you have proof evidence or a functioning theory of why your post would lead to Las vacancies and more accessible housing for people, I am very interested in seeing it.
I've got a feeling though that you don't have an adequate response or you would have posted it. So if you're going to reply without a response, maybe all you need to do is post an apology..
so, you think the reason that the homeless people don't live in these homes is because... they wouldn't be able to pay rich people money if they did?
how high do you have to be to make the statement "look I would love to not freeze to death, but only if I get to pay half my income to Amazon" seem reasonable?
A surplus of homes does not equal less homeless people. If their prices, either as rentals or for buying, is too high, it can actually increase the number of homeless people.
Vacant does not mean unowned.
Plus I'm pretty sure Amazon doesn't want thousands of crackhead row houses in shit areas.
If there are 15 million vacant homes now, then a company made up of wealthy investors buying up heaps of them at the current inflated prices isn't going to change anything. Those houses won't become living spaces for poor and homeless people - they'll sit vacant until someone comes along who's willing to pay the exorbitant rent.