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re: WSJ: Wall Street Has Spent Billions Buying Homes. A Crackdown Is Looming.
Posted on 4/29/24 at 10:16 am to stout
Posted on 4/29/24 at 10:16 am to stout
quote:
I am never for regulation but I am pro middle class. I still think home ownership is the greatest wealth-building tool for the middle class but institutional buying is OOC and killing that dream for many.
Govt devaluing the dollar and flooding the country with money since 2020 caused this, institutional buyers are just their bogeyman.
Posted on 4/29/24 at 10:22 am to Dawgfanman
quote:
Govt devaluing the dollar and flooding the country with money since 2020 caused this,
Yea rates were too cheap for too long
quote:
institutional buyers are just their bogeyman.
Not really. We get calls weekly from hedge funds wanting bids to do their maintenance because they are looking to buy a block of houses from DSLD or something. I have been in the business of managing properties for institutions (99% bank repos) since 2008 and the amount of SFH being bought by these firms is escalating.
One of the largest companies in my industry has set up warehouses in cities like Houston, Dallas, Phoenix, Tampa, Vegas, etc and staffed them just to get contracts from hedge funds to manage their inventory.
This isn't a boogeyman. It is a growing problem that perhaps should be reviewed as it only hurts the middle class considering low-income already have a ton of housing programs including Section 8, tax credit development, etc
Posted on 4/29/24 at 10:31 am to Dawgfanman
quote:
Govt devaluing the dollar and flooding the country with money since 2020 caused this, institutional buyers are just their bogeyman.
A heavy contribution is also the decade of ridiculously cheap debt that these companies had access to.
Posted on 4/29/24 at 10:32 am to Dawgfanman
quote:
Govt devaluing the dollar and flooding the country with money since 2020 caused this, institutional buyers are just their bogeyman.
They've been buying up homes for a lot long than this. There can be more than one boogeyman.
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