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Started By
Message
re: 3 corporations now own 19,000 metro Atlanta homes
Posted on 3/11/24 at 7:57 am to Byrdybyrd05
Posted on 3/11/24 at 7:57 am to Byrdybyrd05
I am still in my “starter home” and it will be paid off in few years. I’d hoped to move after retirement and buy elsewhere. The way things are going, I have decided I like my home and will just update it and be thankful for it if things stay the way they are. It’s mine.
Posted on 3/11/24 at 7:58 am to nealnan8
quote:
Which subsidies and entitlements do you think are causing thi
Wouldn’t you agree that Section 8 plays a part into it? Of an apartment complex accepts Section 8, it’s not a place you or I want to live.
Posted on 3/11/24 at 7:59 am to Byrdybyrd05
It’s private equity companies.
Look into the healthcare companies/facilities they also own —- that will worry you.
I’m as much of a capitalist as you can be — but private equity is playing bully ball, once again, as they did in the 80s. It’s time they get broken up or regulated.
They have no business being in single family homes, and most certainly have NO business in healthcare. It’s a shame.
Look into the healthcare companies/facilities they also own —- that will worry you.
I’m as much of a capitalist as you can be — but private equity is playing bully ball, once again, as they did in the 80s. It’s time they get broken up or regulated.
They have no business being in single family homes, and most certainly have NO business in healthcare. It’s a shame.
This post was edited on 3/11/24 at 8:20 am
Posted on 3/11/24 at 8:04 am to Bard
quote:
Renters generally take less care of the property than owners. As those neighborhoods degrade, the property owning corporations owning so much of the neighborhood will turn it Section 8 faster than it would have turned with individual property owners.
Massive problem all around Houston. These developers come in and build massive neighborhoods thinking there is more demand than there actually is. All of a sudden is chock full of rental homes. Pisses me off as a home owner.
Posted on 3/11/24 at 8:10 am to Byrdybyrd05
Didn’t coal companies 100 years ago or so have mining towns where houses, restaurants, bars, and stores were owned by the coal companies? If I remember my history that was taught, that was bad.
What’s different now?
What’s different now?
Posted on 3/11/24 at 8:28 am to Fat and Happy
This happened in a neighborhood that I bought a townhouse as a rental. It started out as a “workforce housing” in the $270k-$300k range and was going to be developed over time. Prices went up to $600k over a 3 year period. After Covid, the developer finished the other sections and it’s now a “luxury rental community”. At some point when interest rates go down and prices accelerate again, they’ll sell them all off.
Posted on 3/11/24 at 8:39 am to supadave3
"Wouldn’t you agree that Section 8 plays a part into it? Of an apartment complex accepts Section 8, it’s not a place you or I want to live."
______________________________________
Agreed that section 8 anywhere is a less than desirable place to live, but the post was about corporations buying metro homes in Atlanta, not apartment complexes. I realize that some of these homes will be rented, but I am not convinced that removing section 8 benefits would affect corporations buying homes as an investment. The average family income for any HUD/ benefits, they probably Section 8 recipient is $16,000. Even with Section 8 benefits paying 60% of their rent, they still probably could not afford to live in these homes.
The real reasons that corporations have turned to real estate as an investment is that traditional sources of investment have gone south.
______________________________________
Agreed that section 8 anywhere is a less than desirable place to live, but the post was about corporations buying metro homes in Atlanta, not apartment complexes. I realize that some of these homes will be rented, but I am not convinced that removing section 8 benefits would affect corporations buying homes as an investment. The average family income for any HUD/ benefits, they probably Section 8 recipient is $16,000. Even with Section 8 benefits paying 60% of their rent, they still probably could not afford to live in these homes.
The real reasons that corporations have turned to real estate as an investment is that traditional sources of investment have gone south.
Posted on 3/11/24 at 8:43 am to LemmyLives
quote:
Tell your wives and their friends to stop voting for lefties. Otherwise we have no chance.
I am curious. This has been going on for awhile right? How is someone's political party going to stop it? These companies will pay lobbyist to lobby politicians to vote in their favor..
Posted on 3/11/24 at 8:47 am to Byrdybyrd05
There are laws being proposed to prevent, mitigate this. One of them I've heard about will prevent corporations from purchasing a home the first 30 days on the market. That should help. Here's some other info:
Some Texan media outlet on legislation to limit institutional purchase of SFH
But of course, our Congress is ineffective, so nothing will happen to help average Americans.
Some Texan media outlet on legislation to limit institutional purchase of SFH
But of course, our Congress is ineffective, so nothing will happen to help average Americans.
Posted on 3/11/24 at 9:42 am to Byrdybyrd05
There are several of these neighborhoods in Gwinnett County, but didn't realize how widespread over the entire metro that they are.
Looking at the website of AMH, the company that owns one of the Gwinnett neighborhoods, they have them on the east and west side of Atlanta, as well as Charlotte, Charleston, Jacksonville, Nashville, Vegas, Boise, Colorado Springs, Orlando, Salt Lake, and a handful of other cities.
Looking at the website of AMH, the company that owns one of the Gwinnett neighborhoods, they have them on the east and west side of Atlanta, as well as Charlotte, Charleston, Jacksonville, Nashville, Vegas, Boise, Colorado Springs, Orlando, Salt Lake, and a handful of other cities.
Posted on 3/11/24 at 9:49 am to Byrdybyrd05
This activity was largely driven by extremely low interest rates. With rates up, relatively few rental sub markets will hit PE’s return hurdles. They can pay cash, but they make way more money by levering the shite out of these huge portfolios, which is way less attractive now than it was 2 yrs ago.
Posted on 3/11/24 at 9:52 am to Crowknowsbest
PE should not be allowed in the housing game.
Posted on 3/11/24 at 10:13 am to Big4SALTbro
Democrats ruining are country everyday
Posted on 3/11/24 at 10:20 am to Byrdybyrd05
I am shocked by how many posts there are from Communists on this site who hate free market Capitalism. Can't find a home you can afford? Either work harder & make more money or move to North Korea.
Posted on 3/11/24 at 10:20 am to TBoy
quote:
Please explain what republicans have done to combat this.
Republicans =\= Conservatives
Posted on 3/11/24 at 10:36 am to Byrdybyrd05
I get two or three calls daily from someone claiming to "represent a group of investors" who are interested in purchasing my home. Apparently Lawrenceville/Gwinnett (about 25 to 30 miles east of Atlanta) is a hot market right now.
Yeah, I'm in the market to purchase a new home and move away from Atlanta so I don't have to drive through it twice a day, but I have no desire to entertain their "cash offer" for my current home. I'm not going to be the one who leaves my neighbor stuck with a rental property right next door.
F*** these people!
Yeah, I'm in the market to purchase a new home and move away from Atlanta so I don't have to drive through it twice a day, but I have no desire to entertain their "cash offer" for my current home. I'm not going to be the one who leaves my neighbor stuck with a rental property right next door.
F*** these people!
This post was edited on 3/11/24 at 10:37 am
Posted on 3/11/24 at 10:39 am to TBoy
quote:
quote:
Tell your wives and their friends to stop voting for lefties. Otherwise we have no chance.
Please explain what republicans have done to combat this.
The more you argue abouts stuff like this, the less you realize that neither party gives a shite about any of us.
Posted on 3/11/24 at 10:40 am to Byrdybyrd05
What is the board’s take on this? Is this too much capitalism? Do yall advocate government intervention?
Posted on 3/11/24 at 10:44 am to JSO24
If worthless Biden wants to do anything good in his term, he’d bust them up by EO and ensure they can’t take hold of real estate or medical ever again. And make them sell these homes they hold at market value bf the implosion. But he won’t. And Congress doesn’t care, those folks are their bread and butter. I’d like to see all PE firms go bankrupt. Eve the restaurant PE firms bc they are behind the crap expensive food and poor service.
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