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re: WSJ: Wall Street Has Spent Billions Buying Homes. A Crackdown Is Looming.
Posted on 4/29/24 at 10:08 am to ragincajun03
Posted on 4/29/24 at 10:08 am to ragincajun03
Institutional buying is not great.
OTOH, forcing massive selloffs will cause its own set of problems. The markets are generally flooded now and buying is at a low point in part due to interest rates.
This sounds like a recipe for people with a lot of cash on hand to continue buying up property, such as happened during COVID, as long as they aren’t considered “institutional buyers.”
OTOH, forcing massive selloffs will cause its own set of problems. The markets are generally flooded now and buying is at a low point in part due to interest rates.
This sounds like a recipe for people with a lot of cash on hand to continue buying up property, such as happened during COVID, as long as they aren’t considered “institutional buyers.”
2
Posted on 4/29/24 at 10:12 am to teke184
Almost no one loses a bidding war with an institution. They have to own with an ROI in mind, and it’s impossible to outbid a crazy mom that wants a certain location. People get stupid emotional buying, institutions don’t.
If you take away whatever institutional buying and owning is out there, you take away the bottom of the market. When the bottom is soft, everything will fall to some degree.
ETA: you know what else hurts the market? Section 8 housing. Why can the government pay rents but institutions can’t own homes? Is it not the same thing essentially? Both are inflating the market.
If you take away whatever institutional buying and owning is out there, you take away the bottom of the market. When the bottom is soft, everything will fall to some degree.
ETA: you know what else hurts the market? Section 8 housing. Why can the government pay rents but institutions can’t own homes? Is it not the same thing essentially? Both are inflating the market.
This post was edited on 4/29/24 at 10:14 am
Posted on 4/29/24 at 10:32 am to teke184
Exactly
The bills need to be bans in new buying once you hit a certain threshold limit. Not a forced sale of hundreds of thousands of units at once
The proposal in its current form feels like it’s designed to tank the market so that homebuyers will revolt and push the government to keep the status quo in place. The government will then say we tried, but the people didn’t want this. And on the system will go without meaningful change, completely ignoring that a way way better method to balance the market was always available from day 1.
In short, you don’t punish the people who played the game legally under the old, shitty system. You just update the system to prevent them from continuing to exploit it. Ban the sale of more homes to anyone with more than 1000 units, don’t force them to sell what they already have
The bills need to be bans in new buying once you hit a certain threshold limit. Not a forced sale of hundreds of thousands of units at once
The proposal in its current form feels like it’s designed to tank the market so that homebuyers will revolt and push the government to keep the status quo in place. The government will then say we tried, but the people didn’t want this. And on the system will go without meaningful change, completely ignoring that a way way better method to balance the market was always available from day 1.
In short, you don’t punish the people who played the game legally under the old, shitty system. You just update the system to prevent them from continuing to exploit it. Ban the sale of more homes to anyone with more than 1000 units, don’t force them to sell what they already have
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