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re: WSJ: Wall Street Has Spent Billions Buying Homes. A Crackdown Is Looming.
Posted on 4/29/24 at 10:32 am to teke184
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
3
Posted on 4/29/24 at 10:44 am to funnystuff
quote:
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
Fine with this approach. But then on top of it say something like "By 2044, institutional single family home buyers must divest down to X number of homes". Maybe something like 40-50. Gives them 20 years to play the real estate market to maximize profits and doesn't cause a panic.
Posted on 4/29/24 at 10:47 am to funnystuff
What about apartment buildings? What about sky rises? What about entire neighborhoods built to rent? Where does it start and stop?
People lose a bid on a home and want to blame it on an institutional buyer. Most of the homes bought by these companies aren’t hitting the regular market. As stout said, an institutional buyer will go to someone like DSDL and offer to buy 5,10, 25 or whatever homes at a price. Those aren’t hitting the market.
If you can’t afford a 20% down payment, save. You shouldn’t own a home and worry about it. Most people try to over buy too early anyway.
People lose a bid on a home and want to blame it on an institutional buyer. Most of the homes bought by these companies aren’t hitting the regular market. As stout said, an institutional buyer will go to someone like DSDL and offer to buy 5,10, 25 or whatever homes at a price. Those aren’t hitting the market.
If you can’t afford a 20% down payment, save. You shouldn’t own a home and worry about it. Most people try to over buy too early anyway.
Posted on 4/29/24 at 10:52 am to funnystuff
quote:
Ban the sale of more homes to anyone with more than 1000 units, don’t force them to sell what they already have
Then they open another shell company and buy more. It’s not that easy
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