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re: 3 corporations now own 19,000 metro Atlanta homes
Posted on 3/11/24 at 11:15 am to Swamp Angel
Posted on 3/11/24 at 11:15 am to Swamp Angel
quote:
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!
Drive from your house on 20 toward Walton County. Just before the county line you'll see a bunch of subdivisions under construction.
They are 100% rentals.
2
Posted on 3/11/24 at 11:25 am to alajones
quote:
What is the board’s take on this? Is this too much capitalism? Do yall advocate government intervention?
There's a limit to everything and that limit frequently pops up at the threshold of a residential doorstep. The Supreme Court has frequently set common sense boundaries by citing to the notion that "the home is different". You can stand on the sidewalk in Washington DC chanting "abortion is murder" all day under the First Amendment but you can't stand outside someone's bedroom window at 3:00 AM doing the same thing because "the home is different". Police can perform all types of searches and seizures incident to arrest but they need a detailed warrant for your house because "the home is different". You can't just shoot someone in a bar when they threaten you, but it's a different ballgame when they break into your house in the middle of the night because "the home is different".
More regulation here is needed and appropriate because "the home is different". Now I would draw that line much further than things like home related commodities - for example building materials used to construct a home. If conglomerate homebuilders and their financiers want to negotiate sweetheart supply agreements for lumber, steel, concrete, fixtures, etc then that's fair capitalism. But monopolizing the land and stock is bad for society and against the very founding principles of this country.
Posted on 3/11/24 at 11:35 am to deeprig9
quote:
Drive from your house on 20 toward Walton County. Just before the county line you'll see a bunch of subdivisions under construction.
It's a damned shame too. Walton County is beautiful.
This post was edited on 3/11/24 at 11:36 am
Posted on 3/11/24 at 11:40 am to TygerDurden
quote:
Most (not all) but certainly most renters see that home as being temporary therefore they aren’t invested in keeping it nice, updated, organized, repaired or frankly any other adjective you can think of.
I believe this will be an issue. Not just one home will need updates or look bad, but the entire neighborhood will need updates / look bad.
Posted on 3/11/24 at 11:46 am to JSO24
Let's go Brandon.
Posted on 3/11/24 at 11:51 am to LemmyLives
quote:
Tell your wives and their friends to stop voting for lefties. Otherwise we have no chance.
What sort of regulations do you support to stop this from happening? What about foreigners purchasing homes in the US? One third of a Florida is owned by non-Americans.
Posted on 3/11/24 at 11:59 am to Byrdybyrd05
quote:
3 corporations now own 19,000 metro Atlanta homes
Oh I'm sure this will be fine.
Hey politicians. Instead of all the semantic bullshite, maybe swing in and get this taken care of for us before we're all living in state housing.
Posted on 3/11/24 at 12:00 pm to AUFANATL
quote:
More regulation here is needed and appropriate because "the home is different". Now I would draw that line much further than things like home related commodities - for example building materials used to construct a home. If conglomerate homebuilders and their financiers want to negotiate sweetheart supply agreements for lumber, steel, concrete, fixtures, etc then that's fair capitalism. But monopolizing the land and stock is bad for society and against the very founding principles of this country.
The rate of homeownership in the USA is roughly north of 60% and hasn’t really changed since the 1960’s.
I agree that corporate domination of the residential housing market is bad, but I don’t see how that is limited or curtailed.
What about individuals that own 10, 20, or 30 houses? Lots of those properties are in some sort of LLC.
Posted on 3/11/24 at 12:03 pm to supadave3
quote:
the GOP doesn’t do a damn thing in the other direction.
Because they're getting rich from this too.
Posted on 3/11/24 at 12:04 pm to StringedInstruments
quote:
But isn’t an unregulated free market what’s leading to this?
An unregulated free market wouldn’t have had interest rates at zero for a decade. That’s what has led to all of this investor and PE money sloshing around looking for a place to go AND juiced the housing market making residential real estate so attractive and expensive.
Posted on 3/11/24 at 12:15 pm to Dixie2023
I totally agree.
People don’t understand how quickly PE can control the market in any specific industry — which should violate certain antitrust laws, but they skirt around it with enough lobbying.
They already control medicine, which is horrifying. They are rapidly on their way to controlling dental.
Last thing we need is them also controlling housing.
They do not increase the quality of anything they touch, they leverage debt and drain profits to distribute to their investors and try and flip the company to a higher bidder within 5 years.
It’s a Ponzi scheme that ruins the quality and increases the costs of any industry it touches.
People don’t understand how quickly PE can control the market in any specific industry — which should violate certain antitrust laws, but they skirt around it with enough lobbying.
They already control medicine, which is horrifying. They are rapidly on their way to controlling dental.
Last thing we need is them also controlling housing.
They do not increase the quality of anything they touch, they leverage debt and drain profits to distribute to their investors and try and flip the company to a higher bidder within 5 years.
It’s a Ponzi scheme that ruins the quality and increases the costs of any industry it touches.
This post was edited on 3/11/24 at 12:16 pm
Posted on 3/11/24 at 12:18 pm to HBDTigaz
and just another unfortunate example of the the dangerous path to Communism we are on sparked by Obama 
Posted on 3/11/24 at 12:19 pm to Byrdybyrd05
quote:.4 of 1 percent - almost 1 in 250!!!!!
3 corporations now own 19,000 metro Atlanta homes
SCARY shite! Before you know it, they'll own .5 of 1 percent!!!!
LINK
Posted on 3/11/24 at 12:20 pm to JSO24
Can someone explain how PE is hurting the market here? I’m honestly curious.
As a guy that owns multiple rental properties both short and long term, making the numbers work to actually make money is not easy. As said, most of these are likely pre built homes and apartments specifically meant as rentals, if that’s the case what’s the issue?
No one goes to section 8 due to choice, it’s a pita to deal with, they do it due to that’s the last option to make money.
I can’t foresee an issue I’d ever be outbid for a personal residence by PE. Again, to make the numbers work they have to be fairly cheap.
Take a $400k home, to get a 8% return that’s $2800 rent a month before overhead expenses like taxes, insurance, and repairs.
As a guy that owns multiple rental properties both short and long term, making the numbers work to actually make money is not easy. As said, most of these are likely pre built homes and apartments specifically meant as rentals, if that’s the case what’s the issue?
No one goes to section 8 due to choice, it’s a pita to deal with, they do it due to that’s the last option to make money.
I can’t foresee an issue I’d ever be outbid for a personal residence by PE. Again, to make the numbers work they have to be fairly cheap.
Take a $400k home, to get a 8% return that’s $2800 rent a month before overhead expenses like taxes, insurance, and repairs.
Posted on 3/11/24 at 12:22 pm to supadave3
quote:No, I wouldn't agree with that.
Wouldn’t you agree that Section 8 plays a part into it?
quote:This is a broad brush to paint with and not necessarily true.,
Of an apartment complex accepts Section 8, it’s not a place you or I want to live.
All of the Section 8 properties I've ever invested in were in top shape since there was a waiting list a mile long to get in and it was easy to disqualify someone.
Posted on 3/11/24 at 12:25 pm to tigerstripedjacket
quote:
but it’s very obvious that Democrats have done much to enable this.
The free market could never settle at this as an equilibrium. Just not possible.
Show your work.
All the people asking for a fix are basically asking for Democrat-style ideas in regulating markets. This is even a form of "consumer protection" or "infrastructure" (2 terms Leftists love to throw out).
Posted on 3/11/24 at 12:33 pm to deeprig9
quote:
Drive from your house on 20 toward Walton County. Just before the county line you'll see a bunch of subdivisions under construction.
Chase Landing? I passed by them a few weeks ago. Ridiculous
Posted on 3/11/24 at 12:46 pm to Stexas
quote:
Nah, if subsidies and entitlements were taken away the market wouldn’t be as attractive to corporations. It’s artificially inflated prices and has kept prices increasing more rapidly than without interference
Are you making the argument that Section 8 housing is so lucrative and desirable as a landlord that corporations are jumping at the chance to be a part of it? I work with several property management companies that manage my properties and none of them hold that opinion at all. Boise just recently changed some city ordinances that made it easier for section 8 tenants to get access to properties as tenants and all of the property management companies were fighting it.
Posted on 3/11/24 at 12:48 pm to Fat and Happy
my understanding is that many of the DSLD and Horton homes or being used to straight rentals.
Posted on 3/11/24 at 12:50 pm to HBDTigaz
quote:
and just another unfortunate example of the the dangerous path to Communism we are on sparked by Obama
That’s like blaming Les Miles for the current problems on the University of Texas baseball pitching staff.
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