Priced out of home ownership - 'It makes me want to throw up'

[Tidewater]

Easy, ban ownership of housing by anything other than individuals. Maybe have a carve-out for people to own a few rental properties, but no corporate or investment companies can purchase (or fund the straw-purchase).

My sister used to do a lot of mortgage closures for an attorney. Her area was Nevada. Firms were purchasing entire neighborhoods and renting the houses.

 

[92tide]

My sister used to do a lot of mortgage closures for an attorney. Her area was Nevada. Firms were purchasing entire neighborhoods and renting the houses.

this has been a huge issue in metro atlanta

Metro Atlanta has highest rate of corporate home ownership, says Georgia State researcher

U.S. Sen. Jon Ossoff gave updates on an investigation into corporate home ownership rates across Georgia — a practice experts say has made it harder for individuals to buy affordable housing.

www.gpb.org

 

[crimsonaudio]

this has been a huge issue in metro atlanta

Metro Atlanta has highest rate of corporate home ownership, says Georgia State researcher

U.S. Sen. Jon Ossoff gave updates on an investigation into corporate home ownership rates across Georgia — a practice experts say has made it harder for individuals to buy affordable housing.

www.gpb.org

Also problematic in Memphis. Driving housing prices through the roof in some areas.

 

[cdub55]

"Pensacola was really nice. Just about anything you want to do can be found there."
-Mike Price

FIFY

 

[75thru79]

Also problematic in Memphis. Driving housing prices through the roof in some areas.

I don't think anyone is happy about people missing out on the opportunity of home ownership but people are barking up the wrong tree on blaming hedge funds for the runup in home prices. It is entirely supply and demand. More people wanting to live in a home than there are homes available is the cause if the home affordability crisis. The only way to bring prices down is to 1) implement price controls, a la New York City, or 2) build more homes. Number 2 is really the only viable answer ad Number 1 would only be a short term fix for only a few people.

 

[CrimsonJazz]

I don't think anyone is happy about people missing out on the opportunity of home ownership but people are barking up the wrong tree on blaming hedge funds for the runup in home prices. It is entirely supply and demand. More people wanting to live in a home than there are homes available is the cause if the home affordability crisis. The only way to bring prices down is to 1) implement price controls, a la New York City, or 2) build more homes. Number 2 is really the only viable answer ad Number 1 would only be a short term fix for only a few people.

Option 3 is to lower demand. If deportations hit a certain number (and I don't know what that number is) then it will eventually affect housing costs.

 

[Bamabuzzard]

I don't think anyone is happy about people missing out on the opportunity of home ownership but people are barking up the wrong tree on blaming hedge funds for the runup in home prices. It is entirely supply and demand. More people wanting to live in a home than there are homes available is the cause if the home affordability crisis. The only way to bring prices down is to 1) implement price controls, a la New York City, or 2) build more homes. Number 2 is really the only viable answer ad Number 1 would only be a short term fix for only a few people.

These hedge funds and other companies that buy up blocks of homes only to turn them into rentals are directly impacting the supply side of the "supply and demand" curve. They are taking them off the market, which reduces the supply in the market, and the only way you get in them is to rent.

 

[Tidewater]

These hedge funds and other companies that buy up blocks of homes only to turn them into rentals are directly impacting the supply side of the "supply and demand" curve. They are taking them off the market, which reduces the supply in the market, and the only way you get in them is to rent.

I think for societal purposes, it is better to have a lot of small owners (i.e. small in the sense of owning only one house) than a few large owners (in the sense of a few pension funds owning hundreds of homes). A young couple who owns a home are more likely to keep the property up than renters. Would any of us prefer to have a rental property next door to a property owner? Why is that?