The New York City risk and investment management titan BlackRock is among several high-powered firms pushing working families out of the housing market and into rentals, therefore depriving them of capital and the opportunity to build credit and equity.
According to a Wall Street Journal report, BlackRock – led by billionaire Laurence Fink – is purchasing entire neighborhoods and converting single-family homes into rentals; while in cities like Houston, investors like Fink account for one-quarter of the home purchasers.
That is on their agenda. However, I believe the investment firms are making plans to buy the homes of landlords who are going broke for pennies on the dollar.
I remember here, during the housing boom, people were paying for places sight unseen. A foreclosure would get all cash buyers. A person who needed to finance got pushed to the end of the line.
The top 0.01% already own too much power. The top 0.001% more so. Enough power to drive government policy to gut smaller fish and mop up their assets as well. Wealth is power. I find power inequalities in societies objectionable. Too much power in few hands recreates the oppression from which America’s original settlers were fleeing.
I believe a more egalitarian society is preferable.
It’s time this stops imho rent has been skyrocketing as well as housing prices through the roof since they stopped foreclosures and evictions hurting a lot of people who can’t afford the rent or can’t find a house that’s 40% higher since covid started straining the supply.
It is helping those people who are behind in their rent over a year and likely will leave and never pay a penny to the landlords once it’s over but it’s hurting everyone else. This has been a bad excuse for picking winners and losers as they are a lot more losers in this legislation and kicking the can is only making it worse. The vast majority of people behind now on rent or far being on their mortgage are likely leaving once this all ends it’s just prolonging the mess and hurting those who did nothing wrong but buy a property and decided to rent it.
Wisconsin successfully nullified the fugitive slave act as did Iowa, Maine, Massachusetts and others. Marijuana remains a schedule 1 substance federally yet several states have ignored this and legalised it. Yes, nullification works.
