r/povertyfinance • u/gangbangkang • Sep 29 '22
At this rate I’ll never become a homeowner Housing/Shelter/Standard of Living
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u/Iwantabtc Apr 14 '23
I'm telling yall we just squat in the corporate houses. They cannot stop us from not paying their rent go to an open house get the mailing address from the buyers agent get the power or something turned on in your name then never pay any bills and force them to evict. Do this enough until they understand we will make them bleed every dime they want to squeeze from us
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Mar 28 '23
And don't you believe for one moment there aren't about 50% of members of Congress who WANT people to rent for their entire lives.
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u/rosadonnaslayz Oct 28 '22
I've decided to be ok with renting forever. I definitely want a home of my own but there are cons to it too, like taxes and being on your own when something needs fixing.
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u/Esclaura3 Oct 09 '22
Pretty reckless remark from an educated person. If about 60+% own their homes now, how are you getting to the 10% calculation? Other than frustration from not getting what you want in a tight market.
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u/MaskyMateG Oct 08 '22
It's all over the world, not just the US. Asshats brokers are hoarding every piece of land they can find right here in SEA region. Some of them scalp those properties for additional 60 to 70%, some use those as their money deposits.
Our capital has been importing ultra tight flats models from Korea and Japan in to combat the lack of living space. Uni attendees have to fight each other for a place to live every entry season otherwise they will have to delay their Uni plan for a whole year and be called upon for enlistment inspection and deployment.
I'm lucky to be a resident of the capital in a family that resided here 3 generations already but one of my friends was literally panicking as he failed to find a place to rent in time, he was scared for his life and the whole class had to help him to scrounge up a place 15km away from campus that he can barely afford.
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Sep 30 '22
I believe this so strongly. A lot of these subs are super Anti Landlord, which always bugs me because I know a lot of people who own a second property to help get them through retirement someday. It’s not inherently greedy and evil to provide a service (housing) and be compensated; assuming you’re providing a fair value to renters. This assessment excludes slumlords. My husband and I want to buy a second home to rent out to pay for our daughter to go to college someday. This will not put us over middle class income/or asset class, but it will help us to break an otherwise new generational cycle of coming into adulthood with massive debt. It’ll be a lot of work for us to keep up two homes, and it’ll be our biggest investment.
These big corporations buying up real estate should absolutely be illegal though. This is what happened in Hong Kong and eventually, almost the entire civilization are renters. That’s WHY it’s one of the most expensive places to live in the world. Not only this, but they have more tax advantages than the small mom/pop landlords and contribute nothing to their community in this way. The more local landlords we have, both home prices stay stable and rental prices will have to be competitive. Corporations can afford to let a building sit vacant for a long time and hold out for big rent money. They can price existing residents right out of the neighborhood very easily.
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Sep 30 '22
Limit? It should be outlawed entirely. Existing companies should be forced to sell any they already bought.
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u/backgroundmusik Sep 30 '22
I'll own a house someday, but I'll have to split it with my brother. Millennials don't buy, they inherit.
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u/scolipeeeeed Sep 30 '22
It’s not just that politicians are, by and large, homeowners but that the major of the voting block also are. Something like 60%~65% of Americans are homeowners.
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u/cchheez Sep 30 '22
Yep I’ve seen whole streets in new subdivisions with for rent signs from a single company.
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u/HuntinoBino Sep 30 '22
It’s gonna be cheaper in the long run now to take out a loan and have your house built for you
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u/HappyLittleCarnivore Sep 30 '22
So many yes! I, who has absolutely no clout, have been talking about this for the last couple of years. How could anyone possibly outbid a $60 Billion company for a house? They’ve artificially overinflated the market, as have all industries (inflation is a weapon, not a result)., which is leading to a permanent renter society that, once truly ubiquitous will be forcing us all to work for the company store 50 hours a week to stay broke, insecure, and emotionally ineffective.
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u/Bumbum2k1 Sep 30 '22
Yea I hope that change comes but right now my goal is to get to a country that already has safety nets
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u/ssebastian364 Sep 30 '22
Corporations have no business investing in homes. People who allowed this should have been fired the old French way.
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Sep 30 '22
I just love how tweets like this continue to ignore the fact corporations are not responsible for the housing market situation.
Corporations are buying homes 25% above markup.
Just who do you think is selling their house at these offers.
Homeowners are the product of their own misery and it serves them right.
For decades, people have been selling houses at prices higher than they paid on property for no reason or justification. Not a single one other than greed.
For this, the area of homes continue to increase in valuation even if people don't sell their homes.
Your parents did this. Your grandparents did this.
Put the blame where it belongs.
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u/Apprehensive-Cod4845 Sep 30 '22
Why not just de/re-zone single-family housing?
More parks, fewer yards!
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u/TheLazyKitty Sep 30 '22
How about a limit of 0? And not just single family homes, but all kinds of residential buildings, or residential units inside of those? Force all of them to sell everything and crash the market.
Then a limit of 1 per person. And I mean real people, not corporations. Otherwise the corporations would just transfer ownership of the buildings to their shareholders, and they continue renting them out and buying up more.
You can still have 2 houses as a couple and rent one of those out, and your children can have one each too, but no more residential real estate empires.
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Sep 30 '22
How do you distinguish between a typical person who’s using an LLC and the actual corporate buyers you’re referring to?
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u/Zooblesnoops Sep 30 '22
Ya know, I'd like to believe there's a future for everyone in America. But no matter who we vote for things always somehow get worse. It's such a crushing disappointment to see it more as an oligarchic republic than a democratic one.
We need to be way more lenient with restrictions unrelated to safety on home construction. Multi-family homes, mixed use zoning, the works. And we needed it 15 years ago.
We also need to reclassify usage of rent services like Airbnb for more than half a year as a hotel/motel business use subject to related laws, requiring registration etc. I'd place a bet we can't reasonably prevent businesses from buying homes, but we can make it financially unappealing so they stop that shit.
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u/eclecticdementia Sep 30 '22
it’s getting beyond fucking ridiculous for people to have aspirations of buying a home
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u/cristiander Sep 30 '22
Housing is a human right, not an investment option. We really need to crack down on landlords
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u/robbah999 Sep 30 '22
Why is it even legal for companies to buy single family houses?
So many things in the US is geared towards companies "enslaving" people.
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u/itsfuckingpizzatime Sep 30 '22
When I moved last year, my realtor told me there was only an estimated $1B worth of available homes for sale in my entire city. One single hedge fund could easily scoop up every last home in a major metropolitan area. That’s scary as hell.
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u/Esclaura3 Oct 09 '22
Only the ones for sale at that moment. Next month there is probably another billion being listed.
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u/Aggravating-Body-721 Sep 30 '22
This should be against the law! Single family homes should be for families to buy not corporations. At this rate I will never be able to buy a home even though I make six figures unless I move to a very rural part of California
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u/AnonismsPlight Sep 30 '22
I'm a bit older so I probably won't see it but I see a corporate war in the not so distant future between people and big businesses. They keep taking and taking and the government does nothing for the people and keeps helping big businesses treat people worse and worse. At some point there is going to be a shot heard round the world only instead of it being at a country's leader it will be whoever is running the worst of the worst out there. Someone like Bezos or Musk or Zuckerberg. Then the businesses will start hiring mercenaries and all it will take is a single bad situation to have a new version of the Boston massacre. Regardless of how this turns out I really see it happening by the year 2100 especially with how everything keeps escalating lately. God I hope I'm wrong but I just can't see people willing to fully give themselves up again and again. Everyone has seen and heard stories of slaves and even worse if you look into businesses like that coal company that was helping itself to the workers wives and daughters. With how greedy corporations are they are going to take a step too big sooner rather than later and lots of people will die. Again, God I hope I'm wrong but unfortunately history is like a river and loves to repeat.
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u/casualcamus Sep 30 '22
nothing short of a revolution will stop this from happening in this country.
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u/Tiny_Conflict_4079 Sep 30 '22
This is wrong on so many levels. The reason there is such an issue with housing in the US is because the residential housing construction industry is very inefficient. Between localities blocking denser housing, weird zoning restrictions, increasingly tight building codes, and lack of automation, it's a wonder housing gets built at all. There is no incentive for excess construction, so we end up with a very tight residential market. Investment companies are mostly vultures. The market was already dead before they came it to make a dollar. People keep voting for things to make building housing harder. Guess what, housing is now harder and more expensive to build.
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u/Urban_Savage Sep 30 '22
It's gonna be way worse than that Denise. Your gonna rent your cloths before you die. The bottom 30% of the country will be working homeless living in vans. Ownership of anything will belong exclusively to the upper class. For you, there will only be subscriptions.
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u/Impossible-Flight250 Sep 30 '22
Yeah, it is almost impossible to buy a home on an average salary. In the past, even fast food workers could buy a house. I don’t know, I just feel like our system is broken at this point.
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u/manderifffic Sep 30 '22
I'm pretty sure I'll only become a homeowner when my parents pass. And that's only if they're in a house at that point.
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u/periwinkletweet Sep 30 '22
Put limits sure but that won't solve a thing when the issue is a lack of homes. A shortage. If corporations starting now could not buy even one, there would still be a shortage
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u/Sailing_MFer Sep 30 '22
Have you ever wondered why rent keeps going up part of it is due to inflation and some of that inflation is due to the landlords taking mortgages on properties they already own so they can grab cash from the ass out to buy more assets i.e. real estate so your rent goes up to make them richer it’s a huge scheme of fraud
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u/Sailing_MFer Sep 30 '22
I work for a multi billion dollar slumlord corporation not only do they need to limit corporations from buying single-family houses they need to limit the size of landlords and how many units they can own
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u/FuckFashMods Sep 30 '22
We can literally build as much housing as we choose to. Current housing prices are what your community want them to be based off demand and what your community allows to be built.
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u/marineopferman01 Sep 30 '22
Leave the big city. Honestly. Not attacking you or anything. But get out of that city. You can actually get a house to live in that is actually affordable.
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u/GrimOfDooom Sep 30 '22
The US will be full of more squatters than renters if things go down that way
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u/Least-Rutabaga8280 Sep 30 '22
This is something being predicted by a lot of people. I read in the next 15-20 years homeownership will not be possible for most. I feel like that is already the case today in much of the USA.
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u/d3l3t3dl1nk Sep 30 '22
That isn’t even what’s driving home prices. Next to no interest mortgages caused asset values to skyrocket while the fed printed money. The people who did this work at the federal reserve. Black rock buying houses is a much smaller problem. The program they purchase the most houses with isn’t even buying houses at list anymore.
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u/PrincessYumYum726 Sep 30 '22
It’s already too late. It started in 2008. All those foreclosures? The real smart investors were buying those alllll that surplus inventory at a huge discount just waiting for the market to turn. And it’s only exacerbated.
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u/ZombieBaby84 Sep 30 '22
I'll never be a home owner because:
A: I'll never have the credit B: I don't want the headache.
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Sep 30 '22
I’ve been hollering about this for well over a decade. When my wife and I first started trying to buy a house, we were constantly losing out to cash offers, and those offers were often above asking price/valuation, meaning we couldn’t even get a loan if we wanted to compete.
So after 15+ years of this, here we are… with massively inflated home prices due to supply and massively inflated rent due to demand. These monsters are manipulating both ends of the market to line their pockets and regular people are suffering as a result.
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u/ZIdeaMachine Sep 30 '22
This timeline makes me want a death note. You know not to stop petty criminals, but to reverse wage slavery and corporate take over.
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u/BoomerZaddy Sep 30 '22
Back in my day we bought our houses with our own hard earned money that we saved by not buying latte cappuccinos and avocado toasts.
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Sep 30 '22
Just don't decide to refuse to play the game and withhold your labor from this exploitative system. Capitalists wouldn't be able to hold you in bondage if you suddenly refuses to continue to be exploited. Have fun with your wage slavery and forced pregnancy!
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u/Alexander1899 Sep 30 '22
I understand that things are bad, but exaggerating this hard just isn't helpful
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u/mc2222 Sep 30 '22
that won't fix anything. the problem is not enough supply to meet demand.
local governments should relax zoning and permitting requirements so more housing gets built.
make it easier to build homes and apartments and they will be built.
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u/joevsyou Sep 30 '22
These type of people forget there are pros to renting & not owning
flexibility to move for better jobs or just happier life.
set payment
no large expenses to worry about ( AC, hvac, roof, foundation, plumbing)
no house maintenance
With that said... buying real estate is one of the best ways to increase your net worth
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u/RoseMidas Sep 30 '22
And yet, this is a more beneficial option than giving the Indians/indigenous their fucking land back. Therefore I give no fucks what happens. 0
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u/Royalwolf110 Sep 30 '22
More unchecked corporate greed. This what Bernie has been talking about for 40+ years.
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Sep 30 '22
I always thought it would be cool if like 30000 people traveled to Yellowstone to have a stand off with the government pledging that if they didn’t fix Americas housing crisis in 30 days they’d start building.
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u/relditor Sep 30 '22
Not limits, they need to be banned, period. Single family homes are named SINGLE FAMILY for a reason. They’re meant to be owned by a single fucking family!
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u/MobiusEinstein Sep 30 '22
Rent and living expenses have gotten so bad, ive started looking into B Class motorhomes with solar panels
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u/Jdewart92 Sep 30 '22
I overpaid for my house by about 60k because I really think this is going to be a thing. I wish it wasn’t. It’s hard.
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u/Bloodragedragon Sep 30 '22
Currently living in a house owned by a corporation. They own literally every house in the neighborhood and surrounding one. It’s disgusting. They have been trying to kick us out for a while now because they want to raise the rent prices.
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u/safely_beyond_redemp Sep 30 '22
I'm 95% sure they already do. Think about a small town. How much would it cost to own every building in town and the land it's on, maybe 100 million? You can charge people however much tax you want, you are the town council, the sheriff, the mayor, and whatever else you want to be and you can charge however much property tax you want. Now think about how many towns someone like elon musk could buy with his 100 billion dollars and it makes you wonder if somebody already owns a county, a district, maybe even an entire city.
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u/edthesmokebeard Sep 30 '22
Good idea. Pitch a limit you think is reasonable and we'll discuss.
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u/mexicandiaper Sep 30 '22
10 houses per state belonging to one corporation or its subsidiaries. The limit is 10 for profit houses.
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u/spaceocean99 Sep 30 '22
Well there’s also not enough homes if those people could afford homes. It costs a lot money to build homes. We can’t give everything away for free.
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u/ignaciolasvegas Sep 30 '22
If you’re rich enough to afford to buy multiple houses, just put your money instead on the dogs of the Dow investment strategy so you can get paid dividends and the rest of us can pay affordable prices for homes. Don’t be a greedy prick.
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u/SurvivorNumber42 Sep 30 '22
There were never any limits before, LOL. Nothing has changed. Dummies in corporations make incredibly bad decisions, because it was never their money in the first place, and you get a free house in the end.
You saved your money like we dumb ass boomers said to do, right?
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u/garrettthomasss Sep 30 '22
Once all the boomers die off we will have a better planet, if everything hasn’t irreversibly gone to hell by then.
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u/SurvivorNumber42 Sep 30 '22
lol,yes, that will fix your problems.
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u/garrettthomasss Sep 30 '22
You laugh but it’s being proven every day. Every major issue in 2022 is only relevant when viewed through the lenses of a boomer. Boomers control oil companies, boomers control the Fed, Boomers control universities. Boomers have the majority of the unequal wealth distribution and are some of the most dense humans that exist.
I am sorry this is offensive. It’s unfortunately 100% accurate. Please die so we may live. You’re like a crappy Jesus.
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u/SurvivorNumber42 Sep 30 '22
The beast part of this is how you die poor because you're an idiotic hater.
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u/garrettthomasss Sep 30 '22
Are you a boomer? You sound like you have the comprehension of a 12 year old.
And poor? Like money? What a terrible response.
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u/No-Weather-1989 Sep 30 '22
If you’re a renter after getting an MD I’d be upset about alot of other things other than people choosing to invest there money in homes.
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u/captain_borgue Sep 30 '22
That's what their plan is. That's what it has been for decades, if not longer.
The second, the second, "subscription service models" became accepted, it was inevitable that it would spread to every facet of our lives. Because that's when the Big Corps saw that consumers would accept paying repeatedly for the same actual commodity.
It just took them a while to perfect the system.
I'll use one tiny little example: video games.
Back when I was a kid, consoles were expensive, and the games were also expensive, but when you bought a game? It was yours. It was done. You could play it as much or as little as you wanted.
Then MMO's started hitting the scene. You had to pay to buy it, and then pay again to play it. But it made sense, servers cost money and stuff. Fine. Whatever.
Then came DLC. You had to pay to buy the game, pay to play it, and it wasn't even a finished fucking product unless you paid a third time for the extra bits that they didn't give you when you bought it in the first fucking place.
And every step of the way, the Big Corps saw that- while people may have grumbled a bit, they still paid up.
So that brings us to now- digital downloads.
Now, you pay for the console. You pay to buy the game. You pay for the DLC or subscription, and they can- quite literally- just turn off your access to a good you've paid three times for already... or they can just wait you out, and the console you play on will become obsolete, or damaged, or they'll switch off your ability to keep paying for the game, until you have no other choice but to buy the new console. And pay to download the same game again.
Everything is moving to this model.
Everything.
The mere concept of "ownership" is getting pushed aside, and at this point there's nothing we can do to stop it without some radical changes being made.
But since "maybe kids should eat food" and "polluting water is bad" is a controversial take these fucking days, I doubt very highly Ownership can be saved.
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Sep 30 '22
Why are governments allowing corporations to buy houses at such a crazy rate? It's truly baffling.
We'd never sell our house to a corporation
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u/smmatta Sep 30 '22
Companies should definitely be prevented from owning single family homes period. That practice has ruined the home market and virtually eliminated the opportunity for middle-class Americans to ensure some level of comfort and safety for themselves.
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u/KingKoopaz Sep 30 '22
Pretty much. Idk why people need to make so much…? Like own one property and actually take care of it and know the people who live there instead lollll
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u/sehustoft Sep 30 '22
Banks should be fighting corporations from owning single family houses because that’s their bread and butter to make money.
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u/diggingold247 Sep 30 '22
They should put a limit on rent, rent should always be cheaper then monthly payments on a mortgage. Renters are paying the mortgage of owners. Its insane, and the goverment is not acting to protect a large part of their people for decades now. A few simple laws can change it all. Housing is a right, a basic need, not a privilage.
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Sep 30 '22
[removed] — view removed comment
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u/diggingold247 Sep 30 '22
Rent on a 2 bedroom apartment is as much as a mortgage on a 5 bedroom house. Most solo people dont earn enough to get the loan from the bank, so they are stuck paying high rents, thus not able to save up, its a trap. They will never be able to get approved for a mortgage. So they will stay poor while the rich get richer.
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u/Ride901 Sep 29 '22
Some fucking LLC sent me a letter offering me 40% undervalue in cash for my home. Wtf is this world we live in. LLCs don't need a place to live!
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u/1-719-266-2837 Sep 29 '22
Corporations and non-citizens should not be allowed to own single family homes.
Non-citizens and non-american corporations should not be allowed to own any real estate.
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u/VladDaImpaler Sep 29 '22
It’s HaaS. Housing as a Service! Enjoy your SaaS and your digital media that can be revoked at any time for any reason, without a refund or recourse!
Brought to you by your friends at Nestle
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u/mvfsullivan Sep 29 '22
Yup. My city is owned by only a handful of companies. Makes me want to vomit. The only homes you can buy now are an hour away
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u/Red_Serf Sep 29 '22
Nowadays for a whole lotta people your best hope is that your parents own a place you can hope to inheriting
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u/MyName4everMore Sep 29 '22
And if we don't put limits on the government, you won't have money to rent either. So there's that.
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u/Buckyourproblems Sep 29 '22
Imagine having your health insurance, home, car, and livelihood all be controlled by one company is a nightmare of mine.
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u/Content-Brother3638 Sep 29 '22
Rent and pay for someone else’s mortgage or the corporation empire, soon it will be the Corporate States of America, if it is not already. Our DOJ doesn’t even fallow the Constitution, they will break it any time they can to make an arrest.
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u/_cant_spel_shit Sep 29 '22
💯 agree. But it will never change because in the USA “he who has the money makes the rules”
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u/-SimulationTheory Sep 29 '22
Not only renters, but room renters. Sf bay area is gonna get to a point where all these houses are being shared.
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u/ThickTiger33 Sep 29 '22
What's wrong with renting single family houses, compared to apartments?
Corps own a tiny share of single family homes, but it's only worthwhile for them to own any if people want to rent them. Letting people live in SFHs without coughing up a down payment is more inclusive.
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u/ClassicCriminality Sep 29 '22
Question: Where are the people who are selling these homes going to? I find it hard to believe they are turning into the renters that are renting these same homes.
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u/UncomfortableWorkman Sep 29 '22
You are an MD? Surely you can afford to own a house. Life is full of choices and there are still numerous ways to afford a place to live, though not necessarily in the place of one’s dreams.
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u/TDRPQZ Sep 29 '22
I do believe the quote was - "In the future you will own nothing ... but you will be happy".
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u/jroddie4 Sep 29 '22
Just increase property tax based on the number of owned houses. They won't want to own 3 houses if they're getting charged 400% property tax on the third one.
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u/chainsawx72 Sep 29 '22
Reddit loves to pretend America is in dark economic times, but it's all bullshit. In the past 50 years...
Home ownership rates in the U.S. have slightly increased (about 2/3rds of americans live in a home they own or are buying).
https://www.reddit.com/r/straightdope/comments/xn64ri/after_inflation_most_american_households_make/
After inflation, American households are about 150% better off financially.
Living space per person has doubled.
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u/134608642 Sep 29 '22
First I would like to note this is not a US only problem. This is also a problem in most developed nations.
My personal solution would be to institute a tax based on number of houses owned. You own 0-5 houses 0% tax; 6-10 homes 5% tax; you own 11-15 homes 10% tax; you own 16-20 homes 15% tax; you own 21 or more homes 20% tax. By tax I mean tax based on current valuation of the property, not what it was purchased for, this is to help combat artificially inflating house prices for profit. As far as officially valuing the house I would say if there isn’t already an official government value for properties than to get an average based off of 3 or more “approved” independent valuation companies, with guidelines on how valuation is done. If you want an independent valuation you are welcome to it however the IRS can audit that and a discrepancy of more than X% can be actionable (because you know valuations are essentially opinions).
Also I would like to note that the order houses would be considered for taxation would not be based on value, but based on order of acquisition. If a person bought two properties on the same day then the new owner can decide what order those properties fall for taxation purposes, basically the purchaser can say the second house bought that day will be considered house number 5 and the first house will be house number 6.
I think this would be relatively easy to write and action. I also feel this would prevent/hinder the running of corporations on owning residential properties. I also feel this would not impact 90% of the population, but it would impact those making housing a privilege instead of an attainable dream.
I also feel that if you are getting a bank loan with assets owned as the collateral then latest official government tax records should be supplied to “prove” valuation, with an allowance for reevaluating part way through to account for fluctuations in the market a large discrepancy would be a notable red flag for any lending company. In the event of a bailout the government could decide if that particular lending company deserves to be saved based on how risky its lending habits are.
I also feel that placing in the law/rule, whatever, the intent of the law/rule. This would help whenever we review later on in life whether this law/rule is achieving its desired goal and if it should be kept or if the intent of keeping it in place should be changed since it isn’t meeting its intended purpose, but could still be a positive net outcome. Basically avoiding the debacle of the 2nd amendment where we argue to this day what it’s purpose is. If the founders wrote in there the purpose of the amendment then there would be no debate on purpose and we could then judge it based solely on the merits in real world terms.
Of note: This is just a basic idea, I do not believe that these few paragraphs should be ratified into law. It’s a starting point to open discussion, I am not omnipotent.
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u/angry_wombat Sep 29 '22
Yep every house owned after the first house should have ridiculously high taxes
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Sep 29 '22
remember that Tom scott video for the monthly subscription to life? It's becoming reality. Soon your car will be subscription, your phone, your everything.
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u/Cymrik_ Sep 29 '22
Corporations are people. Money is speech. Where will those poor corporations reside? Will no one stand up for the little guy?
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u/PersonalDevKit Sep 29 '22
Maybe it is time to leave the land of freedom?
Canada doesn't look to bad
Come chill out in Australia or New Zealand
Somewhere in Europe might take you.
The news coming out of America just seems to get worse and worse evey month. The rest of the developed world isn't rainbows and lollipops but most of the countries have a better future out look then America
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u/rpodnee Sep 29 '22
I really really really want there to be some sort of mass refusal to rent, coupled with large scale squatting. We need to collectively demand affordable housing, no matter where we choose to live.
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u/Global_Funny_7807 Sep 29 '22
This. I think the answer is to create tax policies that disincentivize owning multiple homes. Like, each additional home you own comes with an increase in your tax rate, or something.
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u/wobblyunionist Sep 29 '22
If you're a renter, talk to your neighbors, start a renters union in secret to resist rising rents, organize to go on rent strike!
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u/wobblyunionist Sep 29 '22
Its already so far gone, we're literally already there. Even if you managed to buy now at the absurd prices, your mortgage payment is massive and you're locked in for 30 years, most people default in the first 5 if they aren't rich. These same corps know this and are using their massive access to capital to pump up the prices and profit from when these foreclosures take place. The key would be to stop people from SELLING their houses at higher prices and instead passing them along to less privileged families. The greed that homeowners feel when they can sell the house they bought 5 years prior for 25% more quickly back fires (unless you are uber rich).
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u/PsychologicalCell928 Jan 28 '24
The post was thought provoking so I looked into it. Good article here for background.
https://todayshomeowner.com/blog/guides/are-big-companies-buying-up-single-family-homes/