Submitted by McFatty7 t3_11u47qp in technology
Uncertn_Laaife t1_jcnft6t wrote
Reply to comment by Ok-Run5317 in Big tech companies are selling their Silicon Valley campuses amid struggle by McFatty7
As it should be. When a common man can’t buy a home where they work, then the market is wrong.
cadium t1_jcnlhz2 wrote
If only congress would outlaw big banks/hedge funds/investors from buying all those properties with cash.
DevAway22314 t1_jcoiz7l wrote
Bigger problem is the overall lack of housing due to rampant overzealous zoning laws. Let people build dense housing, the cost will fall when supply increases
cadium t1_jcphtyt wrote
That's a way to do it. Changing zoning still has issues with NIMBYs fighting against it.
DRUKSTOP t1_jcoz5s8 wrote
No that is the problem. Private companies own a minuscule amount homes in compared to the public. We simply need more supply, and there’s little incentive to build to match the demand.
jeffyoulose t1_jcp3deb wrote
If only someone could crash these big banks / hedge funds to force them to fire sale properties and govt buys them and rent/sells them to people who can't afford homes.
cadium t1_jcphnix wrote
A better idea would be to introduce regulation for big-banks to price property rentals at or slightly below market rents with high fees for keeping properties vacant to drive up the cost of rentals.
They'll quickly realize they're not making as much money as they want and will sell the properties themselves.
Feisty_Perspective63 t1_jcseogs wrote
None of this is going to happen. Things are going to continue as they are like regular
zorg1578 t1_jcr8v66 wrote
I would add. Lower tax for living in, high taxes for holding
yearz t1_jco1kix wrote
This is a narrative you see alot, the fact is the portion of single family homes bought by hedge funds/institutional investors is small. The REAL problem is rampant NIMBYism that chokes supply of new housing
dopefish2112 t1_jco4rj9 wrote
in my area 40%+ of the single family homes are owned by corporations. so no, it is a big fucking problem.
DevAway22314 t1_jcoj230 wrote
The fact the majority of the area is zoned to only allow single family housing is the problem. It artificially constrains supply, thus increasing price
dopefish2112 t1_jcrtuvq wrote
This is true.
[deleted] t1_jcocv14 wrote
[removed]
bluePostItNote t1_jco61b7 wrote
Source?
SevereRunOfFate t1_jco7nof wrote
Found the realtor
cadium t1_jcphym8 wrote
"How much do you tip your landlord?" vibes.
favpetgoat t1_jcp5iho wrote
Por que no los dos??
Low supply of housing = high prices
High prices = people can't buy houses but corporations can
Houses still being bought at high prices = even higher prices
Even higher prices = people still can't buy houses
jeffyoulose t1_jcp3hkn wrote
Let's outlaw zoning laws. Then the problem will be solved.
yearz t1_jcr983v wrote
Houston did and houses are cheap in Houston
up_down_underwater t1_jcocsyh wrote
💯
-20+ real estate pro
yomerol t1_jcowsrj wrote
But that's the problem, someone else is buying those houses, and the market keeps going and will keep going.
As of now in March 2023, the market has slowed down and a bit less expensive, which was why the interest rates were raised. However, is not like houses sit on the market for long. As some other mentioned, there are a bunch of real estate managers buying houses/apartments and renting them, probably to that common man you mentioned.
They would need: to make credits easier for people who can't afford it, idk mark them as high-risk and give them a higher but variable interest rate, and then everyone can buy a house!!! /S (<- just in case people don't know, this is exactly the idea and what caused 2007 crash)
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