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cadium t1_jcnlhz2 wrote

Reply to comment by Uncertn_Laaife in Big tech companies are selling their Silicon Valley campuses amid struggle by McFatty7

If only congress would outlaw big banks/hedge funds/investors from buying all those properties with cash.

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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

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cadium t1_jcphtyt wrote

That's a way to do it. Changing zoning still has issues with NIMBYs fighting against it.

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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.

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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.

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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.

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zorg1578 t1_jcr8v66 wrote

I would add. Lower tax for living in, high taxes for holding

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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

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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.

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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

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bluePostItNote t1_jco61b7 wrote

Source?

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dopefish2112 t1_jcoaki1 wrote

https://www.fastcompany.com/90792419/12-mega-landlords-own-majority-of-the-san-francisco-bay-area

https://therealdeal.com/sanfrancisco/2022/06/22/bay-area-ranks-16th-in-the-u-s-in-share-of-investor-bought-homes/

https://www.kqed.org/news/11795988/we-dont-know-whos-buying-up-bay-area-homes

https://pestakeholder.org/news/private-equity-owned-realtors-on-san-francisco-chronicles-list-of-the-bay-areas-largest-most-influential-ownership-networks/

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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

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jeffyoulose t1_jcp3hkn wrote

Let's outlaw zoning laws. Then the problem will be solved.

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yearz t1_jcr983v wrote

Houston did and houses are cheap in Houston

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