this post was submitted on 23 Oct 2024
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Housing Bubble 2: Return of the Ugly
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That's actually fewer homes that Blackstone owns than I would have thought.
Not that it makes things any better, I just would have expected the number of homes Blackstone owns to be in the millions by now. Maybe they have subsidiaries that are buying up homes under different names.
Obviously, there are plenty of other corporations that own thousands of homes so it doesn't make much of a difference.
A more functioning government would have immediately dropped the hammer on said business practices.
We live in a Corporate bordello.
Add in other corps:
20% of all property purchases are for investments: 65% of those properties purchases are by people who own 10 or more properties.
Doesn't shock me at all. Like I said, it doesn't make much of a difference which corporations actually own them. But I'm still surprised because if someone had asked me how many homes Blackstone in specific owned, I would have guessed a lot more.
I’m sure they have more hidden away in subsidiaries and shell companies
That was my guess.
Curious to know if they're counting buildings or units. Blackstone owning one ranch-style house would be very different than Blackstone owning a 500 unit tower block.
I don't know, IMO a home is a home. You can buy a condo just like you can buy a house. You can buy a condo bigger than some houses.
A very big building holds more people than a very little building
What difference does that make? This is about housing prices, not capacity.
The cost of housing isn't just the price of the unit. If you need to spend an extra $500/mo on the commute, plus random budget buster repairs, a "cheap" house can be less affordable than an "expensive" one.
Those things can both apply to a condo.