this post was submitted on 19 Dec 2023
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A Boring Dystopia
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I don't care if companies own houses, they rent out those houses so the amount of housing is still increasing.
Same for "those outside the country" unless you mean like billionaires buying housing units and not living in them and not renting them out, but that is not a big enough part of the market to matter.
15 percent of the market is big enough to matter. https://slate.com/business/2021/06/blackrock-invitation-houses-investment-firms-real-estate.html
Corporations bought 15% of homes sold in that quarter, they don't own 15% of the homes. The total owned is much less, I think it's 2% combined. But regardless, that does not impact HOUSING, it impacts home buying. Separate issue.
If 100 people need somewhere to live, and there are 98 houses, 2 people will not have housing. Now imagine a corporation buys 10 houses and rents them out to 10 of the people. Still exactly 2 people without housing. I care more about helping the people who do not have places to live.
It is more than you think.
https://www.billtrack50.com/blog/investment-firms-and-home-buying/#:~:text=According%20to%20data%20reported%20by,%2D2021%2C%20why%20is%20this%3F