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wtf is wrong with the right?

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murphstahoe

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Re: wtf is wrong with the right?
« Reply #3750 on: July 20, 2023, 09:46:37 AM »
Quote from: Tempo34 on July 20, 2023, 06:48:10 AM
Not xenophobic IMO. Responsible. Just as we need to put a stop to corporations (American or otherwise) burying up so much housing.

Why? If they are being renovated and rented out to tenants, isn't that a positive?
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Bridging the Gap

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Re: wtf is wrong with the right?
« Reply #3751 on: July 20, 2023, 10:31:49 AM »
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Re: wtf is wrong with the right?
« Reply #3752 on: July 20, 2023, 10:34:19 AM »
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murphstahoe

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Re: wtf is wrong with the right?
« Reply #3753 on: July 20, 2023, 10:35:12 AM »
Quote from: Tempo34 on July 20, 2023, 10:34:19 AM
https://racketmn.com/should-minnesota-ban-corporate-landlords-from-buying-up-single-family-homes

I am not sure I agree with the thesis that single family homes should not be part of the rental stock
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Re: wtf is wrong with the right?
« Reply #3754 on: July 20, 2023, 10:35:39 AM »
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Tempo34: “I want dignity and equality of opportunity for all, a higher standard of living for all, and healthcare for all.”

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Re: wtf is wrong with the right?
« Reply #3755 on: July 20, 2023, 10:36:53 AM »
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murphstahoe

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Re: wtf is wrong with the right?
« Reply #3756 on: July 20, 2023, 10:41:27 AM »
Quote from: Tempo34 on July 20, 2023, 10:34:19 AM
https://racketmn.com/should-minnesota-ban-corporate-landlords-from-buying-up-single-family-homes

Or stop them from buying up all these single-family homes, which also prevents people from becoming first-time homebuyers in a lot of these markets?

Presuming a functional marketplace, there will be an equilibrium between rents you can accrue and prices that homes sell for. If prices go too high, the properties cease to be attractive as a rental and corporations would sell. There is no real functional difference between one corporation buying a bunch of properties and a bunch of non-banned individuals buying income properties - from a housing price standpoint.

If this legislator wants to lower home prices for first time home buyers, the tactic is "Build more homes". The reason rents go up to the point where it becomes interesting to companies to buy up homes to rent them out, is because legislators cowtow to *current* homeowners to restrict zoning and prevent more construction, because the current homeowners benefit from increasing home prices.
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murphstahoe

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Re: wtf is wrong with the right?
« Reply #3757 on: July 20, 2023, 10:44:24 AM »
Quote from: Tempo34 on July 20, 2023, 10:36:53 AM
https://www.sandiegouniontribune.com/opinion/commentary/story/2022-10-18/flavia-mangan-colgan-commentary-single-family-homes-investors

In San Diego, high housing prices have somewhat insulated the area from corporate investors

Translation: San Diego has underbuilt because current owners have prevented added construction. The problem is self inflicted, and the solution is bogus. If you have a deficit of homes, you have a deficit of homes.
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ThePAMan

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Re: wtf is wrong with the right?
« Reply #3758 on: July 20, 2023, 11:04:09 AM »
Tempo, you have to understand that Murph has invested in the funds that are buying up these single family houses and renting them out.
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Re: wtf is wrong with the right?
« Reply #3759 on: July 20, 2023, 11:29:00 AM »
I’m not a real estate expert, but I don’t think “we ain’t got no homes,” isn’t a reason first time buyers struggle to get into a home. The rate at which corporations are buying homes and property is skyrocketing. There are reasons for that, and some of them are alarming. Wall Street is not interested in housing America and building neighborhoods. Only profits.
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Tempo34: “I want dignity and equality of opportunity for all, a higher standard of living for all, and healthcare for all.”

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Re: wtf is wrong with the right?
« Reply #3760 on: July 20, 2023, 11:31:00 AM »
If Joe and Anne Black from Duluth want to buy, fix up, and rent out a home, that’s a healthy way to go about it. Hedge fund billionaires shouldn’t be in charge of large swaths of housing.
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Tempo34: “I want dignity and equality of opportunity for all, a higher standard of living for all, and healthcare for all.”

Judge Judy: “You are an extremist.”
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ThePAMan

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Re: wtf is wrong with the right?
« Reply #3761 on: July 20, 2023, 11:42:07 AM »
Quote from: Tempo34 on July 20, 2023, 11:31:00 AM
If Joe and Anne Black from Duluth want to buy, fix up, and rent out a home, that’s a healthy way to go about it. Hedge fund billionaires shouldn’t be in charge of large swaths of housing.

Murph was a big fan of Pottersville in It's A Wonderful Life.
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murphstahoe

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Re: wtf is wrong with the right?
« Reply #3762 on: July 20, 2023, 12:04:11 PM »
Quote from: Tempo34 on July 20, 2023, 11:29:00 AM
I’m not a real estate expert, but I don’t think “we ain’t got no homes,” isn’t a reason first time buyers struggle to get into a home. The rate at which corporations are buying homes and property is skyrocketing. There are reasons for that, and some of them are alarming. Wall Street is not interested in housing America and building neighborhoods. Only profits.

If a property can be rented out for an amount of money that makes sense given the purchase price, that's gonna drive the price up, period.

You're also dismissing that a lot of these homes also require a lot of additional capital backing because they are distressed homes, that your struggling first time home buyer isn't going to be able to purchase because they are taking on a new nut in the tens of thousands to make the home habitable.

And no - there ain't no homes. The US has a deficit of hundreds of thousands of homes.
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murphstahoe

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Re: wtf is wrong with the right?
« Reply #3763 on: July 20, 2023, 12:05:35 PM »
Quote from: Tempo34 on July 20, 2023, 11:31:00 AM
If Joe and Anne Black from Duluth want to buy, fix up, and rent out a home, that’s a healthy way to go about it. Hedge fund billionaires shouldn’t be in charge of large swaths of housing.

What is the functional difference between Joe and Anne getting in the way of Tom and Mary, or a company?

If prices are low, that void will be filled. Just because this seems more efficient doesn't change that fact. When you get down to it, these companies represent shareholders named Joe and Anne.
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murphstahoe

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Re: wtf is wrong with the right?
« Reply #3764 on: July 20, 2023, 12:05:56 PM »
Quote from: ThePAMan on July 20, 2023, 11:42:07 AM
Murph was a big fan of Pottersville in It's A Wonderful Life.

And you're a communist. Go figure
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