Saltwater60
20×102mm Vulcan
I’m shocked by this as this is extremely liberal and goes against free market. However, the housing market and prices are killing Americans. Not sure how much of an impact this will make.
Trump wants to ban single family homes being sold to investment firms
- Thread starter Saltwater60
- Start date
I don't like more government controls but I'm ok with this.
As kat timpf pointed out on gutfeld tonight the inability of young people to afford housing is how you get them to vote for radical leftists like mamdani in NYC. Nothing good can come from corporate America buying huge amounts of single family homes and then renting them out to young people at premium rents. Remember "pottersville" from it's a wonderful life?
I do not like this.
Saltwater60
20×102mm Vulcan
This. I understand it but I don’t like it.
Saltwater60
20×102mm Vulcan
While I agree the housing crisis is already lightening. The demand by me in the past 4-6 months has dropped significantly. Houses are sitting longer and not so many over asking bids. Prices dropping $40,000-$100,000 after sitting for months and months.
Many more apartments by me are being built. Also people need to remember the replacement birth rate is not being met so when the baby boomers die off there will be additional homes on the market. At some point there might be a glut of them.
Also make no mistake private people will buy houses and turn them into Airbnb and rentals if the money is right. There is a home affordability crisis but part of the issue is these morons building huge McMansions and not normal homes. Now most new builds are 3-5 bedrooms with just as many bathrooms, granite/quartz countertops, finished basements with party rooms. This drives up the price of the average home that most people would buy.
I wonder how much of an impact this would actually have on the market. I doubt huge equity firms are massively overpaying for homes.
This is just one of many reasons why Trump is doing this.
spat
.950 JDJ
Except Mamdani's housing chick just said that home ownership is racist and her goal will be for *nobody* to own their own home.
Can't afford a house, but have a $1000 phone on a $300 month bill, eat out every meal, wear $200 sneakers, taking glp-1 shots at $100 A pop, streaming tv for $300/ month, credit score of 15, etc etc etc, perhaps self restraint and a budget could help.
That's the politics of resentment at work. If young people can't own homes, do you think they care if no one else does?
96coal449
.308 Win
I'm not okay with any of this.
Gov need not be involved.
Corps need not to own homes for the sole purpose of driving up the housing market to unaffordability. Let alone entire neighborhoods.
The American dream is becoming just that. A dream.
Gov need not be involved.
Corps need not to own homes for the sole purpose of driving up the housing market to unaffordability. Let alone entire neighborhoods.
The American dream is becoming just that. A dream.
Saltwater60
20×102mm Vulcan
I don’t know about that. I see plenty of houses around me selling very fast and to young couples. The young single women across the street just paid $230,000 for a house and is redoing the entire thing. I’ll bet she’s spending $150,000 on it and she’s a social worker, but does per diem stuff after hours. It has slowed down a bit, but all of them people are just moving into. What I see is these kids don’t want to work or make it happen. I work multiple jobs and so does my wife. Kids these days want to vacation and uber while making $150,000. I talk to a lot of young folks and many people thing they will graduate with a bachelors and make $150,000 and that’s not the case. The expectations these days are unreal these young people have.
Im no one special and I have made it all happen for myself with no handouts and the same with my wife. I paid for all of my college cash pay 100% no loans ever and have a masters degree. My wife has her doctorate and her parents gave her about $10,000 for college her first year. Outside of that we cash paid for a masters and her doctorate. Now we make good money. It can be done.
When we first started off I was making today what the equivalent of minimum wage is. Anyone these days can go to a trade school and make good money fast. Hell I tell kids all the time go to boces for a few thousand bucks and get trained on electrical and get licensed. Then start off doing all sorts of small odd jobs for people replacing lights, light switches, plugs, and electrical panels. All you need is a vehicle and $1,000 in tools. The upside is a lot of money. To replace a light an electrician is easily getting $300+ in my area for 30 minute job. I know there is more to it but you can make it work and make good money doing it.
Steal2B
.700 Nitro Express
It's not just the Blackrocks doing it and it's not just new home owners being impacted . I've seen big chunks of neighborhoods around Houston, San Antonio, Atlanta, Charlotte, Tampa, etc purchased by CCP entities that turn single family homes in to rentals and neighborhoods then changed in to much less desirable hell holes by trash tenant / neighbors.
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96coal449
.308 Win
Discussing this topic in Davos. Complete red flag. Nothing we do here needs discussion there.
Fuck Davos.
OwnTheRide
.223 Rem
I don't really think that investment firms buying homes is really a problem. They're just part of the market. If they push things too high, demand will plummet and prices will drop. Frankly, I think we're on the verge of that point right now.
There are a lot of other things going on that I think are the real drivers of the problem... if there really is one.
There are a lot of other things going on that I think are the real drivers of the problem... if there really is one.
- As Salt mentions, expectations. Everyone seems to think that they're going to graduate school and start making big bucks right away. In the vast majority of cases, it doesn't work that way.
- Homes are expensive in a relative sense. As in, when you first buy them, they seem expensive, but a decade or two down the road, the price you paid starts to look cheap. When we bought our first house, it was really a strain on the budget. 15 years later, our mortgage payment for 2000sf + 45 acres was less than most people were paying for rent.
- Cities and their surroundings really skew the data - though, of course, that is where most people are. Using my former house as an example (in the Binghamton area), when my mother - who lived in California at the time - mentioned my square footage and acreage to her friends, their reaction was almost universally "ohhhh, he must be rich!" Definitely not the case. The reality is that homes and land are a lot more reasonably priced in areas with less population density. If you want to live in a city, you either need to make a lot more money, or reduce your expectations in terms of what you will own for a home.
Saltwater60
20×102mm Vulcan
Spot on. #2 is a great point.
My house 10-11 years ago was $150,000 and too and for my area. It needed some work so we delayed moving out of our old one for 2-3 weeks so we had a minimal down payment and took a 30 year mortgage at 3.75%. Did the work, sold the other house, and banked $25-$30,000. I haven’t put much into it and I could sell it today for $375,000 I’d say. I refinanced and dropped 5 years and .5% interest when refinancing was cheap so the interest savings was about equal to what I paid but I was able to drop PMI and 5 years off the loan. Now my $1,300 mortgage and interest rate is my greatest asset, but also my worst enemy because it’s keeping me there and I’d love to move more rural.
10 years is not a long time in the grand scheme of life and now a 1 bedroom apartment is equal to my mortgage.
I’d also like to say I live in one of the hottest markets around since Covid (ranked too 5 a few years in a row) and I am seeing the market hit the breaks big time. Houses are now sitting and prices are dropping non seeing motivated seller in listings again. The student loan repayments starting will ease the pressure as well. Car prices what they are will ease the pressure. Let the market be the market. So I wish houses were cheaper? Yep because I’d move if they were. So I’m saying I’m against something that could help me based on principle.
OwnTheRide
.223 Rem
I'd suggest keeping an eye open on rural areas you'd want to move. Keep in mind that houses are less expensive in rural areas, so the equity you have in your home could enable you to make the move today.
My wife and I were in a substantially similar boat as you about 2 years ago... house bought for $150k 19 years ago (17 at the time). Found a house in a rural area going for $230k. Sold our place for $362k. Paid off our mortgage, paid for the new house, and still had around $100k leftover.
Now, granted, the house we moved to was a special case, as I've mentioned here before. Nearly brand new (built in 2020), 50% larger than our previous house, very rural, and Amish... so, no electricity/water/heat/etc. That extra money we pocketed - and so much more - has gone into bringing the house up to modern standards and redoing pretty much everything inside and out: three new bathrooms, completely gut and build 4 bedrooms, completely new massive kitchen, new windows all over the place, siding, removing 3 out of 4 chimneys, expand the basement, buckets upon buckets upon buckets of paint, SO MUCH trim... you get the idea.
But, keep in mind, this was for a 3000sf house built in 2020. You could probably find a slightly smaller, not-new-but-not-old house, for a similar price if you're sufficiently rural... and one that doesn't require you to add electricity/water/heat/ac/siding/kitchen/bedrooms/bathrooms/basement/windows/etc. You also don't have to go mortgage-free, as we did. For example, you could put down the money you make from your house and take up a $100k 15 year mortgage on the new place, giving you a lot bigger of a price range. Pick some areas you're interested in moving and keep an eye on Zillow. You never know.
My point is, I think you're nowhere near as trapped as you think you are. I know that I thought it was impossible for us to move 2 years ago when we noticed this house. It seemed like a pipe dream. To our complete shock and surprise, a very hectic three months later, we had moved.
Saltwater60
20×102mm Vulcan
My issue is my wife doesn’t want to move too far out. I would, but she won’t. Things I’ve been looking at are unaffordable for my situation. We will see what happens moving forward and after the kids are done with college. Time will tell.
No, not really.
I have a $900 phone, true... but it's already paid off and on a $60/month plan (for 2 phones), eat out only occasionally, wear $100 boots, and have NEVER drunk anything that costs more than ~$7. Streaming TV and internet is bundled and costs $170/mo, and a credit score over 800.
And to buy a $300k house I would have to cough up $40k for down payment and fees AND the mortgage would be ~$3k/month. That's more than half of what I make per month, and I have a 6-figure salary.
Houses I looked at 5 years ago that went for $200k to $250k are around $350k or more. Even "unique fixer-uppers" are starting at $150k-200k. Anything less is practically a skeleton that needs to be torn down and totally rebuilt.
My sister bought a new house for her, her kids, and our mom to live in after my dad died in 2016. They paid $450k. Latest assessment was over $650k!
And it's not just the cost of the house that is bad. Property taxes and school taxes easily equal the mortgage payment per month. So a house I might be able to afford at $1500-2000/mo is $3000 or more per month.
something is driving up the "value" of homes and it's certainly not due to all the good little financially responsible people buying them up.
spat
.950 JDJ
If fundamentally comes down to teaching kids that the world owes them a living.
We used to teach that the world doesn't owe you shit, go out and earn it.
But the left preaches all day that the world owes you food, housing, healthcare, everything you need to survive. It doesn't.
Saltwater60
20×102mm Vulcan
You should see all the lies that get posted constantly on Facebook to push these lies. Stuff that is easily googled to show that it is completely wrong. You post the facts and no response because they want their narrative pushed.
Last one I saw how the average income was $52,000 and some change and the average rent was $3,300 per month and they recommend your pay be three times more. I knew both those figures were wrong. Turns out average rent is $1,900 and average pay is $68,000 and that’s almost exactly the 1/3 they recommend.
Invite 12 million illegals into the country and you get a housing shortage. They have to live somewhere, the Dems are not bringing them into their homes.
That is definitely a major part of the problem.
China is the biggest buyer of both residential properties and Commercial properties in the USA...................and farm land.
www.newsweek.com
www.eurasiantimes.com
Trump is simply stopping the Chinese from using big firms, like BlackRock, as straw man purchasers for China..................those troops have to live somewhere.
Chins IS the biggest buyer of residential Real Estate in America., not just the biggest foreign buyer....................read the link.
China leads list of foreign citizens buying US property
The majority of foreign buyers snapping up homes in the U.S. over the past year came from China, according to a new report.
www.newsweek.com
11 Years In A Row -- Chinese Investors Dominate US Property Market, Endanger Its Military Bases
According to the US National Association of Realtors (NAR), the Chinese have been the leading foreign buyers of US residential property for the 11th consecutive year. Prior to this, China was discovered to have been purchasing strategically located farmland near military installations throughout...
www.eurasiantimes.com
Trump is simply stopping the Chinese from using big firms, like BlackRock, as straw man purchasers for China..................those troops have to live somewhere.
Chins IS the biggest buyer of residential Real Estate in America., not just the biggest foreign buyer....................read the link.
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Saltwater60
20×102mm Vulcan
They are not the biggest buyer, but they are the largest foreign buyer, big difference.China is the biggest buyer of both residential properties and Commercial properties in the USA...................and farm land.
China leads list of foreign citizens buying US property
The majority of foreign buyers snapping up homes in the U.S. over the past year came from China, according to a new report.
11 Years In A Row -- Chinese Investors Dominate US Property Market, Endanger Its Military Bases
According to the US National Association of Realtors (NAR), the Chinese have been the leading foreign buyers of US residential property for the 11th consecutive year. Prior to this, China was discovered to have been purchasing strategically located farmland near military installations throughout...
Trump is simply stopping the Chinese from using big firms, like BlackRock, as straw man purchasers for China..................those troops have to live somewhere.
I’d have zero issue with stopping foreigners buying houses that do not live here. If you already live here fine you can buy one.
Agree.
Giant mega corporations buying every home and turning everyone into renters they can price gouge isn't a good thing. Personally I think every C-level executive that participates in and tries to implement that should be dragged out to sea and tossed overboard 100 miles offshore.
Saltwater60
20×102mm Vulcan
Maybe it’s only big cities but I don’t think this is happening by me. I know a few houses went to llc’s but I don’t think it’s happening a lot. Most towns by me say if they aren’t a rental place or multiple dwelling residence now they can’t be turned into them. If they aren’t grandfathered in then they can continue as a rental.
Of course, this could all change but residence wouldn’t be happy so not sure it will.
Brawny71
.44 mag
What’s happening in flood/fire zones needs more reporting. It should make you very nervous.