Ohio senator raises alarm over corporate investors potentially jeopardizing middle-class housing

[@AntonioBianh]

I believe the housing market has been highly overpriced. There are different factors. Some of it is more buyers than sellers. People get in bidding wars over a home. Most homes sell within 2 weeks. Then if you want land in the country between the rich folk and China who are paying way to much for property they make it impossible for average people to purchase in the country. It's going to implode because all the people who paid a premium for house's are a paycheck away from losing those homes. Look at the trucking company that just went out of business. How many of those employees will lose their homes. Look at other big companies that announced layoffs. Housing will be taking a big hit and prices will drop

[@JenniferDrawbridge]

I bought a house in 2021. The insurance and property taxes have doubled since then, and now costs more than I ever paid in rent in my life. I feel that I would be better off living in a studio apartment in a warehouse again and investing the money in anything else.

[@MarkFreeman-xi3rk]

i advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now

[@SophiaChristian-so2of]

You are right! I've diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.

[@cythiahan8455]

@@SophiaChristian-so2of Where may one locate an experienced FA? I like the notion of employing their services, but it's terrible that recent stock market tragedies have started to happen more frequently.

[@SophiaChristian-so2of]

I'd recommend Margaret Johnson Arndt. She is a genius when it comes to diversifying her holdings. You can verify her identity for yourself by looking her up online. She is well knowledgeable about the financial market

[@JaredMerlin]

Everyone in America is going to be homeless while the rich are living it up. This is sickening. This is America.

[@billydakid9814]

Reminds me of Mexico

[@g.t.richardson6311]

Who is the “rich” How much ? I’d like to know too

[@billydakid9814]

@@g.t.richardson6311 more than 10 million a year

[@milehighgambler]

@@g.t.richardson6311we’re not talking about your wannabe multi-millionaire ass. You don’t even qualify for top 10%

[@TheEmaile]

@@g.t.richardson6311 BlackRock, private equity firms.

[@Mitzoplick]

YES. We need to remove corporations from the single family home market.

[@mareerogers1114]

BOTH PARTIES WILL NOT SUPPORT IT. ELECT Y THOSE THAT MAKE THIS THEIR PLATFORM INSTEAD OF WHO IS WEARING A SKIRT OR USING A RESTROOM!

[@mwatercress]

Who would build them then?

[@andromedaspark2241]

​@@mwatercressit's implied they didn't mean builders, surely. The issue is corporations buying existing housing stock, pricing out individuals who would live in their own home instead of rent, driving up housing and rental prices thereby lowering overall quality of life and stability for average Americans. Ohio was affordable, unlike most of the country, just a decade ago. It's so wrong that working people can't buy the homes they're paying for.

[@mwatercress]

@@andromedaspark2241 They are also going after build-to-rent community developers. The issue is high barriers to entry for new supply in markets that have run chronic housing deficits.

[@Mrwizard-ck7oe]

People will? Like they have been for thousands of years?

[@michaelirwin1887]

This is criminal anti-societal behavior and should not be legal.

[@lissettelopez8331]

It happened in China already, and is causing massif economic problems. These companies need to be stopped for real.

[@govege5130]

Right, but people will still argue its fair game. Renting is theft and usury.

[@nicklebuck]

So is the epidemic of missing replies on KZbin. 4 out of 4 replies missing on your comment alone, they really don't want us doing any "wrong think"

[@darkriku12]

​@@nicklebuckmost are usually bots advertising their channels

[@vorsprungdurchtechnik5]

@@Rest323 @nickelbuck It's just lag. Not an epidemic or anything.. youtube has always had comment section lag.

[@ariasd2006]

I wish there were legislators pushing this agenda in every state

[@id10t98]

They're bought and paid for and receive millions per year in campaign contributions, why would any legislator want to ruin their re-election?

[@BicycleFunk]

The agenda is meaningless. The cap should be a single home, not 50.

[@steves3688]

EVERY STATE!!!!

[@hadast3806]

If you think congressmen don’t have financial interests in this illegal business I don’t know what to tell you. America is corrupt!

[@doesitmakesense5696]

The agenda is the problem. You trumpers need to read a book a educate yourselfs. The solution is multifamily housing

[@faenihbs]

This is happening everywhere. I got outbid for every home I tried to buy in the Austin area by large investors offering cash. If this doesn’t change we will become a nation of renters. Large corporations have complete control over us.

[@amechealle5918]

If we become a country of renters indentured slaves is the next step

[@monikaw1369]

This is how other countries work. Very few people own land or housing outside of America.

[@amechealle5918]

@@monikaw1369 Yes but this is the US we are talking about, where we are guaranteed that right…..supposedly,unless others from another country out bid us in our own country.

[@musicandfiction]

"You will own nothing. And you will be happy." - Yuval Noah Hariri, WEF. This is their plan, and what they want to do. They need to be stopped at every turn.

[@jeffdunnell6693]

That’s the plan,you will own nothing

[@elguerobasado]

Not just an Ohio problem, this whole country - if not the whole western and westernized world - is having this problem.

[@karlabritfeld7104]

Capitalism is dying

[@GreenKC]

Why not make it illegal for corporations to buy family homes

[@karinaz8756]

AT LEAST make it impossible to buy in bulk.

[@bubbajones4522]

Klaus Schwab...."You will own nothing and be happy." Get used to it.

[@user-qr7ee2cp4y]

Cap the number of apartments and houses that can be leased... hoa's do it and a court agreed with and hoa in Florida when an investor tried to buy all the houses and lease them....

[@GreenKC]

@@bubbajones4522 oh well everything goes back in the Monopoly box eventually

[@GreenKC]

@@user-qr7ee2cp4y No even if they did that Corporations would find a loop hole like have multiple Llcs and each entity would own a certain amount of properties.

[@edward.abraham]

I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.

[@Kim.beneteau]

A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!

[@james.atkins88]

On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal portfolio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my portfolio this red season. I’ve made over $350k since then.

[@rebecca_burns14]

@@james.atkins88 Could you guide me on how to get in touch with your advisor? My funds are being eroded by inflation, and I'm seeking a more lucrative investment strategy to effectively utilize them.

[@james.atkins88]

"Camille Alicia Garcia" is my portfolio-coach, I found her on Bloomberg where she was featured, I googled her name on the internet. Fortunately I came across her website and reached out. You can go verify yourself.

[@hunter-bourke21]

I've taken the initiative to research Camille Alicia Garcia online and verify her credentials. I'm impressed with her expertise, and I've reached out to her to share my financial market goals in details.

[@TercelRepairManual]

"we're maximizing the return to our shareholders" one little sentence that's destroying this country.

[@timkrouse345]

It's GREAT for investors.

[@thenerdnetwork]

Keep in mind these are REITs. REITs were essentially put in place by the federal government.

[@RH-cv1rg]

No, that is a sentence that allows you to buy an airline ticket for 1/10 the price of the 1960s, and a big screen tv for 1/10 of what they cost 15 years ago.

[@lovable_misanthrope]

​@@RH-cv1rg It's also the reason why an average person's health insurance cost is $10,345 a year. To put that into perspective, the average annual health insurance cost per person in 1960 was $146. Today health insurance costs almost ten times as much when adjusted for inflation.

[@olyokie]

Its a bullshit line. Most CEO compensation packages are tied to stock earnings. They don’t give a shite about individual stockholders.

[@tipprich]

This is a national problem. Corporate ownership of private residents should be illegal or at least severely handicapped.

[@alwaysyouramanda]

Lordes and serfs

[@fretstain]

Sadly it's international. We're getting hit with this in Canada as well...

[@raybod1775]

No excuses, remove all tax benefits for anyone that owns more than one home.

[@fretstain]

@@raybod1775 honestly while we're at it, just ban Airbnb's altogether

[@BlueHippieGoddess]

@@fretstainPpl have noticed in the US, it’s either banks, or Asians that has never stepped foot in the US. Is it the same for Canada also?

[@joecamel914]

One of the corporate tricks in play here is that they will deliberately leave large numbers of homes vacant and off the market to create artificial scarcity and drive the prices up even more.

[@localjess838]

Evil lot Why will they do that?

[@BD-cm7xc]

Chosen people

[@Jaigarful]

@@localjess838 Tax writeoff prolly.

[@langhamp8912]

Current homeowners are already doing that with NIMBY policy.

[@RH-cv1rg]

Do you have an example? Where do corporations buy and then don't rent the houses they purchased in large numbers? Be specific.

[@SandersChicken]

People should own houses. Not corporations

[@hwoodist]

Anyone who can afford a home, should own. Although I will admit that finding a home to buy, only to be undercut by a cash offer of an investor is demoralizing.

[@rickdunn3863]

says who? America is not a communist country

[@hans7686]

Shouldn't homeowners be able to decide who they sell their homes to? If they want to sell to a corporation that's their prerogative.

[@rickdeckard4735]

@@hans7686 Not when we make it illegal to do so.

[@jer1776]

@hwoodist Corporations arent people, and shouldn't have more power than people.

[@barryballinger6023]

When they say “they own a small fraction” they’re leaving out the fact that they own a large fraction of the homes first-time homebuyers would purchase.

[@NileSings]

Bingo!

[@BorderTurrets]

They also leave out their other LLCs. Lying by omission.

[@saywhatnow57]

This is the exact problem. The first home my wife and I ever bought would now only be constructed in our area for the purpose of being rented by a corporation. In fact, the newest community near us that's similar to the one my wife lived in after we got married is ALL rentals.

[@Toywins]

Yup. My dreams have been crashed.

[@kelvinjohnson4]

Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.

[@LionTowercoporation]

Personally, I can connect to that. When I began working with "Christine Jane Mclean," a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.

[@KelvinWallace]

@@LionTowercoporation I'd be glad to get the help of one, but just how can one spot a reputable one?

[@LionTowercoporation]

Colleen Janie Towe maintains an online presence that can be easily found through a simple search of her name on the internet.

[@KelvinWallace]

@@LionTowercoporation She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.

[@williamsbrown4026]

7% mortgage rates are hardly crazy. I sold real estate when they were 18%.

[@Mlogan11]

Corporations and investment banks entering the housing market is a huge factor in the current housing/rental crisis with skyrocketing rates. Housing is a necessity, but corporations are making it a luxury. This is late stage, out of control and poorly regulated Capitalism that is now a global issue- people are suffering from high housing costs around the world.

[@soldiersam7424]

Capitalism is self regulating, spread out infinitely among anyone who wishes to participate. All you need is a product or service that people want. You are challenged by the competition, which in turn forces the best product or service to rise to the top. The end result is the best of the best and the consumer wins in the end. Corporatism is completely different. Corporatism is the power,control and regulation of a market/economy concentrated in the hands of a few. Competition is minimized. It's a facade.

[@謬]

Meanwhile, China and Gates keep buying up all the farmland..

[@littlestbroccoli]

And corporations do not give half a shit if you can afford to live there when they continuously raise rent.

[@Mlogan11]

@@soldiersam7424 The Capitalism you're referring to exists only in labs or textbooks. In the real world or bribery and corruption, proper regulations need to be enforced to defend against corporatism and other types of predatory capitalism from taking over.

[@Joyish94]

@usmedquotesus4720I think it’s both because you see high prices in even small town and suburban areas

[@txbulldogboxing1462]

Greed has ruined the American dream. Anyone that disagrees probably owns rental properties💯

[@carriebartkowiak]

Can you really call it the American Dream when it's mostly Chinese companies buying up all the land? (They're buying up all the properties in Canada and Australia too; mainly waterfront properties down in Oz.)

[@txbulldogboxing1462]

@@carriebartkowiak here in DFW 300K gets you virtually nothing. The neighbor recently bought a 1,100 sq ft built in 1967 for 350K. Less than a year later there is now a 40 foot trench in their backyard due to plumbing repairs🤦‍♂️

[@robshank1066]

Or was greed and Getting more what created and was the American Dream

[@mathisnotforthefaintofheart]

Greed has been around aka pharmaceutical companies, health insurance companies, College tuition....are people THAT slow to wake up?

[@Joeainthere73]

The worst greed is voting for free stuff, whether it be government takeover or debt forgiveness. Requesting others to pay for your stuff. To pay your salary. Everything is a right these days, except free speech

[@anthonynicholson5523]

This is happening EVERYWHERE. not just Ohio. Shareholders should not be allowed to have stake in homes or medicine

[@axmajpayne]

We need to go further that what this state senator is proposing. We need to outright ban corporations from owning single-family homes and heavily tax the ownership of more than 3-4 homes by any individual or trust.

[@g.t.richardson6311]

So someone willing to take a risk, buy shitty properties, and fix them up and then rent them at a reasonable rate shouldn’t be allowed to own more than four?.. Well, I know a kid who is 28 in between him and his dad and his brother are they on 25 properties, they rent them to former classmates in high school at reasonable rates, law students looking for a efficiency apartment, while they’re in law school, young single moms, etc I work for him paining when people move out or as needed Limit 3 or 4 properties, equals economic illiteracy

[@cavaleer]

Sounds like a plan.

[@brandonspencer7093]

@@g.t.richardson6311 Yes. They shouldn't. The family is the basic unit of society and must be protected to the maximum degree possible.

[@g.t.richardson6311]

@@brandonspencer7093 so in the example I gave, (not some giant corporation) so providing affordable rental housing to FAMILIES that can’t afford to buy a house yet shouldn’t be allowed? The people renting these properties are in their 20s and cannot yet but a house…. But to make it even better in the 2 years I’ve known him, he has then sold five of these properties to the people that rented from him and helped arrange financing, and even included a few thousand dollars as a fake down payment based on their rental payment history. Everyone isn’t a dick

[@ninobrown86]

​@@g.t.richardson6311nice strawman. They should be limited to 3 and heavily taxed after that.

[@michah321]

We have to get rid of this problem. Im so glad there are legislators addressing this

[@skipstalforce]

They created it.

[@michah321]

@@skipstalforce I figured that... undoubtedly both sides of the political spectrum.

[@Misaka-gt5yj]

Your government literally and unironically funds this shit, esp BlackRock.

[@MotherOther]

Guillotine time

[@chinaarlene7035]

@@michah321 addressing it to make it look like they're doing something. I want to see an actual approved bill.

[@IngridAsInBergman]

We’ve been saying this for years. How nice of these lawmakers, who aren’t in these investment groups pockets, for finally waking up. Here in Cali we are awash with whole neighborhoods owned by groups like this. It’s sickening

[@agbk2189]

This is why the homeless crisis in this country gets worse year after year.

[@acornsucks2111]

Homeless are on drugs and alcohol, they wouldn't buy a house regardless.

[@karabean]

@@acornsucks2111 Those native Hawaiians are homeless because of lack of affordable housing. We are going to end up like them at this rate too

[@LafemmebearMusic]

@@acornsucks2111keep telling yourself whatever lie keeps you away from the real truth of it could be u at any moment it could be u

[@ksmith2852]

Homes should be for raising a family or individuals living on their own; not an investment for corporations. Keep up the good reporting.

[@Novastar.SaberCombat]

Rich narcissists are above both laws and ethics. Plain and simple. 💪😎✌️ It is what it is. Acceptance is key.

[@rw7717]

How do you think houses get built? Corporations and the banks. And your 30 year mortgage is more that double what you paid for it.

[@jacobnapkins1155]

@@rw7717 nah built my own home people were building homes for thousands of years before greedy scalpers

[@rw7717]

@@jacobnapkins1155 where and how much did that cost. It’s 35k just for 800 sqft of concrete slab where I live. So, how did you pay for it? If you use a bank, then you’ll pay double what it cost after interest. And it you say cash, then yeah, you’re privileged. Most people can’t drop 350k like it’s nothing.

[@benzun9600]

capitalism

[@bingbong9076]

This is happening everywhere, Millenials and Gen Zs cannot afford homes and start families or lives. This has to stop.

[@Mrwizard-ck7oe]

Correct, I can't even afford rent.

[@RH-cv1rg]

They could afford a house like their parents grandparents had when they started out. However, M & Gs have high expectations. Crown moulding, stainless appliances, dishwashers, a/c, entertainment system, 2+ bath home, 2+ car garage, 1,500+ sq. foot home. Most grandparents lived in 800 - 1000 sq foot homes with a small fridge, carport, and no ac. Those houses are much cheaper. The AVERAGE new home in the 1950s was less than 983 sq. ft. The average new home now is 2,392 sq. ft. Just think of the house price if you built a house 60% smaller than what is currently being built.

[@Mrwizard-ck7oe]

@@RH-cv1rg ok so build affordable housing? oh wait nobody is because that's not as profitable as mcmansions. Oh and all those boomers are selling their small houses for 120,000+ and trying to find affordable land to build a small house is just expensive if it isn't out in the middle of nowhere near no jobs.

[@Mrwizard-ck7oe]

@@RH-cv1rg The reality is that zoning laws in the u.s prevent the creation of affordable condos. NIMBY boomers don't want their precious property values to go down so all that gets built is those massive single-family homes.

[@LafemmebearMusic]

@@RH-cv1rgwhere are these small houses for sale? They don’t build them, it’s like the cars now a days everything is bigger fancier and more tech even if you don’t want it it’s all they have. You know, I I get that you all are angry at the state of things but just throwing us under the bus constantly with blanket statements about us is tiring and insensitive and doesn’t actually add anything to the discussion but a loud dog whistle we’ve all heard before. Say something new, add to the discussion.

[@squaregangster]

It's happening all over the country and it needs to be stopped

[@alexitanguay]

Same in Canada 🙁

[@Spacemonkeymojo]

It's happening worldwide. Property investors are scumbags.

[@delyangeorgiev4773]

I’m not a property investor as I have only one house but maybe the only way to increase supply of livable homes is through investors in fixer uppers and new builds from builders that need to make a profit. If the above two can not make a profit there won’t be new supply. In the Midwest that has worked fine for decades but eventually under building for the above reasons caught up with every one and people naturally start feeling squeezed

[@delyangeorgiev4773]

@stephanieellison7834 It’s the best model invented so far in history of humanity. Communism has failed miserably each time it has been tried.

[@Kibatsume1]

​@@Spacemonkeymojotake time to research how many immigrants the average country takes in every year versus the ability to build houses I think the numbers will surprise you Canada can only build at most 250,000 living units Yet the government wants to bring in 500,000 immigrants per year to help with the falling birth rates. This creates housing shortages Unfortunately refugees are given priority for housing over our own citizens.

[@Madmun357]

Private equity drove up the cost of healthcare in the US. Private equity is driving up the cost of housing in the US.

[@alwaysyouramanda]

Up Up UP GOES CRIME

[@ajax7ox729]

You should get a job

[@sassoscrib]

Private equity=rich people.

[@user-rf1nn8sg3f]

More like lawyers, insurance companies, and medical schools represent everything wrong with healthcare. It's not a free market. Hospitals try to maximize cost and bills, no price disclosure for anything. Hospitals also buy out competition sometimes. Competition is good, price disclosure lets consumers compare.

[@scarpfish]

Private equity needs to be PERMABANNED.

[@BeverlyTalley]

we need big money/companies to not be able to buy single-family homes. Honestly, there should be regulation over this, its just disgusting. Most times it amazes me greatly how I moved from an average lifestyle to earning over $63k per month, Utter shock is the word. I have understood a lot in the past few years that there are lots of opportunities in the financial market. The only thing is to know where to invest.

[@izagdlife]

I keep wondering how people earn money in financial markets, i tried trading bitcoin on my own made a huge loss and now I'm scared of investing more.

[@BeverlyTalley]

@@izagdlife That won't bother you if you trade with a professional like *Sarah Alma Martinez* my consultant. I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. I basically follow her trade pattern and haven’t regretted doing so..

[@izagdlife]

@@BeverlyTalley You allow people to trade for you? that's interesting, I would love to learn, hope it’s safe?

[@BeverlyTalley]

@@izagdlife It's 100% safe and legal, She’s an expert trader on stocks and bitcoin. I basically do nothing but collect profits, she was able to get me in early on most of these stocks and I exited just at the right time, her analysis was really on point..

[@izagdlife]

@@BeverlyTalley How do i get started? how do i get in touch with her?

[@rein3684]

This is happening all over the United States

[@karimsanchez3213]

It is happening in Morocco where I am from. Huge corporate investors are buying 1000's of properties. Most of them are from the United States, China and Saudi Arabia. 65% of all properties in Morocco were out of the country. This is a global issue

[@duancoviero9759]

Correction: all over the world

[@MurakamiTenshi]

"You will own nothing and be happy" they are all in this scheme to force ownership out

[@bmoshareholderappleshareho855]

This looks like 1929 all over again.

[@FynnOliverEmonSill]

The thing that sucks is, then we have a housing collapse, and we have to bail them out!

[@xclent1975]

No there is enough demand

[@davidsignor7931]

@xclent1975 where is the demand coming from

[@davidsignor7931]

@Rest323 the population hasn't changed that much if anything it went down from covid

[@adamvose2651]

​@@davidsignor7931even if the population hasn't changed which it has even a stagnant population moves around as people try to leave their parents or dorm rooms or they change jobs or be close to family etc etc...

[@mr.gamewatch8888]

@@xclent1975what demand? Who’s buying? Not American ppl

[@alexsteven.m6414]

In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.

[@hername3046]

Hopefully. A crash again is needed.

[@LongWindedUsername]

Yeah, this is the cope response and people have been really vocal about it since 2016.

[@johnnymcblaze]

Lol, I found the shill. Housing prices are not going down.

[@carboncopy4183]

​@@johnnymcblazethey're bots, not shills

[@ViciousLamp]

It is very unlikely that a crash will occur. Housing is an inelastic need that everyone needs to function in society. As long as companies have billions of dollars to throw at the market prices will not fall meaning average people will need to keep renting and the companies will gladly rent out these houses at insanly high prices and contiune to buy up all the supply.

[@BashoStrikes]

Here's the real catch - American Homes for Rent isnt even owned primarily by Americans. The major stock holders are foreigners.

[@Novastar.SaberCombat]

CHN & XiXiPi. 💪😎✌️

[@marktwaine9344]

the 'American Dream' has been sold out ....thanks US Gov....

[@asanta2023]

Wow

[@rixille]

@@marktwaine9344 US Government likes to make problems worse it seems.

[@lefthanded5473]

Even if it was Americans. They’d hoard the wealth in off shore brokerage and investment accounts anyways. It’s not like they’d be supporting the economy.

[@LondonCalling12]

This is a nationwide problem. 60 minutes did a segment on this not too long ago. A Canadian company buys thousands of single family homes without viewing and rents them out. CEO said that people can rent the American dream. 🇺🇸

[@eckankar7756]

it's global, much worse in Australia and the UK. I think Congress was paid off for decades allowing this. I've traced REITs back to 1988. I do hope they can penalize the corporations and get houses back into owner occupied properties.

[@Mike__B]

I have been saying this for years, governments need to enact laws to prevent this from happening (don't ask me what exactly those laws would do... that's not my job), but as one who has lived in California and seeing property costs (and rent) go through the roof, and then into outer space, housing investors are what are absolutely ruining the entire system. This isn't a matter of "there's not enough housing" because as we see housing gets scooped up and mortgaged (no pun) against those who can't outbid. If you're going to make an argument that housing is a fundamental need of people then you can not allow it to be an investment opportunity for anyone.

[@fandam801]

We going back to fucking feudalism

[@lvbadboy]

I saw that these guys are slime bags

[@dre5229]

Beat me to it. Definitely a nation wide problem!

[@73hd62dhs]

Every single politician needs to be talking about and addressing this critical issue - big business, foreign buyers, and real estate investors in the SFR markets are exponentially driving Americans into homelessness and absolutely wiping out the middle class.

[@Wisepati]

But they won’t because the big corporations give them money. Ever since the citizens United decision by the Supreme Court corporations have owned our politicians. They are then be holding to them because of the campaign contributions. Most of them are wealthy and their own right and earn a lot of money from Wall Street and so they feel big corporations are better than every day citizens who are just making a day-to-day living. Politicians have become so removed from the people they are supposed to serve.

[@stephaniecorelli3034]

Seems like, that is the plan

[@blackmaster999]

The politicians are investors in these companies and making money from American people suffering.

[@jjk2one]

They keep believing the con politicians because it sounds so good

[@karlabritfeld7104]

Do you really think they care about us??

[@noogman]

A neighborhood with out home owners is not a neighborhood. Few people will take care of these rental homes, the area will decline and that will be that. Do we want Columbus to look like Toledo or Detroit in 20 years?

[@delyangeorgiev4773]

Toledo and Detroit have affordable houses for sale. Isn’t that what you want?

[@galedribble9535]

This is a nationwide issue and thank you to this senator for fighting it and thank you to ABC 6 for spreading the word These corporations are crushing us

[@jabrockobiden9434]

Time to crush them back, by any means necessary

[@karlabritfeld7104]

Too little too late

[@java4653]

Before: "The Democrats ruined California". Now: The Republicans ruined Ohio? No. This is national issue,! Nothing is our fault ever!". Nope; This is your Karna for voting for War & Republicans.

[@benton-benton]

@@karlabritfeld7104 Yep. Franklin county reappraisals will be on their website tomorrow. Wait until January when property tax is even worse than it is now. Yes, too little too late.

[@Chemistry727]

I’ll do everything I can to make sure my home gets sold to a family and not a corporation.

[@karlabritfeld7104]

Yeah right.....

[@jamesballard6564]

Ultimately that's the only solution I can see. At least until legislation gives us some relief if it ever comes. The problem is people will have to be willing to leave a lot of cash on the table to do that. Most people don't have that level of integrity.

[@sillyhermy]

@@karlabritfeld7104 clown 🤡

[@appalachiabrauchfrau]

@@jamesballard6564 I'll be selling mine close to purchase price with adjustments for improvements or inflation. I don't believe in housing as a retirement fund. I've been farting up the place, scraping chairs across the floors, spilling milk and taking nasty dunks in the bathrooms, there's zero way it's been appreciating in any real measurable way. In thirty or so years I hope I can sell this place to a couple looking to continue personal agriculture, hell, I'll even leave them livestock and machinery if they want. I want our area to remain close knit and hold its community values. I'll take care of my own retirement savings and not rely on my home to act as a vehicle for that, given retirement is even feasible in the future. I've been homeless though, so money is just not something I feel the need to hoard and I may value it differently than other folks. I'll get a cheapo RV, set it on cinder blocks in slab city and die of heat stroke in my 70's surrounded by other old hobos, sounds good to me.

[@rein3684]

Is time for the American public to fight back against price gouging in housing! We can do it.

[@SomeUserNameBlahBlah]

How? I hope you don't think voting will do it.

[@jacobnapkins1155]

Fight for rent control and vacancy taxes legislation that hammers these speculators

[@kl90210]

lol no- all you can do is post complaints on social media. and that does nothing in real life. the bad people operate in the real world, and they know most Americans are distracted sheep stuck with their heads online. so they will always win and you will learn to accept it.

[@hwoodist]

@@jacobnapkins1155 are you a renter?

[@littlestbroccoli]

Spread word, organizing, writing your congressperson, forming organizations to lobby against it... There are ways and we will see people begin these grassroots campaigns in coming months.

[@latonya6451]

This right here is causing homelessness because a lot of ppl can't afford the rent.

[@darkstorminc]

The easiest way to stop this is to turn off the profit incentive of these companies. Rent control for a given size home would make this far less profitable.

[@akompsupport]

it's the JQ

[@ihaveadreamformykids4400]

This is why we will never sell our house to any corporation. I personally would like a family to buy my house if I ever sell. You can too. We need to be involved in selling our houses and only sell to families.

[@rickdunn3863]

yea right, you would always sell to the highest bidder. I NEVER met anyone who doesn't take the highest offer on a property, and I bought many, many properties.

[@ryaj2356]

If you list your home for a certain price, and if the coronation comes in with an over price offer, you have to sell, big corporations and realtors have lawyers in place to make sure your house will become their house.

[@yakzivz1104]

@@ryaj2356 they cannot force you to sell to them only or is it something else to it? Last time I checked, the homeowner does not have to accept anyone's offer.

[@tajmahal4056]

@@ryaj2356What you are describing is corruption dear, that not how it normally works

[@Purpletip99]

@@rickdunn3863My neighbor refused to sell his house to an investor, sold to a young family who were first time buyers. I will do the same when I sell..some of us still have a moral compass that’s not ruled by greed. I also have rental with great tenants, I have only raised their rent by a total of $100 in four years.

[@ejsgarage]

It happened to our dental assistant. She and her husband thought that they were making a killing by gaining $100K plus profit from selling their 5 bed room house in 30 acres of land. They got the shock of their life that they could not buy a new house because of the shortage and ended up renting 2 bed room apartment for $2500

[@lefthanded5473]

They got ripped off hard on that sale 😭😭

[@mplslawnguy3389]

Don’t sell until you have something lined up.

[@jasontaliaferro3657]

@@mplslawnguy3389 In my market it is hard to get a contract that is contingent on the selling of your existing property, especially if your existing property is not under contract.

[@drbichat5229]

They made a poor business decision, their fault, no one else to blame

[@karlabritfeld7104]

But greed made them sell out their house and land

[@bonniea8189]

Excellent local news coverage of an issue impacting everyday people. Please keep it up!

[@jer1776]

God bless this senator for actually speaking truth to power.

[@gteixeira]

You mean that cities are trying to prevent developers to build more houses?

[@lovethieves1383]

nah, they're part of it.

[@TGMisKillingTheMiddleClass]

These are the Republicans we need

[@Grimx0000]

​@@gteixeiraResonable regulations are important to prevent urban sprall from taking over all forests and nature. I say require new developments to meet certian density requirements and fix zoning to allow duplex, triplex, apartments, storefront housing, etc

[@gteixeira]

@@Grimx0000 How to explain that in poor countries where there is next to no building codes they still have a lot of forests, only lost to farming or mining? No regulation is ever reasonable, they only serve to the purpose of those in power, not to the public interest.

[@drbassface]

Finally. We need all of congress to address this. Trouble is these politicians have money in the game.

[@duancoviero9759]

Yep ☝🏾

[@BeAGurlsGurl]

This is going on in Minnesota. My daughter kept bidding above asking, and, even though she had her loan lined up and pre-approved, these monsters kept coming in and paying cash. They didn’t need an inspection. That’s how they get the sale over and over. If you have a loan, you need an inspection so the sale could be held up or fall through or the price renegotiated lower if something is found on inspection. A cash sale requires none of that. (Sadly, she never bought a house.)

[@java4653]

Republican outcomes....and of course now Conservatives want *another* bailout. This is your Karma for the Republican War on Terror.

[@appalachiabrauchfrau]

yeppers. Sight unseen, no inspections, waiving appraisal gap, all cash, 100-200k over asking. They're sharks.

[@tibedog5629]

I have been trying to buy a house for almost 2 years in Columbus,Ohio. Here is what always happens. I find a house. I go to the bank. I get approved for the mortgage. We reach out to the home owner. Right before we finalize things a big corpo comes through, gives them 2x the amount of what they were selling for as cash. That big corpo then comes back without even touching the property and putting the house back on the market for 3x what they paid. Or they put it up for rent and that rent is upwards of $3,500 a month. They shouldn't tax anything. They just need to completely ban out of state companies to own a house and they need to ban corporations period to own a house. A house is for a person/family. That's it.

[@tamarahines6975]

I agree with you and your comment is well-spoken. If only the politicians in Washington, D.C. would read your comment and do something about it.

[@karlabritfeld7104]

That's what happens when you try to low-ball a seller. Another buyer will come in and outbid you.

[@LafemmebearMusic]

@@karlabritfeld7104your generation has a saying, ask me no questions I’ll tell you no lies. 😅 that’s what y’all lived by and just want alone with the subsidies that magically allowed you to purchase homes, we are reaping what you sowed. Also before you say some stupid boomer shit back I own a home and I’m a millennial 😅 😊 so don’t try it. It’s sad that out of my friend group we are the only homeowners tho… the only ones and not for lack of trying on our friends part. I just watched the market and knew where to put money and worked very based to figure out the right moment to jump. But as I went through this process this expensive process for a house that was less than 300k , I kept thinking to myself this is an impossible thing for most to attain. This process is not built for everyone like the American dream lie says, it’s made for big up front cash down payments and more cash and oh we need more cash for another thing… like I got lucky my job afforded me the amount of cash I had on hand at the time to do this stupid process. This way we do it is not sustainable, y’all fucked us.

[@benton-benton]

When January comes you might be glad you didn't get to buy a house. These companies have driven prices so high, it's making property tax even worse in Franklin county. The suburbs of Columbus already have property tax that rivals NY and NJ. By the time January hits, we might have the highest property tax in the country. I'm hoping I am wrong, but the auditor said Franklin county has risen in price by 41%. Higher price means higher property tax. And these idiots in the suburbs continue voting yes on every levy for the schools, etc. and make property tax go up every year.

[@benton-benton]

The Franklin county auditor's new value webpage is up today. They did the reappraisal. They doubled the price of my house for tax purposes. What I'm saying is, you didn't miss out on much. Franklin county Ohio is a property tax nightmare.

[@allthingseducation]

This is happening everywhere -- it is disgusting!!! Such greed should not be tolerated!!

[@ianchandley]

But, but, but…. It’s the American Way!!

[@jabrockobiden9434]

Thats BS

[@nh3854]

This is a brilliant idea. This need to be implemented across the country. They are running up the rental price across the entire country. We even have brand new subdivisions in our area only renting. We need to stop being about a party and start being about the best person for the job. Most of these politicians are in bed with the corporations. We need to stand up and fight for your children's future before there's not one.

[@luananoel6786]

But, but...corporations are people too. That was one of the worst laws passed during the GWB presidency.

[@rixille]

Was that something Bush admin did?

[@kalburgy2114]

Actually that was a very old Supreme Court decision.

[@ajshaka3212]

This needs to be addressed in major cities

[@Beedo_Sookcool]

Not just there -- EVERYWHERE.

[@TGMisKillingTheMiddleClass]

Good luck when The vast majority of our representatives are millionaires themselves with stakes in this

[@skyjelly9790]

Yes, by way of necklacing the rich and middle class.

[@kevinmach730]

This has been going on since just after the 2008 crash and investors were buying everything. I was looking around 2011 and it was a nightmare trying to get anything my price range, houses were being sold to investors who never even saw the properties. So here we are over a decade later and only now they're raising the alarm bells?

[@karlabritfeld7104]

Stop lowballing sellers and you might get something.

[@kevinmach730]

@@karlabritfeld7104 Couldn't even get of offer of any kind in- a house would be sold in a day or two,

[@Benjamimic]

This has been a problem for years, especially on the coasts. Foreign and corporate should not be allowed to purchase residential property if the price is under 50% of the median price for that area. This would open up a HUGE amount of housing for the people that ACTUALLY need it.

[@bauttiet.h.u.g.5900]

Vote those who don't want to do anything out of office. Permanent renting is a nightmare

[@bauttiet.h.u.g.5900]

@@Rest323 if you can't use your vote you also have money. Use your money against the "bad ones". You may not $5k to spend but you do have $50 to send to a challenger. You also have email which you can send to the "bad ones" office and you also social media to call out the "bad ones". Take one of them out at a time and let them know why.

[@dementedlarry]

Tbh ill probably save up all my money then retire in a much cheaper country

[@bauttiet.h.u.g.5900]

@@dementedlarry sounds expensive

[@crashjz]

@@Rest323 the taxes here are extreme. but hey, freedom and junk

[@lincolnuland5443]

There's no such thing as voting now.

[@benton-benton]

Lisa, thank you so much for your report on this and all your other excellent reports. You are a true reporter. And that is hard to come by these days.

[@lc285]

This has been happerning for years, most recently during covid zero interest rates. Crack down on these greedy corporates.

[@hwoodist]

What about the people who stopped paying rent because they knew they could not be evicted? Are they greedy? Also, if you owned stock in a company, wouldn’t you want the best return possible on your investment?

[@Novastar.SaberCombat]

Corporate investors jeopardizing individuals?! 😳🤯😳 WHAAAT?! No. That can't be possible. 🙄

[@littlestbroccoli]

So your solution is we do nothing and roll over and take it?

[@writerconsidered]

@@littlestbroccoli No he's mocking the obvious. This has been a problem for years and it took this long to get attention. I'm sure he's for any improvement.

[@mr.gamewatch8888]

So you just gonna keep it going? Just fuk it huh

[@mr.gamewatch8888]

@@writerconsideredchange can’t be immediate especially if the person that knew didn’t explain to everybody else what was happening

[@SkySong6161]

@@mr.gamewatch8888 If the person who knew kept getting shot down with "capitalism good what are you a commie" what good does telling anyone do? Being able to say "I told you so" after the damage is long done doesn't really fix anything either.

[@Cvoge1972]

"It is a very slow moving crisis." The only thing slow about this crisis is the response. This has been a major problem for years.

[@georgiah]

Thank you for your report. The same thing is happening in California. We work to pay rent. Low-income folks are evicted and are given 60 days to relocate. They throw families out, supposedly to renovate, and they triple the rent. This is not a free market. This is the select few having control over our lives. I am sick of our elected officials who seem to cater only to the needs of the elite and are destroying our working and middle-class families.

[@murraymadness4674]

Blackstone owns 30% of all rental homes in Sacramento. Problem is there is no difference between the GOP and DEMs when it comes to greed, they both cater to it.

[@noseboop4354]

While you aren't happy about it, this is exactly the free market. Just take a look at history, in the 1900s and 1910s, when this kind of thing was rampant and the ultra rich controlled everything. There was a major pushback against these rich elites with anti-trust laws and higher taxes on the rich from the 1930s to the 1970s. Now everything reversed back to the rich, it's just history repeating itself.

[@karlabritfeld7104]

I worked to pay rent in California in the 1980s as well...

[@SunnynPhilly]

This is a huge problem in Texas too. Houses that where 200k 7 years ago are now 400k in the DFW area because Wall Street investors bought up half the available starter homes each of the last few years. Now they are buying up entire new subdivisions, this is extra dirpy. Ohio residents should vote state senator Blessing into higher office, it’s nice you have a politician who gets it. Wall Street shouldn’t be Allowed to destroy the middle class just because they want to extract as much money from housing and renters as possible.

[@LMLewis]

And with the price increases have come property tax increases even for people who own their homes outright. Some will be forced to sell, being unable to afford the taxes.

[@lefthanded5473]

200k increase in almost a decade doesn’t sound too bad to me. That sounds like normal home appreciation. Houses in the worst hoods where I am in NY where shootings have occurred have seen 50+ percent increases in value within the last 2-3 years!

[@olir6910]

Please continue shedding light on this

[@shawnhopkins8923]

I am glad someone is addressing this problem. Keep this on the news every week, and expose these disgusting criminals

[@raybod1775]

All political bull, they won’t change anything otherwise they lose their ‘political donations’

[@skyjelly9790]

Here's how to actually address the problem: start necklacing the rich and whatever is left of the middle class.

[@barnandhome]

Builder and real-estate investor from Fort Wayne here…. Totally agree legislatures need to STOP the outside big money screwing up housing for locals! PRO-TIP - go on your local GIS map, look up owners from out of state and start calling in ordinance violations on every house. Hassle these people and call your local politicians.

[@vivisects-and-regicide]

As a renter in Seattle, I used to marvel at all the $ 2-300k homes that would easily be $1-2mm in Seattle. There are fewer and fewer now…folks in Ohio need spend less energy freaking out over every little outrage they see on Fox News and start paying attention to the literal corporate robbery of affordable housing. Otherwise you’re going to end up like Florida, low wages and expensive houses.

[@Ryan-wx1bi]

Lmao, what does fox news have to do with this?

[@karlabritfeld7104]

The whole country will

[@reubenmorris487]

Ohio "lawmakers" are a little behind...Private Equity and foreign entities buying up single-family homes has been a BIG problem for years.

[@alwaysyouramanda]

Wild flop this government thing.

[@jer1776]

Before it was only in major cities.. now it has reached the suburbs

[@lovethieves1383]

But these free advertisements are great to get votes next year so they don't do anything is good like change the tax code or even discuss it. Let's focus on the bad corporations by talking and not doing.

[@Tamar-sz8ox]

Thank you for shining a light on this matter !

[@sistakia33]

Didn't anyone realize all those commercials geared towards convincing elderly people to get reverse mortgages was leading to this?

[@Novastar.SaberCombat]

There are no laws nor regulations which the wealthy cannot circumvent, pay fines for, or simply ignore. 💪😎✌️ All that matters is money! If you ain't rich, you ain't sheet.

[@sistakia33]

@@Novastar.SaberCombat Sad and true.

[@eckankar7756]

I'm in Phoenix and considering moving back to Ohio. In Phoenix there are companies building up to 4,000 single family homes but they will be for rent only. Congress has let this go for decades, I can trace REITs back to 1988. It's about time someone in government is standing up for people to get to have an owner occupied home .

[@eckankar7756]

@@macdaddyp8437 Then where will they live in the mean time? They've cornered the market, rent or live where?? They buy up the affordable houses less than $350K so there is scant supply.

[@stevemcdonald6001]

With a little creative thinking, I'm sure those seniors can downsize enough to live inside Tom Selleck's mustache!

[@banzy5387]

Now he just admitted that members of his own party DO NOT want to fix the problem. They said “this is not what we do.” But some how those same people that vote these people in will blame the other party for the housing economic issues. SMDH

[@PonyGirl004]

Our Republican gov does nothing in Florida and neither does our Democrat mayor. In fact, our Democrat mayor said "we don't want to deter investors in Florida". Uhhh...yes, we DO!

[@clearbleuskya5556]

Both parties are the problem.

[@banzy5387]

@@clearbleuskya5556 I agree…The Republicans only pander fear tactics for votes, but their only concern once they get in office is how can we appease the wealthy. Then lets not forget the conspiracy theory lunatics that are holding public office. The Democrats have lost their dang on minds as well, with these too lenient policies. Former Texas Gov Ann Richards was the last Democrat that meant business. And I am not even a Democrat or Republican.

[@nevernamedwonder]

This is rough… we need to fight back and help out our fellow Americans.

[@karlabritfeld7104]

Good luck with that

[@java4653]

You voted for Republicans and now you want another bailout? Same Conservative story since 1929.

[@Frugalmomandwife]

This has been happening in DFW Texas for years. We have had multiple offers on our home from companies for years. Many way way above the estimated value. Our home has not been listed for sale this entire time and yet the offers still come from the companies. Our neighbors next door and across the street both sold to a company and are now rent houses. It's all over our neighborhood now and probably won't stop until all homes are rent houses.

[@asanta2023]

Wow..,incredible

[@douglee4268]

In my area, As I understand it, Realitors would walk door to door and say the B***K population is growing and we are going to move them in to this area, and you can sell your home now at market price , or wait till after they move in your home will be worth way less. (The term is red lining. ) In the end they all sold there homes. + the area has changed / gotten worse.

[@Marva123]

@@douglee4268 I serious doubt real estate agents were going around fear-mongering that blacks were being moved into a neighborhood to deliberately lower home values. Are these companies just going to pay the mortgage for them? Also, you misunderstand the term red lining. The reverse action would occur from your proposed scenario. Bankers would look on a physical map of a housing area and draw a red line where they would not sell to black people in the past. If that were the case, the black population would not be increasing in the area. I think you made this up completely.

[@seadragon1456]

Same in MO. We bought our house for 200k 9 years ago and just paid it off. For three years, I’ve received letters letting us know that multiple companies are wanting to buy our house with a generous offer. One said they’d be willing to pay above market price….. If my house wasn’t paid off and I was hurting for money I’d see the appeal. Those corporations are definitely being shady.

[@ajax7ox729]

Noty problem

[@stevedallas3488]

This is an example of how corporate America is turning the country from Bedford Falls into Pottersville.

[@KhmerH20]

woah!!!!

[@shannon_w.]

I know here in New Jersey not only is it nearly impossible to buy a home but rent is completely out of control!!!!! This should be done in EVERY state!!!!

[@saywhatnow57]

This is going to be the death of any dream of retirement for the middle-class. You can not retire without a paid-for home and corporations are buying up ALL of the houses, and builders are starting to only build built-to-rent homes.

[@karlabritfeld7104]

Going to have to rent

[@victoriascholl4607]

When we were trying to buy a home in 2021 - every home we bid on that was move in ready - we were out bid by a cash buyer like twelve times. We had to buy a fixer upper to get into home. Renting has gone sky high in our town, even for apartments. There's no rent control in this state.

[@moonchild7456]

Great investigative reporting and kudos to the Congressman standing up for Ohioans and other victims of abusive business practices.

[@benton-benton]

The reappraisal of houses has already happened for my county, Franklin. They doubled the price of my house. Which means even waaaay higher property tax than now. And it's already outrageously high. This congressman waited too long to speak up.

[@Will203_]

Glad this is getting some coverage !

[@christianfoster3806]

As a society, we need to soundly reject the argument that something "creates return for shareholders" as having any value. It's a semantic euphymism for saying "the rich must get richer".

[@Bobrogers99]

I have read about the thousands of NYC apartments that have been bought by investors, and many of them are empty. They're keeping available apartments in short supply so they can charge more for the units that are occupied.

[@delyangeorgiev4773]

Right and keep paying interest, insurance taxes and maintenance and hoa fees on the empty apartments. Such a brilliant business model lol

[@appalachiabrauchfrau]

hobos need to organize and do a wide spread squat sit-in on these vacant properties, would be tasty justice. Pretty sure the place I squatted is still trying to get my stank out of the carpets and walls.

[@juanveritas4087]

Corporations - " Lets buy the American dream and rent it back to them!"

[@1wildwackywoman]

Problems like this are never addressed until somebody that has influence is involved. Shameful.

[@coldspring624]

Shut it down

[@FLEABONE]

They have done this here in Idaho. Rents are obscene.

[@RoseNZieg]

this has been happening for years. I hope something comes out of this.

[@CraftPlanTeachRepeat]

Hats off to this person addressing the problem. No one else is saying a thing. Their should be a hefty tax paid by investors. This is just ridiculous

[@JohmathanBSwift]

60 Minutes, as well as news agencies, have done reports. It's not just home equity that the individual misses out on having, it's also money saved toward retirement and for new families, the chance for them to save for their offspring's college funds, as well as the ability for them to pay off their own higher education. These companies are also buying up trailer parks.

[@karlabritfeld7104]

Oh but Americans don't want to pay taxes... You get what you asked for.

[@sillyhermy]

@@karlabritfeld7104 🤡

[@8o88ijoan]

This is so important. I’ve never heard of an official doing anything about it.

[@bog6106]

The government benefits from higher rent. higher valuation, higher rent = more property tax revenue. The government is not going to do anything meaningful to thwart this, they are primary beneficiary!

[@eckankar7756]

if you own S&P 500 you are invested in REIT businesses, they are that big. I've traced them back to 1988, this is not new. I think Congress has been paid off to turn their heads allowing this to progress. Housing crisis could get some major relief to allow owner occupied buyers the chance to buy a home. This is a major problem. In the Phoenix area there are 4,000 single homes being built but all will be for rent only. That woman should have looked around BEFORE she sold her house, even with the staircase where it is. I'd rather stay put and build equity and have a paid off house by retirement than rent.

[@hwoodist]

Yup, saw that my portfolio contains Black Rock, now hoping they do very well.

[@teebone2157]

Wrong

[@austinh1028]

sounded like the weird staircase was actually in their new rental they were forced to get, for lack of options

[@aurelie8220]

Yep, that happened in my town. And they take beautiful homes and convert them into ugly duplexes and triplexes, so the original single family homes are ruined for resale as “single family.” Even though I own, our property taxes have gone up $1,000 in three years because it’s praised higher because of “demand.” Everyone I know has seen their property tax go up $50 - $100 a month just this year alone. There needs to be regulations. It’s destroying the middle class and making it impossible to own a home.

[@jsfnnyc]

There should be laws against corporate ownership of thousands of single-family properties. Just like there are laws going up against Airbnb rentals of single-family homes. I'm glad lawmakers are getting involved.

[@lovethieves1383]

Laws, you said the L word, they don't work like that, they use the P, T, E, DN words. Pander to voters, Talk about it, Elected back in office then Do Nothing. Free Advertisement to show "Look I care" - prayers and thoughts

[@Infernal_toast]

this is a massive standard of living decrease for the middle class unless the government does something about tax rates for corporations

[@francismarion6400]

and kick out the illegals poaching our jobs.

[@rustyshackle917]

Trump permanently cut corporate tax rates just a few years ago. I'm sure the savings will trickle down to the middle class any day now.

[@yakzivz1104]

corporations already have low tax rates and loopholes.

[@skyjelly9790]

The middle class have had it too good for too long. Time to catch up with the poor.

[@rossdoesnothinginteresting]

It’s awful right now! Me and my cousin have been thinking about buying a home and there’s no options within our budget. We just want a space of our own :(

[@gregmcfarland5189]

It’s not that they can’t afford a home. It’s that they can’t compete with all cash offers.

[@ebo7310]

Exactly

[@coastcity7029]

We need to outlaw foreigners purchasing property in the U.S. as well. Property ownership in America should be for Americans, not for cartel or CCP money laundering

[@channelpink4376]

My landlords are Indian and I have no way of really knowing whether or not they're born here, but they are amazing landlords and they aren't the ones fucking this country. They aren't greedy people, and they are incredibly accommodating. They are the mom and pop landlords we should defend and protect. It's domestic corporate abuse we should be focused on, not xenophobia.

[@coastcity7029]

@@channelpink4376 My comment wasn't about race, or culture, it was about protecting the economic and social interests of our citizens. Of course America is a giant melting pot. My problem isn't with diversity, it's with our government allowing foreign capital to artificially inflate our housing market and wreck our communities because so few people can afford to be homeowners. How can we re-build the American middle class if there's no pathway to home ownership that's affordable for most Americans? A lot of money gets moved offshore from China and other countries into the U.S. real estate market because we allow it. Local governments love when this capital keeps home prices going up because that means higher property taxes. Those interests are not aligned with rebuilding the American middle class and communities in America.

[@channelpink4376]

@@coastcity7029 if you think “foreigners” are your biggest threat when American born billionaires are the ones siphoning every imaginable resource all for themselves, then I have news for you…you’re clearly biased and that’s all I’m going to say.

[@darkriku12]

​@@channelpink4376good for you. What about the rest of the country?

[@SkySong6161]

My landlords were in NYC, and California. lol. Corporations care not what country they or your are form, only whether or not they can rape you.

[@darthtyranus7683]

Happened in Texas too

[@PonyGirl004]

I wish someone was doing something like this in Florida. The same thing is happening here but is ignored by both parties. They have deep pockets, pay over asking in cash so regular families cannot get the homes then turn around and rent them to the families they beat out at exorbitant prices with sharp increases in rent at renewal to look forward to. An investment firm bought our apartment community and raised our rent 10% this year and 30% last year. They are doing the same in ALF's and even trailer parks.

[@Thesecondcomingpodcast]

It should be illegal to make money off of houses… The real estate market is killing the world… Commercial real estate should be allowed… But selling homes for profit should be illegal

[@eveskey7982]

Good for him. I wish all other officials nationwide thought like he does. We need to take this seriously before it gets so bad. The citizens and people suffer more than they are currently.

[@SomeUserNameBlahBlah]

Him allowing investors to own 50 homes is not a solution. Homes should be allowed to be purchased by citizens (no illegals and no investors), and you can own *one* single family home.

[@eveskey7982]

@SomeUserNameBlahBlah true that would be the best thing. But it's an even harder thing to get passed. At least it's a starting point what he is trying to do, and he is even facing opposition with that.

[@Skoora]

@@SomeUserNameBlahBlah That’s nonsense. Owning a 2nd or even 3rd home is how regular citizens acquire wealth they can retire on. Real Estate is one of the main avenues regular folks can take to try and create generational wealth. They certainly could restrict what an investment company can purchase, if they’re willing to get specific on the legislation. They could also enact rent caps and strict rules on how much and how often and under what circumstances you can raise rent. The rent increase issue has been a decades problem. Apartments often get you in with that first year deal but watch the rent raise significantly after that first year and the leasing office will just say “it’s the market”. The complex owners definitely collude on these increases. It’s why so many people get trapped in trying to move after 1-2 years to get another move in deal at another complex. Now, a private citizen may form an LLC if they get into multiple properties and maybe politicians will be able to know the difference between that and huge company buying up blocks of homes. I wouldn’t count on them being that bright.

[@Glimmmerra]

@@macdaddyp8437 Why exactly? There have to be *some* limits if people can't curtail their GREED.

[@mr.gamewatch8888]

We should protest in the streets

[@PlanJ117]

I can't even look into buying a house... I can't even look at buying anything in retail... I'm 26 y/o and this market is simply impossible.

[@surferxblood]

WEF World ECONOMIC Forum! You Will OWN NOTHING & You WILL Be HAPPY!!!

[@augustusb3501]

This needs to stop now - the greed is out of control!

[@rixille]

The government won't stop it because they eat off the hands of those suited sociopaths who drive mercedes around.

[@natureocean9466]

It’s only the beginning we are going on a (housing market) roller coaster ride of our life’s!!!

[@woodstream6137]

Great reporting and good for Sen Blessing bucking his party trying to address this. I bought my house in 2016 with interest rates under 4%. Before i made my first payment, the local mortgage company sold my mortgage to wells Fargo. There have been shenanigans, not happy with WF. Its a shame more people and politicians aren't addressing how corporate greed and the stock market keeps hurting America: housing crisis, real estate bubbles crashing the economy, banks going under.

[@hydrobasil5020]

This is happening everywhere. We've been trying to buy a house for over 3 years. We're priced out from out of state investors. It's exhausting and scary as we are in our 40's. We sold before the pandemic and rented so we could relocate to a different part of the state. It's now been 6 years and we're losing all hope.

[@yakzivz1104]

Unfortunately you will have to go way outside city limits to get an affordable house. I comprehend if you cannot do this though.

[@jul.escobar]

Yup. Me same. It's crap.

[@aerostar9376]

@@yakzivz1104 nah man they are coming in rural areas buying land and houses too

[@six6goddess214]

Why did you sale?

[@aerostar9376]

@@six6goddess214 no