- 13 Jun 2021 05:00
#15176712
video here: BlackRock, other investment firms, buying up homes, forcing rental boom| Latest News Videos | Fox News
The New York City risk and investment management giant BlackRock is among several high-powered firms pushing working families out of the housing market and into rentals, therefore depriving them of capital and the opportunity to build credit and equity.
According to a Wall Street Journal report, BlackRock - led by billionaire Laurence Fink - is purchasing entire neighborhoods and converting single-family homes into rentals; while in cities like Houston, investors like Fink account for one-quarter of the home purchasers.
Journalist Pedro Gonzalez said that the actions of companies like BlackRock's are leading 40% of American renters to believe they will never be able to purchase a home.
"It is killing the dream and giving us a nightmare of dispossession."
The impetus for firms to mass-purchase housing is to underwrite pensions and pad their books by spiking housing prices.
But, Gonzalez warned that these reckless actions will only accelerate the next housing bubble to burst, as it did a decade ago.
"The same institutions also promote progressive [political] policies like environmental policies that also raise the price of housing - and they push for more immigration, like JPMorgan Asset Management," Gonzalez reported.
BlackRock, other investment firms 'killing the dream' of home ownership, journalist says | Fox News
https://www.foxnews.com/media/blackrock ... -ownership
That sounds a little unfair if they're going into certain cities with prime real estate and buying up a large percentage of the total homes just to push up the home prices and make sure would-be homeowners can't afford to buy. Which will force them to rent, if they want to stay in that city. It seems a little like a monopoly, or trying to corner the market, on a commodity which there is a scarce supply of.
(The economist Henry George would probably have had a few things to say about this too)
BlackRock is an $8.6 trillion global investment management corporation. That gives them the ability to buy up housing in entire cities.
Once the people in those cities are pushed into rentals, the company that owns these homes can squeeze more money out of them.
The New York City risk and investment management giant BlackRock is among several high-powered firms pushing working families out of the housing market and into rentals, therefore depriving them of capital and the opportunity to build credit and equity.
According to a Wall Street Journal report, BlackRock - led by billionaire Laurence Fink - is purchasing entire neighborhoods and converting single-family homes into rentals; while in cities like Houston, investors like Fink account for one-quarter of the home purchasers.
Journalist Pedro Gonzalez said that the actions of companies like BlackRock's are leading 40% of American renters to believe they will never be able to purchase a home.
"It is killing the dream and giving us a nightmare of dispossession."
The impetus for firms to mass-purchase housing is to underwrite pensions and pad their books by spiking housing prices.
But, Gonzalez warned that these reckless actions will only accelerate the next housing bubble to burst, as it did a decade ago.
"The same institutions also promote progressive [political] policies like environmental policies that also raise the price of housing - and they push for more immigration, like JPMorgan Asset Management," Gonzalez reported.
BlackRock, other investment firms 'killing the dream' of home ownership, journalist says | Fox News
https://www.foxnews.com/media/blackrock ... -ownership
That sounds a little unfair if they're going into certain cities with prime real estate and buying up a large percentage of the total homes just to push up the home prices and make sure would-be homeowners can't afford to buy. Which will force them to rent, if they want to stay in that city. It seems a little like a monopoly, or trying to corner the market, on a commodity which there is a scarce supply of.
(The economist Henry George would probably have had a few things to say about this too)
BlackRock is an $8.6 trillion global investment management corporation. That gives them the ability to buy up housing in entire cities.
Once the people in those cities are pushed into rentals, the company that owns these homes can squeeze more money out of them.