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and it is foolish to only blame Clinton because although he was a part of it, pretty much all of government and "private" institutions (banks) had a role, even when Clinton was out. Bush sure didnt try stopping it. it was a money grab by the powers that be, and it pushed more Americans to rely on the government as planned there is a reason why they shut down occupy wall street so fast. 10 years since then see where we are now. not good at all Quote:
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It's also why many in the black community are further behind the 8 ball in wealth accumulation due to their grandparents/ great-grandparents not having equity to pass on. |
The people that say owning a home is a great investment are the same ones that take offense to someone owning an investment home. Those evil "outside" investors! :shrug:
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Nearly all of the money they saved during their lifetimes was devoured by high nursing home and medical costs in their last 5~ years. Almost no money was passed on to any individual, since the family is large. |
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^ Don't cities handle zoning and land use regulations? That is unless the state passed legislation overruling city ordinances.
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Homeownership is not really on my radar, tbh.
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Personally, I have benefited from owning multiple properties. I bought my first place (1B condo in Denver) in 2018 and am not renting it out. Needless to say I have a nice cushion of equity on the place that is slowly growing.
I bought a 2bed condo a year ago here in Chicago, and am renting my second bedroom out. Again, slowly building up equity on this property at the same time. This doesn't preclude me from doing normal 401k or side Robinhood investments..... And that's the point. It's not always an either/or thing. Most folks who own a home/condo ALSO are contributing to other traditional investments. I think the solution will be some sort of a balancing act. You can't forbid any investors from buying up a property and renting it out, but there should be some limits, especially if construction to match demand for folks who want to own their own place isn't keeping up. Otherwise, you will most certainly get a "You will own nothing and like it" scenario, which I don't want. On a micro level, one can certainly do things locally. Here in Chicago, it's pretty common for HOAs to have caps on how many condos can be rented out. I think most HOAs also forbid AirBnBs. That doesn't really help with SFH or 2/3 flats, but it does help buffer for folks who want to own a condo. |
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The seller's real estate agent got the message and we ended up with wonderful new owner-occupier neighbors upstairs from us. Nobody in their right mind would want AirBnB bullshit in their building. |
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Laws preventing Wall Street from becoming America's landlord are probably something most people could be sold on if they think it would be good for the community writ large. |
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So if we banned Wall Street from becoming a major landlord would that be an onerous regulation or a responsible one? The knock on consequences matter. I would suggest that Wall Street money distorts the market in ways that hurt society in the long run. If current homeowners get a big check when they sell but new homebuyers are locked out of the market then in 30 or 40 years we may have a market where everyone rents from Wall Street because the younger generations were never able to afford their first house. |
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If US investors want to own or have shares in apartments or buildings, that seems fine. Owning individual homes or properties? Hell naw. |
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I'd be interested to see what % of rental SFHs are owned by large corporations vs small time investors such as twister who are merely supplementing their W-2 income with some rental income. Your article is headlined "Big Corporations" but then only refers to "investors" and "LLCs" as if those are "Big Corporations"... they're not the same thing... at all. Most LLCs are mom and pop shops... And yes, zoning made sense when it was originally created to separate incompatible land uses such as industrial and residential. But zoning today has gone so far beyond that to such an extreme that it's significantly hampering the development of the affordable housing you are seeking. Instead of fixing the core problem you are instead attacking an irrelevant bogeyman. |
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Here in KC there are so many people and institutions buying houses for AirBnB's that the city is starting to discuss regulating them. Some entire blocks have been bought up for them. Lots of people stay in them for nefarious reasons and creates lots of problems for the neighborhoods they're in.
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