You thought that the GPU shortage was bad... Wall St. snapping up homes to turning into rentals...

[VirtualLarry]

Think that they got the idea from GPU miners?

Only difference, GPUs for gamers are technically an entertainment luxury.

Homes keep a roof over your head.

Looks like the future is headed towards "you don't own anything".

 

[jpiniero]

You're like 10 years late on this one.

 

[dainthomas]

Yeah this has been going an a while. Part of the reason why there are more empty homes in this country than homeless people.

 

[herm0016]

for perspective: about 80% of rental units are owned by people that have less than 5 units, and 70% of those have a mortgage.

yes, the end goal seems to be that the people do not own anything.

 

[BudAshes]

for perspective: about 80% of rental units are owned by people that have less than 5 units, and 70% of those have a mortgage.

yes, the end goal seems to be that the people do not own anything.

That way if you die it doesn't even matter...

 

[Captante]

That way if you die it doesn't even matter...

Yep .... mortality is like that! 😉

 

[Torn Mind]

Are they buying them up in 1%er neighborhoods? Because some areas are utter shit for renting out; the more way out there the property, the less appealing the rental is.

Landlording is not for the faint of heart or those who subscribe to the naïve "good people" religion that bourgeois middle class develop. The professional scum are what drives the laws and they learn quickly that "possession" means free-for-now and possibly free-forever rent if they know how to cover their tracks.

Technically, government ultimately owns the homes, but merely relinquishes control to a buyer in exchange for the buyer to reveal his personal info and pay indirect "rent" to the state. Knowing this can be unappealing, the state sweetens the suffering by offering a reduced property tax credit for principal residents.

 

[jpiniero]

Are they buying them up in 1%er neighborhoods? Because some areas are utter shit for renting out; the more way out there the property, the less appealing the rental is.

There's also AirBnBing. I also wouldn't be surprised if there's property being bought just to have real assets and not fiat. No intention of renting out.

 

[Brainonska511]

Simple way to undercut speculators: build more housing. Allow people to build duplexes/triplexes/quadplexes in areas currently under the thumb of SFH zoning; allow greater heights on buildings in already dense places.

Yeah this has been going an a while. Part of the reason why there are more empty homes in this country than homeless people.

Yeah - that's largely a myth that people peddle to avoid the uncomfortable truth that more housing needs to be built where people want to live. People in NYC don't give a shit if there is an empty, dilapidated house in bumfuck Kansas.

 

[LikeLinus]

You're like 10 years late on this one.

This. Not sure what rock you've been living under, but this has been going on for awhile now. In a subdivision near us, which is the smaller 1,400-2,000 SQFT homes, they've been buying them for years and turning them in to rental properties. I'm a bit surprised their HOA allows it, but maybe it's not against their by-laws?

 

[highland145]

for perspective: about 80% of rental units are owned by people that have less than 5 units, and 70% of those have a mortgage.

yes, the end goal seems to be that the people do not own anything.

But the rent payment moratorium...say it ain't so....the small guy can't get screwed, right?

Fucking uncle Sam says, Yes, you can.



Build more units? Already a shit storm for costs and delays. Ida just made that impossible.

 

[Torn Mind]

This. Not sure what rock you've been living under, but this has been going on for awhile now. In a subdivision near us, which is the smaller 1,400-2,000 SQFT homes, they've been buying them for years and turning them in to rental properties. I'm a bit surprised their HOA allows it, but maybe it's not against their by-laws?

Doubt HOAs can deny sales like that.

Sometimes the company is the low income welfare organization of the locality. Like the Housing Opportunities Commission of Montgomery County, MD. So just because it's a company doesn't mean fat cat with fat cat intentions. The section 8 money does keep the properties maintained although some of the tenants still wind up in eviction court. For matters of failure to pay rent in this locality, the case is buried from public view.

 

[Brainonska511]

Build more units? Already a shit storm for costs and delays. Ida just made that impossible.

Only a shitstorm of costs and delays because we've set up a system with too many ways for people to have veto power on any development.

 

[highland145]

..

 

[Torn Mind]

Simple way to undercut speculators: build more housing. Allow people to build duplexes/triplexes/quadplexes in areas currently under the thumb of SFH zoning; allow greater heights on buildings in already dense places.


Yeah - that's largely a myth that people peddle to avoid the uncomfortable truth that more housing needs to be built where people want to live. People in NYC don't give a shit if there is an empty, dilapidated house in bumfuck Kansas.

Such real estate hold little appreciation value and thus are not worthy of the eyes of the stable stage home buyer(that is, they've graduated college and landed their well-paying job). Only high-end condos would make sense if location had first attracted big money in the first place.

Real estate virgin know-nothings like you would turn areas into wannabe Chinese style ghost cities.

 

[Dr. Detroit]

I figured we would get some housing relief with all the COVID deaths but we just imported a few million people and those folks all need housing too.

Zoning laws need to change to allow more land to be zoned for housing
& Prop 13 in California needs to be heavily modified as estates should not be able to gift historical prop taxes upon death.

 

[Brainonska511]

Such real estate hold little appreciation value and thus are not worthy of the eyes of the stable stage home buyer(that is, they've graduated college and landed their well-paying job). Only high-end condos would make sense if location had first attracted big money in the first place.

Real estate virgin know-nothings like you would turn areas into wannabe Chinese style ghost cities.

We don't need ghost cities. Plenty of real cities people want to live in - just not enough housing in them and not enough housing being built to keep up with the influx of people. That's why it's so expensive. It really is a supply & demand problem.

 

[nakedfrog]

I figured we would get some housing relief with all the COVID deaths but we just imported a few million people and those folks all need housing too.

Zoning laws need to change to allow more land to be zoned for housing
& Prop 13 in California needs to be heavily modified as estates should not be able to gift historical prop taxes upon death.

We imported a few million people?

 

[pauldun170]

We imported a few million people?

Checks century.
Double checks cotton field.
Re-checks century
(sad face)

 

[nakedfrog]

Checks century.
Double checks cotton field.
Re-checks century
(sad face)

Okay, I did omit the "just" from "just imported", implying very recently.

 

[pauldun170]

Okay, I did omit the "just" from "just imported", implying very recently.

Yeah whatever.
All I know that cotton doesn't pick itself.

 

[Dr. Detroit]

We imported a few million people?

Southwest Land Border Encounters

Securing America's Borders

www.cbp.gov

U.S. Encounters An 'Unprecedented' Number Of Migrants. DHS Says 'It's Complicated'

Immigration authorities encountered migrants more than 212,000 times at the border in July, the highest in 20 years — including nearly 19,000 unaccompanied children, the most ever in a single month.

www.npr.org

 

[nakedfrog]

Southwest Land Border Encounters

Securing America's Borders

www.cbp.gov

U.S. Encounters An 'Unprecedented' Number Of Migrants. DHS Says 'It's Complicated'

Immigration authorities encountered migrants more than 212,000 times at the border in July, the highest in 20 years — including nearly 19,000 unaccompanied children, the most ever in a single month.

www.npr.org

Yeah, this is about what I expected.

 

[Torn Mind]

I have done some further reading on the matter, namely articles(with a slant). Seems like the places affected are in the "irrelevant-stan" of the U.S. Those red states with cheap housing because their location sucks and thus there aren't many people in the first place and landlording for a mom-and-pop is not worth moving to.

Needless to say, talking about real estate via biased journalists only indicates just how airheaded the press can be, and how politics can lead themselves to presume themselves knowledgeable when they have no clue.

At least, the Atlantic provided some idea of the location of a "victim". No one is dying to live in Gwinnett County, Georgia. Atlanta is still a third tier city in a third tier state.

When Wall Street Is Your Landlord

With help from the federal government, institutional investors became major players in the rental market. They promised to return profits to their investors and convenience to their tenants. Investors are happy. Tenants are not.

www.theatlantic.com

They begin with the couple of Erica and Rene Valentin.

Rene and Erica valentin’s problems with their rental home began almost immediately. Their pipes would periodically break, sending a stream of water onto their living-room carpet.

Alright, hold on a minute there. Material matters. Some are more likely to fail than others; some were also removed from the market at a certain time. Properly inspected and installed CPVC or copper will not go in the conditions they are designed for. If the pipes were polybutylene, yes they could be a ticking time bomb. But that went out of the market in 1996 or before.

The problem, it turned out, was more significant than a bad section of pipe. The house’s pipes had been the subject of a class-action lawsuit because they broke so frequently, and the pressure regulator in the hot-water heater was faulty, sending too much water into an already fragile system. They learned this from a contracting company that Invitation dispatched to diagnose—but not to fix—the problem. When Rene got back to the house from a trip to pick up a pizza, the contractors were packing up their equipment. Invitation was looking for someone to do it for a cheaper price, they told him.

Still couldn't bother to name the material or year house was built. The specific lawsuit. When the regulator failed.

So, the lacking information is WHAT ADDRESS we're talking about here and what YEAR this house was built. And if maybe some redneck Georgian plumber fucked up somewhere)

Naturally, truepeoplesearch to the rescue. https://www.redfin.com/GA/Lawrenceville/1030-Campbell-Gate-Rd-SE-30045/home/24917332 That house was built in 2000. Yes, 2000. It's only 21 years old. It's in an HOA community. It only had two previous owners before Morven LLC became the owner. The first owner is dead at 47 years old.

Property Detail

The most reasonable remedy of this plumbing disaster, if it was due to the materials, is addressing the construction regulations and the agents in that industry. "Tax the rich" doesn't affect the plumber who helped built the house or the inspectors who signed off on the construction. That county is the typical low-income Georgia county with not much money. So it is possible the contractors 20 years ago cut corners and used PEX. Now, there could be more a nefarious reason for a 15 year plumbing failure, and that's human sabotage by that couple.

As the feature sob testimony of that article, in which the ultimate point is to support "tax the rich", neither scenario in their story would remedy the occurence of plumbing failure.

If it were a mom-and-pop or if an actual homeowner resided there, THE TIME BOMB is still there if the materials were defective. The other houses in this HOA community would also have the same defect and would be blowing in due time as well. All owners would need to prepare for a pending contractor and plumber repair. The one potential difference is that it's easier to hold the gun to the mom-and-pop landlord's head to get the repair done. But this is a fucking poor ass county that is the suburb of a trashy city that is Atlanta, so the mom-and-pop might not be the fat cat folks assume they are.

Also not mentioned was that the couple filed a lawsuit. The result was after the article was published, with a mediation agreement reached.

Journalism like this is why I view most of them as scum of the earth and that they are not in the business of educating the public, only influencing their pet ideals. Readers of the media of scum, who presume themselves intellectually correct by virtue of their smarter background despite having no experience inferring things about a foreign subject based on emotion alone. The American bourgeoisie pseudo-religion is something else in its form of rotten.

 

[highland145]

I have done some further reading on the matter, namely articles(with a slant). Seems like the places affected are in the "irrelevant-stan" of the U.S. Those red states with cheap housing because their location sucks and thus there aren't many people in the first place and landlording for a mom-and-pop is not worth moving to.

Needless to say, talking about real estate via biased journalists only indicates just how airheaded the press can be, and how politics can lead themselves to presume themselves knowledgeable when they have no clue.

At least, the Atlantic provided some idea of the location of a "victim". No one is dying to live in Gwinnett County, Georgia. Atlanta is still a third tier city in a third tier state.

When Wall Street Is Your Landlord

With help from the federal government, institutional investors became major players in the rental market. They promised to return profits to their investors and convenience to their tenants. Investors are happy. Tenants are not.

www.theatlantic.com

They begin with the couple of Erica and Rene Valentin.
Alright, hold on a minute there. Material matters. Some are more likely to fail than others; some were also removed from the market at a certain time. Properly inspected and installed CPVC or copper will not go in the conditions they are designed for. If the pipes were polybutylene, yes they could be a ticking time bomb. But that went out of the market in 1996 or before.


Still couldn't bother to name the material or year house was built. The specific lawsuit. When the regulator failed.

So, the lacking information is WHAT ADDRESS we're talking about here and what YEAR this house was built. And if maybe some redneck Georgian plumber fucked up somewhere)

Naturally, truepeoplesearch to the rescue. https://www.redfin.com/GA/Lawrenceville/1030-Campbell-Gate-Rd-SE-30045/home/24917332 That house was built in 2000. Yes, 2000. It's only 21 years old. It's in an HOA community. It only had two previous owners before Morven LLC became the owner. The first owner is dead at 47 years old.

Property Detail

The most reasonable remedy of this plumbing disaster, if it was due to the materials, is addressing the construction regulations and the agents in that industry. "Tax the rich" doesn't affect the plumber who helped built the house or the inspectors who signed off on the construction. That county is the typical low-income Georgia county with not much money. So it is possible the contractors 20 years ago cut corners and used PEX. Now, there could be more a nefarious reason for a 15 year plumbing failure, and that's human sabotage by that couple.

As the feature sob testimony of that article, in which the ultimate point is to support "tax the rich", neither scenario in their story would remedy the occurence of plumbing failure.

If it were a mom-and-pop or if an actual homeowner resided there, THE TIME BOMB is still there if the materials were defective. The other houses in this HOA community would also have the same defect and would be blowing in due time as well. All owners would need to prepare for a pending contractor and plumber repair. The one potential difference is that it's easier to hold the gun to the mom-and-pop landlord's head to get the repair done. But this is a fucking poor ass county that is the suburb of a trashy city that is Atlanta, so the mom-and-pop might not be the fat cat folks assume they are.

Also not mentioned was that the couple filed a lawsuit. The result was after the article was published, with a mediation agreement reached.

Journalism like this is why I view most of them as scum of the earth and that they are not in the business of educating the public, only influencing their pet ideals. Readers of the media of scum, who presume themselves intellectually correct by virtue of their smarter background despite having no experience inferring things about a foreign subject based on emotion alone. The American bourgeoisie pseudo-religion is something else in its form of rotten.

Stop spewing you honest factual shit.

Danke.

And rednecks aren't bad. Dumbass, thieving wannabe trades are.