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Meet the Billionaire Investors Behind the US Housing Affordability Crisis (www.commondreams.org)

submitted 4 months ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

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This is not your grandparent’s gentrification, but rather a hyper-gentrification fueled by concentrated wealth driving up land and housing costs, expanding short-term rentals, and treating housing like a commodity to speculate on or a place to park wealth. The billionaires are displacing the millionaires, and the millionaires are disrupting the housing market for everyone else.

Our report found that billionaire-backed private equity firms have wormed their way into different segments of the housing market to extract ever-increasing rents and value from multi-family rental, single-family homes, and mobile home park communities. For instance, Blackstone has become the largest corporate landlord in the world, with a vast and diversified real estate portfolio. It owns more than 300,000 residential units across the U.S., has $1 trillion in global assets, and nearly doubled its profits in 2021.

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[–] ptz@dubvee.org 5 points 4 months ago* (last edited 4 months ago) (1 children)

Wait, is this why I get about 1-2 random calls a month asking if I want to sell my house, no-questions-asked, for like 30% above market rate?

I've told them politely, but firmly, to fuck off every time because I highly suspect that's the case.

It's always "Hello, am I speaking to Patrick {LastName} at {address}?" so they've obviously gotten my name/address from property records and somehow cross referenced that to my phone number (which I do not give out).

[–] pelespirit@sh.itjust.works 3 points 4 months ago

I've had people come up to me while I'm getting out of my car in the driveway. Seattle is something else.