News
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious biased sources will be removed at the mods’ discretion. Supporting links can be added in comments or posted separately but not to the post body. Sources may be checked for reliability using Wikipedia, MBFC, AdFontes, GroundNews, etc.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source. Clickbait titles may be removed.
Posts which titles don’t match the source may be removed. If the site changed their headline, we may ask you to update the post title. Clickbait titles use hyperbolic language and do not accurately describe the article content. When necessary, post titles may be edited, clearly marked with [brackets], but may never be used to editorialize or comment on the content.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials, videos, blogs, press releases, or celebrity gossip will be allowed. All posts will be judged on a case-by-case basis. Mods may use discretion to pre-approve videos or press releases from highly credible sources that provide unique, newsworthy content not available or possible in another format.
7. No duplicate posts.
If an article has already been posted, it will be removed. Different articles reporting on the same subject are permitted. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners or news aggregators.
All posts must link to original article sources. You may include archival links in the post description. News aggregators such as Yahoo, Google, Hacker News, etc. should be avoided in favor of the original source link. Newswire services such as AP, Reuters, or AFP, are frequently republished and may be shared from other credible sources.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
view the rest of the comments
"The property, which features a guest house and swimming pool, was purchased in 2017 for $7.25m by Glory of the Snow LLC, then managed by a hedge fund executive, the Los Angeles Times reported. It was sold to the Glory of the Snow Trust for $8.35m earlier this year."
It should be illegal for LLCs or trust funds to purchase housing of any kind.
I completely agree that LLCs, REITs, and institutional investors shouldn't be able to buy single family homes (and maybe even duplexes), but I don't know about "housing of any kind."
Large, multi family units like apartment buildings serve a vital need in the affordable housing market. Private individuals who have the capital to purchase a multi million dollar apartment building aren't any more likely to be a conscientious landlord than a corporation. At that point, it all boils down to effective enforcement of tenant rights laws.
Right, but REITs are investment companies, not housing companies. They only bought the apartment building because they see it as a way to create infinite wealth for themselves, rather than, you know, be a service provider.
Maybe you're right. But I don't really bother to try and read too deep into the motivations of any kind of corporation. I assume they're all primarily motivated by profit. And my point is that individuals who have the capital to buy millions of dollars of real estate are functionally no different from a corporate investor, be it a REIT or a "housing company" motivated solely by "providing service." They're all going to do the bare minimum as required by the market to stay competitive and government regulation.
That might be a bit too much. LLCs aren’t always evil corporations. For example, I am an LLC and bought my house with the LLC for privacy reasons. I know other people who have done the same. Not always nefarious
Perhaps require that the owner of the LLC use the house as their primary dwelling?
Or just anyone. Person or LLC. That’s fair