Posted on 03/06/2024 11:59:14 AM PST by ChicagoConservative27
Three corporations own 19,000 homes in the metro Atlanta area.
“A recent study by Georgia State University researchers found that three corporations own more than 19,000 homes in Atlanta’s five metro counties,” WSB-TV in Atlanta reports.
The study found that “Invitation Homes, Premium Partners (which operates Progress Residential), and Amherst Holdings (which operates Mainstreet Renewal) own around 11 percent of all single-family homes for rent in the state.”
“In smaller neighborhoods, sometimes that’s upwards of 50 percent,” GSU professor Taylor Shelton said. “Just a decade ago or so ago, none of these companies even existed.”
(Excerpt) Read more at breitbart.com ...
Crony capitalism?
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Just the “free market” working like it should. /s
Buy and hold, baby!
Nothing says free market like the government printing trillions of dollars a year, inflating the cost of physical assets (homes), and concurrently setting interest rates high so that only cash buyers compete in the market. Combine it with the actions of local government restricting construction of single family homes and the market freedom just overwhelms you.
Anyone remember when IBM was thought of as too big?
Crony capitalism?
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If only. CCP owned companies and WEF influenced companies like BlackRock (10 TRILLION DOLLARS in assets) are buying up America.
And they paid damned good bribes to obtain those units.
Foreigners shouldn’t be able to own land.
America is more bent than Bill Clinton.
We treat Atlanta like a safari park - lock the doors and keep driving until 30 mi away. The Fannis Willis Show isn’t helping those poor folks stuck there ... or their property values.
Let me guess... all subsidiaries of Blackrock?
“Just a decade ago or so ago, none of these companies even existed”
These companies were smart and bought physical assets when they were cheap and interest rates were extremely low.
The equity in their original purchases allowed them to buy even more houses(assets) as the value went up.
Then the price of rents also increased, so their income increased as the same time as the value of their asset increased.
ALMOST ANY ONE OF US OVER the age of 45 could have done the same. I did not. However, I personally know someone who did this on a small scale. He and his wife started ten years ago with one house. He now owns seven. Five of them are multifamily with 2 to 4 apartments. One is a house he rents during the summer weekly because its proximity to the ocean.
Another is a season cottage across the street from the ocean.
He finally sold his original house last year. A single family house he bought for $200K. For $425. It was a single family house. However, it was the lowest preforming ASSET he had. Meaning, it was not a house. It was an ASSET that generated revenue.
I don’t know if this is related, but there is a trend I’m seeing in the real estate market that is kinda disturbing... it’s something I’m calling the HGTV Effect: house flippers are essentially stalking low-valued houses and buying them up as soon as they hit the open market... their aim, of course, is to renovate and resell as a much higher price.
While that has a number of benefits (and in general, I’d applaud the entrepreneurial efforts), it also has a big-time disadvantage: lower-income buyers are being priced out of the market. They don’t have the resources to compete with the flippers (who either already have cash to buy immediately or readily-available financing) and can’t get into a bidding war in any case.
My daughter has faced this problem. It’s forcing her to continue to pay apartment rent, which also isn’t improving her financial situation, so even the idea of waiting until she has more money to spend doesn’t work either. So people in her situation are being trapped and effectively locked out of the housing market.
As I say, I don’t know if that’s the aim of these companies being described, but for sure: they are reducing the available housing inventory in that area, and that alone will drive up prices.
Our republic has always been a plutocracy where wealth steers the government; railroads, industrial military complex, big tobacco, ect.
80% of the world wealth is influenced by one axis-
The Economic-Fascist Axis powers:
💢 World Economic Forum
💢 Chinese Communist Party
These rental conglomerates are part of that axis.
Anti-trust laws should be used
what’s their unrented rate?
50%? - drives rents shy high
If governments want to stop this they need to tax any corporation owning more than 5 residences must pay a penalty tax. Make it too expensive and this will stop.
If governments want to stop this they need to tax any corporation owning more than 5 residences must pay a penalty tax. Make it too expensive and this will stop.
Does anyone have the addresses? Maybe something good can come of the squatter crisis.
I believe this is the case. In Atlanta they used to do it in the 1980’s but would then tear the houses down/entire neighborhoods to build office parks.
Ring ring, ring ring.
My friend the realtor: Hello, George’s Real Estate.
Big Company X: Hello, we were calling to see if you could buy up this new housing development for us.
My friend the realtor: Why do you want to do that?
Big Company X: We are going to make a nice rental neighborhood.
My friend the realtor: It may be a rental neighborhood but it can’t be nice. It will be the ghetto in five years or less.
Big Company X: Oh no! We’ve done this in Davenport, Oslo, Melbourne, all over the place.
My friend the realtor: Well this is not Davenport, Oslo, Melbourne of some other place. You’ll lose your shirt here.
Big Company X: But we have professional property managers.
My friend the realtor: And the tenants have guns to shoot your property managers.
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