What exactly is Blackrock doing that is wrong that if it were to be illegal would not affect any investor? Not a fan but often the "cure" is worse than the disease
I'm not sure what you mean by your question. It's not illegal in many places for them (Blackrock) to invest in rental properties, so they're not breaking the law in most places. But given how stagnant wages are and how close they are to the money printer (easy credit), it's definitely driving down the supply of single family homes on the market. There should be some restrictions on real estate as an investment IMO, or some kind of Georgist land-based tax, if only for real estate that is held as an investment for income
There should be some restrictions on real estate as an investment IMO, or some kind of Georgist land-based tax, if only for real estate that is held as an investment for income
You answered my question. This idea sounds terrible to me. The root problem is fiat which forces so many people to flee to other assets to protect their wealth. That's my opinion at least.
I’m in Canada where real estate is a big speculation area, so much so that real estate is the biggest sector of our GDP. Housing is expensive and made much more scarce by endless money printing. So the fiat money is definitely a problem but they’re never going to stop printing. The least they could do is disincentivize speculation and holding multiple homes as a means to make income off other people.
They do? That's interesting. In regards to the drift towards socialism. I often wonder if those people are just finally admitting what they have always believed. I think many people are cowards and as soon as someone becomes more accepted they jump on the bandwagon. Socialism used to have more a stigma. Not nearly what it should have had but it has less and less of a stigma. I encounter more and more people that come right up to the edge of advocating socialism.
But in most cases it doesn't seem like they really get what socialism actually is.
Yes they wrote a book called Abundance which argues that government regulations are behind America's inability to build houses or even just make stuff more generally
Unfortunately I don't think they have much cachet among modern young progressives, their audience is probably more the boomer libs
Article description
Yes!
Why not both?
What exactly is Blackrock doing that is wrong that if it were to be illegal would not affect any investor? Not a fan but often the "cure" is worse than the disease
I'm not sure what you mean by your question. It's not illegal in many places for them (Blackrock) to invest in rental properties, so they're not breaking the law in most places. But given how stagnant wages are and how close they are to the money printer (easy credit), it's definitely driving down the supply of single family homes on the market. There should be some restrictions on real estate as an investment IMO, or some kind of Georgist land-based tax, if only for real estate that is held as an investment for income
You answered my question. This idea sounds terrible to me. The root problem is fiat which forces so many people to flee to other assets to protect their wealth. That's my opinion at least.
I’m in Canada where real estate is a big speculation area, so much so that real estate is the biggest sector of our GDP. Housing is expensive and made much more scarce by endless money printing. So the fiat money is definitely a problem but they’re never going to stop printing. The least they could do is disincentivize speculation and holding multiple homes as a means to make income off other people.
Interesting
Seems like even arch-liberals Ezra Klein and Derek Thompson understand this, but even their base is moving leftwards towards foolish socialism.
They do? That's interesting. In regards to the drift towards socialism. I often wonder if those people are just finally admitting what they have always believed. I think many people are cowards and as soon as someone becomes more accepted they jump on the bandwagon. Socialism used to have more a stigma. Not nearly what it should have had but it has less and less of a stigma. I encounter more and more people that come right up to the edge of advocating socialism.
But in most cases it doesn't seem like they really get what socialism actually is.
Yes they wrote a book called Abundance which argues that government regulations are behind America's inability to build houses or even just make stuff more generally
Unfortunately I don't think they have much cachet among modern young progressives, their audience is probably more the boomer libs