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So do you believe in rent control? If not, why not?
I think because they want to.
LOL,
I was thinking... there is artificial scarcity in the market. Its a very good place to park money since it is insane to do so in many other assets. Banning them seems to me to be a pretty blunt approach and those types of approached tend to have bad consequences.
And plenty of home owners LIKE the cost of housing being high because of how they view their house. As a savings account. That is the deeper problem.
In fact I'm sure that's why Blackstone started this post 2008. Single family homes are a store of value. Whether that is as it should be is another question. It is an entity acting in its own self interest.
Exactly. I really think Trump makes things worse with these proclamations. Most people consider him a Republican, whatever that means anymore anyway, so these soviet like centrally planned proclamations become associated with the right.
Big businsesses can outbid consumers on almost everything.
One thing that has traditionally held that back is diseconomies of scale. Supposedly, a big business wouldn't be able to manage this big portfolio of real estate that easily, since the markets are highly localized and physical presence is required to monitor the condition and status of the property.
But it's possible that technology is making these diseconomies of scale go away, making it easier and easier for big businesses to manage a huge, diverse portfolio of varied assets.
See #1404356 for an interesting discussion.
I do. However, what we have seen is a multinational company that has trillions in assets able to deploy those assets to be able to outbid everyone its not a fair fight at all. Its a slippery slope allowing them to do because it only makes people further dependent on corporations for even their housing. This isnt like buying an apartment building or even building the house those all are set and designed for individuals to by them at the end of the chain.