starting to think buying a house and then not living in it should be illegal
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hmm maybe not idk man
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Replying to @QiaochuYuan and @SarahAMcManus
You’d want to ban something like flipping. But then you get people that need to sell quickly and they get screwed. Turns out, when you mess with free markets, usually someone gets hurt
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context, idk if i was the last person to hear about this or what
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so zillow let a robot buy up thousands of properties, outbidding real buyers and artificially inflating the market, and now will be laying off a full quarter of its workforce and selling off the properties to rental corps like BlackRock at vastly discounted prices. that right?
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Black rock owns so little of the market it’s not even worth talking about. It’s like a marketing campaign for them. Most rental RE is owned by small landlords
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yeah I have no idea how we tackle things like this without impacting people who do restorative work of actual value when they flip a house, little landlords who just rent out the basement suite of their own home, people who buy homes nearby for their aging parents, etc ☹️
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I wonder if disallowing out-of-state LLCs would be a start, or having some kind of a limit on the number of investment properties owned. maybe limits on iBuyers but I'm unsure how you'd regulate that
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Looks like zillow lost a lot of money in the deal. We can pretend the money they lost was a huge fine, to feel better.
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I hate that the algorithm and the developers are getting blamed for this. It sounds like they did a great job setting up something that wouldn't have lost money, but that didn't do enough trades to grow market share so some smoothbrained manager made them make it too aggressive.
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Maybe it's just me, but I'd rather sell my house to and buy houses from an impersonal market maker than deal with getting jerked around by the people and real estate agents on the other end.
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