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I tried, I really did. But I could not stay silent about the "Blackrock is buying all the houses" meme, about which virtually everything is wrong, including the spelling of BlackRock, which only The Onion capitalized correctly.https://prospect.org/infrastructure/housing/blackrock-buying-houses-meme-single-family-rental-market/ …
I looked up BlackRock's real estate portfolio, which includes infrastructure assets & commercial buildings in addition to residential. In 2020 (the alleged time of buying up all the houses) the portfolio increased by... $20 million. That's 100 houses topshttps://prospect.org/infrastructure/housing/blackrock-buying-houses-meme-single-family-rental-market/ …
Now there's an actual problem with institutional investors in single-family home rentals, but the victims aren't homebuyers, they're the renters that have to live in the houses! And the time to speak up for them was 10 years ago when this all started.https://prospect.org/infrastructure/housing/blackrock-buying-houses-meme-single-family-rental-market/ …
The failure here is of political, activist, economic, and media elites, who apparently knew nothing about a transformative change in our rental markets until a week ago, and learned of it too late to do anything about it.https://prospect.org/infrastructure/housing/blackrock-buying-houses-meme-single-family-rental-market/ …
The author completely missed two points: 1. That prices are made on the margins, so when venture funds are willing to overpay, that lights a fire under prices. 2. No one is saying it is just BlackRock, they are just one of many firms bidding up the market.
1- investor activity has gone down in the last year and in fact has been flat the last 5 years. Your wealthy neighbors are the ones willing to overpay 2- but they aren't though, the demonstrable evidence is BlackRock is not buying anything
Like... OK... but every instinct we had based on our misunderstanding is good, right, and better late than never.
I’m glad you’ve decided to write about this. But I have experienced being outbid on several homes. And so have my neighbors. Are there really so many regular people in America that can offer 20,000-30,000 more than a house is worth? With offers always coming last minute?
Yes there are! There's this thing where you can borrow money to buy a house.
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