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Interesting that some articles, particularly local, discussing this investment buy up fail to mention the Blackstone derivatives, though they do mention Blackstone briefly. Have seen articles mentioning other states, as well, like Ohio and Washington iirc.
"The Rent Is Too Damned High"
quote:
“Cost-burdened” means you’re paying more than 30 percent of income for housing and “severely cost-burdened” means you’re paying more than half. “By 2011, 28 percent of renters paid more than half their incomes for housing, bringing the number with severe cost burdens up by 2.5 million in just four years, to 11.3 million,” according to the Harvard study, which was conducted with partial funding from the MacArthur Foundation.
Look at the map of states in this article and notice from my other article post via OS, the states.
quote:
Blackstone's bonds were backed by rents from more than 3,200 houses located primarily in Florida, California, Arizona and Georgia, the company said this week. The group owns about 40,000 homes across the United States, including 1,255 in the four-county Orlando market, according to a new report by the RealtyTrac research company.
Blackstone and other big $ investors own a small percentage of single family homes owned by all investors. The OP's link is focused on apartments in the desirable cores of certain cities. The big money tends to avoid buying condos with the intent to rent them out.
Blackstone and other big $ investors own a small percentage of single family homes owned by all investors. The OP's link is focused on apartments in the desirable cores of certain cities. The big money tends to avoid buying condos with the intent to rent them out.
Speculators buy the condo's and SFH's and rent them out.
That's going on in Austin right now.
If I didn't hate winter I would probably move there. I would like to do more to help that city.
My gut screams that there is serious long term money to be made in Detroit real estate. I am not comfortable owning investment property 300 miles from home.
Speculators buy the condo's and SFH's and rent them out.
That's going on in Austin right now.
There are hundreds of thousands of individual and small company investors in real estate in any point in time.
Blackstone and other Wall street investment firms represent a small percentage of investment activity at any point in time. The big $ tend to avoid condos, unless they can acquire a majority interest in an association. Even then, they tend to remain a tad gun shy.
Glad I live in the rust belt! It may not be mainstream trendy, and more difficult to find employment, but it's certainly affordable to live in a cool urban neighborhood.
Everything sells for as much as the market will bear in a free market system. Given the low vacancy rate in some areas, in some cities, means enough people are willing and able to pay the asking price. The rest are priced out and have to live elsewhere and within their means.
The alternative would be for municipalities to impose rent controls, the opposite of a free market system.
It was tongue in cheek.
Some people on here seem to think that everyone should able to afford to live wherever they want. And if they can't afford it is a sign of a bad economy.
Hell, I wish I could afford a house in Malibu but I aint willing to work for it so I guess I'll blame the people in Malibu. lol
A lot of them lost their homes during the recession, for which they are (according to you cons) solely themselves to blame -- i.e. there's absolutely no such thing as "predatory lending."
Oh spare me. If people can't read the paper that they're signing, and if they don't take the time to fully understand what they are signing, that IS their fault. I do not feel sorry for a single one of them.
Actually the ownership got to record level I the low 70% but historically its 65%. Geithner said the administration wanted to get back to historic level not based on easy credit bad loans as one of first acts
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