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As intended by Congress and Eisenhower, who created REITs in 1960. It was a part of the Cigar Excise Tax Extension bill.
A couple of yrs ago I was all set to invest in REITs, the returns are pretty solid, but I really gave it a thought and the whole idea of shrinking the housing market for profits didn't sit well with me.
The US had those laws. If you bought a house in an area zoned for single-family residences, it had to be your primary residence. Boom, done. Sure, there were issues back then - redlining and whatnot - but the legislation was in place. Works really really well if you want people to own houses.
But then came the Reagan years of deregulation, "greed is good" and, well... Here we are.
if those laws - and I question them being laws; certainly could have been deed restrictions - were put in place for racist/redlining reasons then why wouldn't they disappear?
You can't "have your cake and eat it too" as they say. To attempt to blame/criticize Reagan and deregulation for doing away with illegal discrimination (nevermind infringement of property rights) is specious.
A couple of yrs ago I was all set to invest in REITs, the returns are pretty solid, but I really gave it a thought and the whole idea of shrinking the housing market for profits didn't sit well with me.
I’m pretty confident your investment portfolio contains many companies exploiting human labor for profits.
You would have to keep your cash under your mattress if you didn’t want any guilt with it. Even banks are known to be unethical.
Invitation Homes was formed just as the housing bubble began to leak.
At year end 2021, Invitation Homes, based in Texas, owned 82,378 rental units out of 48.2 million units in the US. It’s ownership is limited to 16 markets, mostly in some southern states. There are thousands of markets in the US.
It is now a publicly- trades corporation.
The 2007-2009 Bubble, not any current conditions. I know that's what you meant, but some may not.
The actual company that owns the most single family homes is Invitation Homes in the United States right now.
Wrong. What they are doing is buying up old homes in old neighborhoods, then they bulldoze down the old homes and will put in two new homes, or 4 tiny new homes, or just buy out an entire block like this and then build the rental properties once they are done demolishing the older structures.
Blackrock, and other private equity real estate firms focuses on older communities where real estate is so called affordable.
A $20 million offer for less than 2 acres sounds like a typo as it equates to $11.4 million +/- an acre, not a typical strategy employed by private equity.
Not a typo. They have been sending lawyers every month to try and negotiate another deal. Apparently, they own nearly 4 blocks of property in this area and I and one other person are the only ones in the way from them completely owning the entire area. The other guy has about 3 acres and one house. These people been after this little neighborhood for years and actually bought one of my childhood homes I grew up in, back in 2008 for 2.7 million and the property right next to it for another 2.3 million. The homes are still there, small cottages built in the 1920's and right now you have renters in it. So I am assuming they are just sitting on these properties for some reason. According to my lawyer, they are trying to buy up the entire area and even buy out the school so they can turn it into a gated community. And the businesses in the area know something is up because the main streets that surround the area have had the smaller businesses be bought out and replaced by big money ticket items like Lamborghini, Ferrari, Aston Martin, etc.
Wrong. What they are doing is buying up old homes in old neighborhoods, then they bulldoze down the old homes and will put in two new homes, or 4 tiny new homes, or just buy out an entire block like this and then build the rental properties once they are done demolishing the older structures.
And buying multifamily in and around major colleges too.
And buying multifamily in and around major colleges too.
I believe it. Another area being bought up like this is in the rural districts of Loxahatchee and The Acreage in the Palm Beach County area. I remember being part of those meetings trying to block the building of this massive gate community because I knew it would change the culture out there and it was mostly the democrats fighting for it to happen. They didn't care about the environmental damage it would cause or the complete destruction of an entire community that have lived in peace with the local Native Americans. They only cared about the revenue all the new homes would bring.
if those laws - and I question them being laws; certainly could have been deed restrictions - were put in place for racist/redlining reasons then why wouldn't they disappear?
The racist problems with them could have been very easily solved. The underlying principle - that if you want to make home ownership attainable, make it so that people live in the houses they own - was what put a roof over over the head of blue-collar families in the 1950s. The baby was thrown out with the bathwater.
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