A new report shows private equity is eating up affordable housing in California. Ana Kasparian discusses on The Young Turks. Watch TYT LIVE on weekdays 6-8 pm ET. http://youtube.com/theyoungturks/live
Read more HERE: https://www.nbcsandiego.com/news/local/new-report-claims-blackstone-group-is-buying-san-diegos-affordable-housing-hiking-up-rent-prices/3195265/
"As homelessness surges across San Diego County, pressure on affordable housing increases.
San Diego tenants in apartment complexes are rallying against one of America's largest landlords: The Blackstone Group.
Celeste lives in El Cajon. She didn't have any heat in her home with her toddler daughter while temperatures plummeted this winter."*
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230329__TA03Blackstone
It's time to put an end to the absurdity! The housing market works “simply”. People sell their homes for downsizing, upgrading, or supporting their growing families, and builders construct new homes in response to demand. This creates a balanced market for both sellers and buyers. However, the current housing market is different. Large corporations such as Zillow manipulate the market for their profits, and companies like Tricon Residential Inc./Blackstone Inc. and Invitation Homes purchase single-family homes and turn them into rental properties. Additionally, 'Ibuyers' such as Opendoor Technologies Inc. buy houses and hold them until the prices increase to sell them for a profit. Unfortunately, these corporations negatively affect home affordability, for buyers and sellers. Therefore, our national, state, and local governments need to consider these organizations' harmful effects on housing inventory, affordability, and the economy as a whole.
“Let’s curb limited liability corporations and private investors, at least in regard to residential real estate, more aggressively than just requiring full transparency. There must remain a path to opportunity for individuals and families in the residential real estate market. To make this possible, LLC and private investor participation in residential real estate must be severely limited. An individual seller’s opportunity to maximize his or her profit should not be the only dictate. Affordable residential real estate and rent is critical, indeed paramount, to societal quality of life.”
John Healy
@lynnbaker2336 Says:
Money addicted gentrifiers.
@lynnbaker2336 Says:
I love this lady!
@vickeyfreeman8008 Says:
Rental property are charging pest control but the only way you can receive it you have to put in a work order, they are charging rental insurance,water bill,car porch trash pick up,not to mention you have to place your trash in the ben besides the rent
@Seanpfree Says:
First-time home ownership is OVER. "Starter home" is over 400k, average income is 60k.
We've put in 77 bids in on 1st home, outbid by cash investors every time. We're priced out due to price and mortgage rates.
Wonder why Millenials and Gen Z are doom spending? Not getting married? Not starting families? Why is civil unrest growing while the wealth gap is larger than it ever has been in history?
It's because this economy is not for us, it never has been. It priced us out and left us behind before we got here. companies today do $13 billion dollar buybacks instead of paying workers more, pensions for retirement don't exist, wages are sideways the past 50 years except for executives. This doesn't end well for society at every socioeconomic level..
@denisemariefugo5126 Says:
Brooks tone is in Charleston SC.
@rogelrey1984 Says:
I thought it was blackROCK 💩
@MrWphilips Says:
Sounds like de facto red-lining to me! This illegal housing discrimination on its face!
They should be prevented from entering the residential market and be required to liquidate all of their properties immediately! And be paying an increased tax penalty! They have plenty of additional investment opportunities to enter after their rapid exit of the residential property market!
@aliadeeb6859 Says:
Private equity firms buying up housing alone is a symptom of the problem not the problem in and of itself. Get rid of the regulations that make it difficult or even impossible to build those houses in the first place. Consider why you can't just go to somewhere else that's offering a better deal next door. It's because there's no competition probably because of laws that prohibit building that I bet Black Rock supports
@kaleigh1716 Says:
I don't see how no one is linking all of this to trumps 2017 opprotunity zones. The places that are getting the tax cuts to build are not generating enough money to pay their employees. I'm in Durham N.C and it is a gentrifying disaster zone. Luxury apartments everywhere basically empty homeless and unaffordable rent and strikes happening now because the garbage men are not getting pay raises. Our fire department is insanely under paid because they are not getting the amount of taxes for the community to handle all of the "growth". It's a new modern way to rascism that happened all over the country. Everyone is focused on the symptoms when the problem is these tax cuts in gentrifying areas that were low income majority minority communities. It's making the most vulnerable poor with no where to go all across the country. One day we'll read about this in textbooks just like we read about red lining.
@MedfordHills Says:
Stop wall street from buying single family homes!
@anhedonic-voting Says:
Thank you🌎✊🗽🌹
@jeanneeber Says:
America is an extremely narcissistic country. Everything revolves around greed. Many corporations hire the most narcissistic & sociopathic "executives" to head their companies. They lack empathy & the ability to "put themselves in another persons shoes" so they'll dehumanize others to block their emotions. They don't see a human being-they see dollar sign$ & bonuses! The effect is that they get rewarded for bad behavior-which only increases the future harm they cause.
@rocasanova8897 Says:
🙏🏼
@johndefalque5061 Says:
Crack Homes
@nelsonc3984 Says:
Being screwed by the rich and people in power is not unusual in the USA.
@willywonka69xx Says:
If a unit goes vacant you can raise the rent to whatever you want....also, LOTS of small landlords got pushed out of the market (in California) during COVID due to tenants not having to pay anything-Which played right into the big equity firm's hands...
@ItsPouring Says:
I had to come back and find this video to see if I was recalling the right name because I'm watching another video right now that proposes Blackstone (stock market ticker = BX) as the _SOLUTION..._ to the housing crisis through the creation of their new subsidiary "April Housing."
@Chris-uo2vs Says:
SEE. THOSE. RENTS. ARE TO TRY
AND SURVIVE. THE RESULTS. OF
HIGH. INTEREST. RATES.....YOU CAN BET. THEYRE. LOOSEING. HISTORIC
MONEY........WHICH...I THINK. IS
GREAT.......I WANNA SEE THEM GO BANKRUPT....AND. LOOSE. THIER
HOMES. LIKE. ME AND EVERYBODY
ELSE........
GET. OLE. SCUMBAG. OBAMA.
TO TELL THEM. THEY'LL. GET THEM. REFI S....PUT EM. ON.
H. A. M. P. PROGRAM....
WHAT DO YAH THINK. BARRY.??
.
@jaegar1nine266 Says:
This is a problem absolutely. They are greedy and targeting a vulnerable sector of the economy; yet banning investors from buying would lock out all who want to own multiple properties and create rentals. Robert Kiyosaki routinely teaches that whoever owns the land is rich. Blackstone knows this and has DEEP pockets.
But there is a way to slow them down: delayed investor purchase controls, imposed by HOAs. This way the government cannot be bought — and therefore cannot favor black stone — and it stops blackstone from buying the new homes days after it opens; this has been their practice. It’s also why real estate is so expensive— it’s being artificially propped up by “demand” from investors.
It adds up to a war against the new feudal lords of America, and yes we absolutely should take territory. Idk what to do about the property they already own, but we can take property partnering with home builders to favor families instead of the ultra rich.
@ususa8052 Says:
Remax Elite is the number one slumlord when it comes to management. They encourage squatting and rent out houses that are not to liveable standards.
@sallyclay1974 Says:
The poor better wake up. There is a housing war going on
@willowclay5406 Says:
It's crazy!
@willowclay5406 Says:
It's corruption!
@legenddaughterrd Says:
florida doing the same thing
@aidenw207 Says:
There should be a limit placed on the number of houses each person or entity is allowed to own.
@oouknow4176 Says:
As of today I will not ever spend a pennies in hilton,motel6,la quinta inn,sea world,lego land,jw marriot,Marriott, Carlton Jay z roc nation, bellagio,belladonna, grand aria vdara,Mandalay bay and I will add and make sure not to fund these companies
@oouknow4176 Says:
Ban All Blackstone companies stop funding them
@oouknow4176 Says:
Stop funding Blackstone companies stop renting there homes stop buying there food stop shopping in there stores
@oouknow4176 Says:
Wake up America stop renting from Blackstone.... Stop Stop funding these companies
@jjjj66230 Says:
Black stone owns and runs everything and I mean everything news food government, tec, I mean EVERYTHING. .THEY CAN DO WHAT EVER THEY WANT
@nioxa5421 Says:
Time to get into van life…. Rv life….
Then they will make laws that make it illegal to sleep in a vehicle looool
@geewiizi Says:
Sane in AZ with Progressive. Jack up rents yearly.
@recluseauhermitticus2033 Says:
The question is. . what are the people going to do about it?
@recluseauhermitticus2033 Says:
Housing is just another system of division for profit. . like all other systems we live by
@questcore636 Says:
blackstone is also being ran by chinese firms, they're doing it to crash the economy, crash the US economy and we become too weak to fight off china once the war starts
@christineward5619 Says:
U can't even make money enough on a job to pay food health or rent f..king insane for sure and facts government officials with it they got there hands in the cookie jar people of all colors need to wake up and see
@christineward5619 Says:
Freaking crazy government all with it the greed the evilness these people are they going to get everything coming to them so greedy and stupid they can't take a pair of socks with them when they die off
@garciagarcia4789 Says:
It's our government allowing them to do these things and then they get bailouts by the government to keep doing these things It's like there in business together
@necrodino Says:
They want to turn us into Serfs. Oh wait some people already are!!!
@maceywillis1051 Says:
but where is the how to stop them part? They don't just evict elderly they evict disabled veterans and single moms too. And they refuse to make repairs concerning habitability too even when fined and cited multiple times here in Lo Angeles county
@mrshadow8096 Says:
In Colorado be very aware of Wheelhouse. Lost my apartment after I paid my rent
@jennywinter3025 Says:
And they give you 54cents raise
@UKindness4 Says:
It would not be able to happen if we had honest, not corrupt politicians in the state and federal! Red States you can forget they are Republican corrupt and hate workers with right to work laws and these boomers still in charge do not care! Biden is so corporate with his Delaware credit card banker companies that his republican Powell is giving big profits while for ing our elderly to use high interest credit to eat! Biden suck and us a phony!
@UKindness4 Says:
Stephen Schwarzman and his lawyer wife are responsible! All these billionaire families do the same! They just hide their ownership info. It is happening in Atlanta suburbs with these billionaire landlords. Those extra fees are for everything! Schwarzman is Blackstone. Walton's do it too! Our politicians are invested with them Black aRock Larry Fink does it too and both leaders of our parties are invested with them! Check McConnell and Pelosi!
@Qharisma Says:
And it trickles down to the Mom an Pops .... Think about it ... if Blackstone is renting out a townhouse in your neighborhood for 2k a month .... Then Becky thinks she can rent hers out for 2k a month too ... American Greed is alive and well.
@darleneclarke4001 Says:
It use to be they did not care now it's not only that they want to kill the poor people
@Tiger_Slot66outlook Says:
Do you think rich people care about the poor?. No, they don't.
@jakeshota4050 Says:
Spread awareness and vote with your dollars. (do not rent from big corporations. Boycott them.) They cant survive without business. They survive off the rents that people choose to rent there. Legislation has been bought by the corporate elite. Again VOTE WITH YOUR DOLLARS. See how Budlight is suffering right now because people against the trans movement chose to vote with their dollars.
@jimmyday9536 Says:
Normal intelligent people simply move if their apartments are so bad. Stupid people stay and complain.
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