Experts warn rents will balloon in wake of LA fires US Census Bureau reports that USA has ~17M vacant housing units, i.e. 35 vacant units for every homeless person in USA Our housing shortage & unaffordable housing crisis is majorly due to private equity firms buying & hoarding hundreds of units - ThreadSky

qasimrashid.com • 41 days ago

Experts warn rents will balloon in wake of LA fires

US Census Bureau reports that USA has ~17M vacant housing units, i.e. 35 vacant units for every homeless person in USA

Our housing shortage & unaffordable housing crisis is majorly due to private equity firms buying & hoarding hundreds of units

Comments

which-witch-ru.bsky.social•41 days ago

Price gouging, yes, even for rent, during states of emergency, is illegal - please report it if you see it https://www.kqed.org/news/12021308/wildfire-los-angeles-price-gouging-palisades-eaton-hurst-lidia-sunset-fires

robertblathan.bsky.social•41 days ago

Please explain how this macroeconomic and microeconomic statistics equate to one another?

starlightshelling.bsky.social•41 days ago

And VP Harris had a plan for that. 🍊doesn’t

ejfrompa.bsky.social•41 days ago

Isn’t that always the case 🤬

coreyoneill.bsky.social•41 days ago

rnmomof4.bsky.social•41 days ago

Exactly

carlamd.bsky.social•41 days ago

Meanwhile, CA Republican officials visited the tyrant at Maralago.

They will return to their districts and spread lies in order to turn CA red.

gabmaxwell.bsky.social•41 days ago

The last part. 😡

jmfdsj.bsky.social•41 days ago

Of course they will..

The way these carpetbaggers operate does anyone think they won’t..

chadwickm.bsky.social•41 days ago

We should not have homelessness in the United States.

bostonborn26.bsky.social•41 days ago

Same issue in Boston.

hartsigns.bsky.social•41 days ago

Tell @governor.ca.gov to do more! The law he made is not working and my daughter will never be able to buy a house at this rate!

katea77.bsky.social•41 days ago

What law? Be specific.

hartsigns.bsky.social•41 days ago

and they can still buy 1,000 homes if they choose to.

hartsigns.bsky.social•41 days ago

AB2584, is that specific enough?

katea77.bsky.social•41 days ago

Thx. Is this the one?
"AB 2584 proposes to ban institutional investors that own more than 1,000 single-family homes from purchasing additional single-family properties and converting them into rentals." What's wrong with it?

hartsigns.bsky.social•41 days ago

It's only for companies and investors. A 'person' can buy as many homes as they want or can afford. You shouldn't be able to own that many in the first place! A thousand houses? Ridiculous/

katea77.bsky.social•41 days ago

I agree. Maybe I didn't understand your original post. Apologies.

oldtiredangr.bsky.social•41 days ago

Don’t forget abandoned neighborhoods in cities nobody wants to live in. It’s why real estate prices vary so much. And why so many are stuck where they can find work but can’t afford shelter

mkwilson27.bsky.social•41 days ago

It’s also because the wealthy bought a bunch of second homes during the pandemic and over a million homes are being used as vacation rentals.

pallidpallas.bsky.social•41 days ago

As long as these creeps earn more money keeping units vacant than housing people, this won’t change.

laurenpersoff.bsky.social•41 days ago

But they don’t. This about it for just a minute. Like, think hard. Does this make any sense at all??

pallidpallas.bsky.social•41 days ago

Of course they make money off of empty units. You think for a minute - have you heard of tax loopholes? Property value appreciation? Once you hoard property you have access to many income streams - not necessarily liquid, but still of great monetary value.

laurenpersoff.bsky.social•41 days ago

Waving your hands about loopholes and appreciation doesn’t make this idea make any more sense. Also, the claim that there are a gazillion empty units is false and the internet will explain this to you if you look into it.
https://youtu.be/3xZXdXxYBGU?si=CC2-sWUtUT50eyTR

yourinnermonologue.bsky.social•41 days ago

Wouldn't this fall under Price Gouging? This is illegal right?

ewinternm.bsky.social•41 days ago

Air BnB has supplanted a lot of what used to be residential housing units.

hillsidepoppy.bsky.social•41 days ago

Homeowners renting AirBNBs think they are OWED the higher AirBNB amt now. My landlords started renting out the adjoining studio as an AirBNB where I live in + their other longterm renters became a thorn in their side at the lower rates. Not just corps. Individual greed is not to be underestimated.

smarflan.bsky.social•41 days ago

My town doesn't allow Air BnB and I'm that Karen that looks for them and reports them to the town.

boulderopafiets.bsky.social•41 days ago

Need an Empty Room tax!

gamine67.bsky.social•41 days ago

yup we have an empty homes tax here in Vancouver, Canada. Plus restrictions on airbnb.

jp728.bsky.social•41 days ago

Should be the opposite. Fuck these owners

pcunited.bsky.social•41 days ago

If we eliminate tax breaks for empty units and their upkeep, landlords will be more inclined to lower rent to fill the unit -- in lieu of sitting on high rent listings waiting for a better deal.

carolnorris.bsky.social•41 days ago

How can we stop these private equity firms. They're buying up everything in healthcare, housing, etc. and pricing us regular folks out.

markr51.bsky.social•41 days ago

We could start effectively regulating capitalism in the public interest. Right now we mostly regulate people in the interest of capitalism.

carolnorris.bsky.social•41 days ago

Agreed. I so wish there were the political will to do that. But, the powers that be of all stripes have been captured by lobbyists - political capitalism.

laurenpersoff.bsky.social•41 days ago

https://youtu.be/3xZXdXxYBGU?si=CC2-sWUtUT50eyTR

laurenpersoff.bsky.social•41 days ago

Our national housing shortage is due to an insufficient number of units. This insane lie that somebody is making bank by owning empty units is destructive to efforts to solve the shortage problem by increasing supply. Just stop.

doopyd.bsky.social•41 days ago

I know nothing about this…but how about a law banning LLCs/corporations from purchasing in residential zones? Grandfather in only purchases prior to pandemic 2020. I dunno…

combpusher.bsky.social•41 days ago

Of course they will, the vultures want to capitalize , not to mention the land grabs that are generations of families who inherited the homes and properties. Truly castrophic at every turn.

loseyourchain.bsky.social•41 days ago

Imagine all the land they’ll be buying on the cheap now

pallidpallas.bsky.social•41 days ago

It’s going to be just like Maui. Bargain basement land prices

demsforthepeople.bsky.social•41 days ago

It’s time for democrats to invest in western Maryland!

Let’s show the country how the DEMOCRATS take care of our abandoned rural cities.

Seriously. Each one of us needs to INVEST…

-Buy a property and fix it
-Support a local org.
- start a business there

https://www.zillow.com/homedetails/316-Prince-George-St-Cumberland-MD-21502/36175951_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

castedismantler.bsky.social•41 days ago

I'm always thinking about this math.

chocklitcoloncreme.bsky.social•41 days ago

The rent at burn locations was already >2K per month so of course rates will increase due to inventory shortages. Wtf is so expert-ish about that proclamation?

cjwilkinson.bsky.social•41 days ago

Facts! And I am tired of this being ignored.

blessyourheart32.bsky.social•41 days ago

Blackrock bought up a shit ton of houses & people were screaming about it while our politicians sat in silence...
Let's see how that works out.
What is evident is the repubs are going to try & destroy every blue state & blame the dems the entire time they're doing it
It may work because dems are dim

rnmomof4.bsky.social•41 days ago

I'm an unaffiliated voter myself, but as an acute care RN, I've met a LOT of people belonging to both parties & I have to say that they're pretty evenly matched in most categories, including dimness. There's a bigger difference between those w/$ & those w/o $ than there is between regular people.

the-poors.bsky.social•41 days ago

It doesn’t help that they keep tearing down smaller well built homes, and replacing them with giant cheaply made monstrosities people can’t afford. How many towns have minimum square footage so they can charge higher property taxes?

blessyourheart32.bsky.social•41 days ago

This is a good point.
There are so many restrictions on house size & type it's ridiculous.

geezwillthiswork.bsky.social•41 days ago

As further evidenced by greedy corporations.
https://www.propublica.org/article/justice-department-sues-landlords-alleged-price-fixing-realpage-rent

pmmbscs.bsky.social•41 days ago

This has to be criminal

pholkgiant.bsky.social•41 days ago

When #disaster strikes we #unite! #LA #Wildfires #mexico #canada #usa #brotherhood #firefigter #hero #bombero #essentialworkers #no #borders

markr51.bsky.social•41 days ago

Once upon a time rent control was a thing. Cities regulated rents. An amazing concept.

edbobgreen.bsky.social•41 days ago

Renting will get even worse if climate change makes homeowners insurance unavailable and you can't get a mortgage.

franklinsmom.bsky.social•41 days ago

Because capitalism above people.

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