Corporations should not be allowed to own family homes / apartments.
Corporations should not be allowed
to own family homes / apartments.
In the process of buying a home in California. Can I say to all “investors” or flippers; fuck yourself with a broken batt.
People are asking for gold while the house is falling down. I saw a 1985 duplex, 1600sq, 3 bed, 2 bath, garage, and a hoa for $545k. The roof had a tarp and due to being a duplex, you have to repair 3200sq of roof. The neighboor did not want to chip in.
Someone bought that POS. So now a normal house in that area is going for $700k. Still 1600sq 3/2 bed/bath for $700k.
Oh yes, and let’s not forget they’re often paying cash. It took so long just to get our down payment ready for these overpriced places only to lose to a all-cash bid.
We did eventually get lucky on a place someone backed out of during escrow, during the slow season and with a lot of problems, but yeah, whole process is such a fucking nightmare. The West side of LA is particularly fucked by developers in particular.
Worst part to me, though, are rents being out of control; that’s why they do it. My mortgage is 2.4k, which is bad enough, but I know someone paying 4k for similar sq ft in rent. Seriously, we need some radical change to undo this shitshow.
Housing is a necessity. Everyone needs to have a reality check. If you have a place to live and can afford it, feel very luck the chips fell in your favor.
Outlaw multiple property purchasing or just tax it out of existence. Create government built houses for low or first time buyers.
Not everyone needs a 4000sq ft house, maybe build some 1k sq ft houses instead.
“Traditional buyers” you mean people?
Corporations are people, sweaty
I wish they would start clarifying exactly what they mean by ‘investors’
Check out Blackstone. These are massive investment funds made up of private equity and invented money lent on the assumption of X returns over Y years. It’s a gigantic Ponzi scheme made of debt that can’t ever be repaid.
Socialism or barbarism, folks.
If there only a way to make the house less attractive to investors. 🤔
GODDAMMIT! GODDAMMIT! GODDAMMIT!
This is the easiest political solution to fucking solve. Voters both liberal and conservative would CHEER if politicians presented the case. They could easily tailor the message to their constituencies. I could fucking cry and scream and I’m raged out on this subject.
We have a Habitat for Humanity home. Deal is you do the program, they sell it to you at cost. Lots of volunteering involved, you and others, but the program isn’t letting dipsticks wire and plumb it. Top notch insulation, windows and doors. My kids were running around the attic last night, a mere 10°F above outside temps.
The idea is to put people in a home they can afford to upkeep. Shit like doorknobs, faucets, cabinets and flooring, low end, 2nd up from the bottom. Upgrade as you go. Just got a sweet hall light for $1 at a garage sale, warm mini-flood LEDs included!
Know what I pay on a 19-year mortgage, 3br/2ba, 1,140sq/ft, 16,000sq/ft yard? $575, and it was $500 the first several years. And I don’t pay property tax. Neighbors in the duplex across the street pay $1,250 each, for less than 3/4 the house, 1/4 the yard. And BTW, owning your own home and having a mortgage is solid for your credit. Ever wanted to check the box for “own” vs. “rent”?
That’s not to brag, that’s to get you fucking FURIOUS. Housing is a solved problem.
Anyway, call your local Habitat for Humanity group. Leave your preconceived notions at the door, because they’re probably wrong, and make the damned call. I’m begging you, do it. If my ex-wife hadn’t made that one phone call, god knows what place I’d be in, but I’d be paying double and I wouldn’t own it. Worst you could do is volunteer.
Thank you for sharing, that’s incredible. I’m happy for you!
How do you not pay property taxes though?Dunno about the taxes, it’s just part of the deal HFH made with the county. I may have to pay once the house is paid off? Need to ask my ex. She’s sharp about real estate related laws so I just nodded along with events and let her run the show.
