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"Housing is a traditionally safe, stable investment, and (at least in the US) large funds have been buying up homes at a huge scale for investment purposes." Personally, I look at a house-- like I do food. It's a necessity. I don't feel large entities should be able to buy up large units of housing, and dole them out when the market suits their greed. Even for personal realestate speculation, I don't think anyone should be able to own more than 5 homes.(I just picked that number out of the air). In other words, I'm not a huge fan of realestate speculation, and whenever I hear about corporations buying up huge swaths of homes, I think about Gordon Gekko, 'Greed is good!', and my blood pressure rises. While I'm at it--what's up with letting foreigners buy our land, before they become citizens? As it stands now, it looks like pretty much anyone, from every country, can pick up the phone, and buy American realestate? We have a hell of a time buying property in other countries? What am I missing? And then letting the house sit empty? I know it's legal--it just doesn't seem right? I don't want to argue with anyone, I'm a nobody, and no expert. I'm not financially sophisticated. I just know if
I had a lot of money, I wouldn't buy up all the orange juice concentrate, and keep it frozen tell the price skyrocketed; then and only then, sell it to the peons, and make a killing. I just could morally do it. Maybe that's why I'm broke? Furthermore, I couldn't imagine being a landlord these days. "Hay Joy, I see your daughter is going 1st grade next year? That's great! Hope she's making friends? I know how tough the move, and divorce has been on her. By the way, I need to increase your rent next month by $500. Have a good day! I'm off to the gym! See ya!" Went way of topic--sorry. Just tired of feeling so close to being homeless; I'm dusting off my camping equipment. I guess living in the Bay Area is skewing my view of the morality of realestate speculation? I now feel sick? I need to take a walk. Happy Sunday people! |
This happens in London a lot too. Entire blocks of flats are marketed at and sold directly to Asia. Interestingly I read that in Singapore they do not allow you to buy real estate until you have lived there several year.