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this post was submitted on 16 Dec 2024
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Housing prices and rents always go up, because it's mandated by state policy. Rents == Prices because home values are tied to expected rents.
"Institutional Investors" own at most 4% of SFH rental housing, this is not total SFH just the 15% that are rented out. Corporations are a minor factor of homeowners, whom nearly all are bourgeois. No matter who is speculating, the result is the same. Rents have always risen and rises are not at all tied to the % of corporate investors involved.
Of all SFH, less than 10% is owned by "investors" 8/10 of those are "mom and pop".
"Corporations" are a red herring in the housing question, the fault is the bourgeois structure of US housing culture which empowers tens of millions of people to surplus value and property rights.
Y'all need to read Engels on the Housing Question, don't tail the petty bourgeoisie on this.
Except when they go down, as in the Great Recession. I saw even rents go down then.
I think you’re minimizing the real changes in recent behavior by institutional investors, who really are buying up housing lately. The thought that they’d buy single family homes to rent out is novel to me at least; I’d never heard of such a thing before. Just because it’s a small percentage today doesn’t mean it necessarily will be tomorrow.
What would it mean for us to “tail” the petty bourgeoisie on “this”?
the '08 mortgage crash was a blip in the general trend of US housing prices. prices declined for a relatively brief time because of mortgage conditions that don't exist anymore, then rebounded within a few years and continued rising. prices spiked in 2020 considerable faster and more than they fell in '08.
In fact you can think of much of the way the state and bourgeoisie has acted since 2008 has been to ensure that line recovers to where it should have been if no collapse. Yes, Obama foreclosed on people (mostly "new wealth" Black and Latino people), but he "saved" hundreds of millions of (mostly white) portfolios.
The Bourgeoisie knows that line is necessary to deflate class struggle, they know they'll struggle with military recruitment if soldiers can't expect to own a home at the end of their service.