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this post was submitted on 14 Oct 2024
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Yes, because if they don't then somebody else will and they won't have anywhere to live.
That's how shortages of essential commodities work. Build more homes where people want to live and ensure businesses don't buy them for renting.
We don't have an issue that there aren't enough houses. We have more than enough houses. The issue is that they're not being utilized primarily because they're just being bought up for value by corporations.
I keep seeing that but I don't buy it. There are corporation owned homes and there are empty homes, but I don't think they're the same homes.
I'm struggling to think of any logical way that you could make more money buying a property and leaving it empty on purpose while watching the value go up, than you would by doing the exact same thing while collecting a colossal monthly rent.
Most "empty" homes that don't have the roof caved in or boarded up windows in suburban slums are holiday homes and air BnB type things.
I mean, if an entrepeneur owns a significant portion of the available houses in a region then they can chose to only keep the as few on the market at a time as possible to force the prices to stay high, they might even work with their other housing entrepreneur buddies to have them do the same thing so that all the housing entrepreneurs in the region can win big.