These people aren’t completely blameless. Home owners as a class have a vested interest in seeing their property values go up and will take actions to see that happen. This includes not only improvements on the property but also supporting policies to prevent high density affordable housing, school desegregation and public transit. The suburban sprawl and housing shortage were currently suffering through are a direct result of those policies. The real estate wealth of boomers was built off the exclusion of the lower classes and letting them off the hook and just blaming corporations will make us overlook the next generation who inherit these houses and will try to keep the same exclusionary policies.
Just how much of real estate is owned by corporate entities? Looks like they own 3.8% of single family homes, probably a larger percent of apartments but still probably under 10% as most of them are owned by “mom and pop” operations. Thats not enough to cause the housing problems we currently have. We need to recognize housing as an investment causes a perverse incentive to restrict supply in anyone, not just greedy corporations and to lower the cost of housing will require those people using it as an investment to lose money.
Exactly. Relatively wealthy private home owners tend to lean towards maintaining the status quo since it seems to be working in their favor.
It’s the same as with the discussion about taxing unrealized capital gains above 100 million. People who aren’t even close to that number are afraid of this because they fear it’ll develop into further legislation and ultimately become a threat to their own wealth. It’s not just the 1% but also many of the top 20 or even 30% that feel a strong incentive to keep things from changing. They definitely carry a big part of the responsibility and the largest potential for change with their votes.
These people aren’t completely blameless. Home owners as a class have a vested interest in seeing their property values go up and will take actions to see that happen. This includes not only improvements on the property but also supporting policies to prevent high density affordable housing, school desegregation and public transit. The suburban sprawl and housing shortage were currently suffering through are a direct result of those policies. The real estate wealth of boomers was built off the exclusion of the lower classes and letting them off the hook and just blaming corporations will make us overlook the next generation who inherit these houses and will try to keep the same exclusionary policies.
Just how much of real estate is owned by corporate entities? Looks like they own 3.8% of single family homes, probably a larger percent of apartments but still probably under 10% as most of them are owned by “mom and pop” operations. Thats not enough to cause the housing problems we currently have. We need to recognize housing as an investment causes a perverse incentive to restrict supply in anyone, not just greedy corporations and to lower the cost of housing will require those people using it as an investment to lose money.
Exactly. Relatively wealthy private home owners tend to lean towards maintaining the status quo since it seems to be working in their favor. It’s the same as with the discussion about taxing unrealized capital gains above 100 million. People who aren’t even close to that number are afraid of this because they fear it’ll develop into further legislation and ultimately become a threat to their own wealth. It’s not just the 1% but also many of the top 20 or even 30% that feel a strong incentive to keep things from changing. They definitely carry a big part of the responsibility and the largest potential for change with their votes.