Investment Companies Pricing Out Homebuyers

[Yo_Mama_Been_Loggin]

[NurseJackie]

1. The King of Jordan has been busy with his shell companies buying property.

[DENVERPOPS]

8. Love your graphic

Russian Agent/enabler Stein? really did the job on the "SPLIT THE VOTE" gimmick.

The same thing was done here in Colorado years ago when Dem Dottie Lamm ran for U.S. Senate.

Josie Heath ran in the Primary and lost, turned around and ran as an independent and diverted enough voters that the Republican Candidate defeated Lamm.

[Hugh_Lebowski]

2. US property is a great investment right now for investors the world over

If we're not careful, we're going to end up a nation of tenants to giant, global conglomerates.

And it's tough to stop, politically, because every individual is acting solely on their own behalf, righteously believing that the proper, ultimate goal is ... is getting as much money as they can to sell their home.

You curtail these industrial-scale investors, and property values will at least stagnate, and probably go down, pretty much guaranteed.

And homeowners will be pissed at the politicians who they feel 'took money from their pockets'.

Feel like it's pretty inevitable that huge swaths of US homes will be owned by foreign interests within the next 10 years or so.

[KT2000]

3. British Columbia addressed this

with Bill 28 when Vancouver real estate was out of control with foreign buyers. We have to do something. I get called all the time to see if I want to sell my house for cash and when I say no they ask if I have other houses I want to sell. I think I stopped the calls by expressing my opinion of what they are doing.

The Act has four parts:

Vacancy tax: Amendments to the Vancouver Charter to enable the City of Vancouver to impose a municipal vacancy tax on vacant residential property
Foreign-buyers tax: Amendments to the Property Transfer Tax Act, imposing an additional property transfer tax of 20% on all residential property purchased by foreign buyers
Amendments to the Real Estate Services Act discontinuing industry self-regulation of the real estate industry
Creating a new Housing Priority Initiatives special account to fund initiatives in respect to housing, rental, access, and support programs with the new tax revenues resulting from this law.[1]

[alwaysinasnit]

5. You beat me to it, and you provided better info.

[DENVERPOPS]

11. Thank you KT

for your comments........

I don't know about other parts of the Country, but Denver has been a hot bed for what is described.

Corporations/ Investors based here in the U.S. and foreign investors have been swooping in for a couple of years and buying any middle or lower class home that comes up for sale, many times for tens of thousands more than the listed sales price.....

On another note, somethings connected to this are also happening.

I have seen a number of parents that are coming in and buying homes for their kids, because there is no way most young families can afford the mortgage payments given the drastic increase in prices homes are being sold for in the Denver area....

The landlords/corporations/investors are then able to charge phenomenal rents for these houses for those that can come up with the money.

The other thing that has come over the entire Denver Real estate picture is apartment construction. They apartment construction in Denver is sweeping the city like a tsunami. Everywhere you go, any piece of land anywhere in the city is being built on, existing structures are being razed for 50-100 apartment buildings. It's anywhere you drive all over Denver. Even the extremely poor sections of town are being bulldozed and the land used for these apartment complexes. An old shopping center near me has been bulldozed and they are going to build HUNDREDS of apartments on that land.

I think the wealthy realize with the prices of homes, any young ones are going to be forced to rent. The rental prices they are charging, even for a studio apartment are heart stopping.

The other thing I am noticing is the older kids are having to put mom and/or dad in a retirement home and selling their parents house just to afford the outrageous medical charges for care here in America, outrageous prescription drug costs, and the high prices charged by the places by these elder care businesses.

I could get even more cynical about some of the things I am seeing, but I won't..........

Welcome to the new America everyone.

[KT2000]

12. Seattle is in the apartment phase

A friend who lives in an older section of Seattle has noticed the value of her home has decreased on property tax assessments and the value of land is increasing. I think this might be the gift to developers who will tear down the house.

Where I live on the Olympic Peninsula in Washington the cash buyers get the houses and the working people are getting manufactured home parks. They will not build much equity in the home and the land is leased. The latest is that these developers may sell to investment firms who can raise rents, reduce amenities, and possibly close the whole

As Chris Hedges has said - capitalism is the commodification of everything.

[DENVERPOPS]

13. That same thing

is being done here with the mobile home communities and trailer parks. Big corporations are buying them and then immediately raising the rents. Most are fixed income tenants and unable to afford the new fee. It is a big tract of land, they can issue an eviction notice and don't even have to tear down a structure to build their apartments.......

Good quote (and extremely accurate) by Chris Hedges.

I don't know what you are seeing from your Public Utility Commission, but the PUC here in Colorado no longer exists to represent the community from being screwed by the utilities that are true monopolies. The Colorado PUC have turned into a group that will rubber stamp any and every rate increase by the Utilities. The water, Century Link phones, Xcel energy gas and electric, sewage.
They have just added things truly needed to exist to the list of things privatized.......

"They" barely missed making this into the Corporate Fascist Tyranny they were shooting for.........and they don't plan on falling short in the future..........

At any rate, thanks for your comments

[jimfields33]

7. Having an HOA should stop some of this.

[alwaysinasnit]

4. Maybe we should consider a non-resident speculation tax like Canada imposes on purchases

of homes (in certain areas) by individuals who are not citizens or permanent residents of Canada or by foreign corporations (foreign entities) and taxable trustees.

[multigraincracker]

6. Don't forget 2008.

Interest rates go up a little and they are stuck with properties at half what they paid for them. Big returns include higher risk.

[tulipsandroses]

9. It's a big problem here in GA. It's mind boggling how things

have changed in 2 years. I sold my home in 2019 to take a job in FL. I had hoped to stay in FL. I am back in GA, I can’t afford the home prices in my old neighborhood. The same type of house that I sold in 2019, is selling for $100,000 more. It’s just unbelievable!

I will be closing on a new construction townhouse in December. Not happy with how much I paid for it. It’s a positive and negative that It’s a downsize from my old house and I am paying significantly more for it. However, it’s a new construction so more modern, so it’s almost my dream home with all the upgrades. Plus there’s a pool, looking forward to that. Because of the shortage of homes, these townhouse communities are springing up all over GA. After hearing so many horror stories like the one above, I decided to not even bother with the bidding wars for pre-existing homes.

There needs to be laws in place to prevent these big investors from pricing out every day folks. Not to mention, some of these homes are being used for AirBnB

I make decent money so I will be ok. But the American dream is a nightmare right now for many, home ownership is looking like an unachievable goal.

[Midnight Writer]

10. Foreign nationals and companies are aggressively buying up farmland around here.