Kamala Harris wants to stop Wall Street's homebuying spree

[Passages]

Tremendous


Institutional investors could own 40% of single-family rental homes by 2030, according to one estimate
By
Rocio Fabbro
Published5 hours ago
Updated40 minutes ago

Vice President Kamala Harris unveiled plans to tackle the rise in Wall Street homeownership as part of a slate of economic proposals announced Friday.

The Democratic presidential nominee is targeting investors that buy up and mark up homes in bulk, a growing trend that’s making the housing and rental market more expensive for Americans, the Harris campaign said.

Within her first 100 days in office, Harris said she would call on Congress to pass the “Stop Predatory Investing Act,” a bill introduced in July 2023 by Ohio Sen. Sherrod Brown that removes tax benefits for large investors that acquire swaths of single-family rental homes.

“Some corporate landlords buy dozens, if not hundreds of houses and apartments, then they turn around and rent them out at extremely high prices,” Harris said at a campaign rally in Raleigh, North Carolina Friday. “And it can make it impossible then for regular people to be able to buy or even rent a home.”
https://qz.com/harris-campaign-housing-rental-costs-real-estate-1851624062?utm_source=dlvr.it&utm_medium=twitter

[Skittles]

1. THIS is how you address the housing issue

not by schemes to enable people to enrich these assholes

[SheltieLover]

2. Absofuckingloutely, Skittles!

[Omnipresent]

3. Short of sending these fuckers to the gallows.

They create nothing but misery for people needing affordable housing!

[Klarkashton]

4. They really went all out during the recession.

Discovered a whole new corner of the market to exploit and they have really exploited it.

[Bristlecone]

5. This 100 percent needs to happen

[Faux pas]

6. Yes Please

[valleyrogue]

7. Those who must rent should have priority over those who can afford to "own" a stick house on a lot.

It is literally crisis level in this country. Politicians need to quit with the 1950s mindset and realize demographics are much different now, and it isn't because people are staying single thanks to downpayments on houses or even student loans. This is a permanent trend, especially for women. It is not a "delay" to get married but a permanent alternative. This is what pisses off men like J.D. Vance. Housing issues are extremely acute for single adults, but politicians act like everybody is married, and married young, with kids. Single adults do not get discounts for housing, medical care, groceries, gas, and everything else necessary to live.

It isn't just "single family homes." JFC, the issue is most acute in that there is not enough affordable housing for everybody, especially single adults with no kids.

Same is true for the plight of women in old age. They aren't all widows and divorcees and in fact they are better off financially than women who never marry. A lot of that has to do with survivor benefits for Social Security (and pensions) plus "homeownership," where the house can be sold if need be.