VP Harris Proposal Targets Wall Street to Help First-Time Homebuyers

Episode #245

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Kamala Harris has a plan to make it easier for first-time homebuyers to buy a house, but it comes at the expense of institutional investors. Eviction filings surge throughout the Sunbelt states, EVEN as apartment rent prices fall across all bedroom counts. And could commercial real estate’s struggles lead to you paying even higher property taxes? We’re getting into it all in today’s headlines show!

First, we’re talking about Kamala Harris’ new proposal to kick Wall Street out of the single-family homebuying arena, potentially opening up space for first-time homebuyers to finally break out of renting. The proposal sounds promising, but is it too late to actually impact today’s housing market when institutional investors take up such a small amount of the single-family supply? We’re giving our takes on the new proposal.

Apartment rent prices fall across all bedroom counts for the first time in years. But, even with seemingly improving rent affordability, eviction filings have surged across the South. Even with the rent drops, are tenants simply unable to pay such high prices for everything, rent included, in 2024? Lastly, we’re talking about how the decline in commercial real estate and office space has led to cities increasing property taxes, and by no small amount.

00:00 Intro
01:45 Harris’ New Homebuying Proposal
16:41 Rent Prices Fall
25:40 Evictions Surge in Sunbelt States
36:13 CRE-Caused Property Tax Hikes

[stew]

Wall Street should not be buying single family homes. End of story.

[nadruik]

Made it 7m in but listening to these investors try to justify slapping new floors and paint down then asking 200k more is to much.

[justinproffitt]

To the contrary, I completely agree with Harris's proposals. Institutional investors have been driving up home prices especially in upcoming markets. Institutional investors made up 11% of home sales in 2021 and nearly 16% back in 2014 at the peak. Housing affordability is a leading cause of inflation. Please research both sides of the argument prior to discussing legislation. Many of your recent discussions on this topic seem to lean one way.

[denicelopez]

Loving this debate on the Harris proposal. We need contrasting ideas and perspectives.

[qwertyasdfg]

You should talk about Harris proposal to tax unrealized gains.

[dhowto]

It's complicated. Mr. James Dainard & Mrs. Kathy Fettke are correct about ~2010 through ~2014 is the time when properties were very affordable. It was because of the great recession caused by George Bush Jr's administration. This is when these, I am not sure of the name, but for conversation sake let's say either Wall Street or Institutional buyers started buying a lot of houses in the area I was buying in. Builders stopped building houses. In a not so obvious understandable way at that time, it was almost like they needed to buy some homes to prevent them from becoming blighted. There were a lot of empty houses in neighborhoods.

I was buying homes during this time. This is why I know this. At the time I did not like competing with the institutional buyers 2010 through 2015.

So, it's complicated because no one wants another great recession to happen! So, I do not see home prices coming down too much more.

&

Like they're saying in this video. I am charging way less about 2X less in some cases what a mortgage would cost if a person buys a house in my market.

I was trying to add the context above from my personal experience. I am sure what I have added has been covered on previous episodes.

After about 2018 or 2019. I really can't provide much input on how many homes are being purchased by Institutional investors.

I am not really commenting on the proposal, but just trying to add a little insight on how we may have gotten to this point.

I think they're currently building too many single family homes in my area.

This was a good discussion and topic lady and gentlemen. Thanks!

[mckmck]

This format crushes all the BP shows. Also, it's nice when tempers flair, making for good entertainment, like today's show.

[BookerT]

I would love to see our first female president but this woman is not the one.

[tressacramer]

I live 35 minutes out of Minneapolis. Your suggestions are spot on. They need to change the administration. The problems could be fixed. Unfortunately, I don’t think that is going to happen.

[timjones]

Some of the stuff I've heard in this podcast is really unbelievable. But what I will address is the $25, 000 given by the government to first time homebuyers. If you don't have enough money to put down a down payment, you do not need to be buying a home. Do not take mine and everybody else's tax dollars to give some first time homebuyer leg up so that, Harris can try to get elected on this shit. It makes no sense whatsoever and if that is the case for Home that I bought send me a check for $25, 000and there's quite a few of them because I am an investor but I'm also a homeowner this moved several times in my lifetime. Quit giving people something for nothing it doesn't work. I think we prove that. Absolutely disgusting.

[annab]

You all are forgetting that property values overall went up significantly. So if commercial property values went down, wouldn’t the market o wall still be in positive values growth, hence more taxes for the counties? And anyways what are the counties doing with that extra cash flow?

[tahjo]

Sorry, I'm in California (40 million people) my 2bd/2ba apartment has gone up $1000 since 2020 ($1900 to $2900).

These youtube videos don't cover what 40 million of us in California is dealing with.

2019/2020 single family homes in California were

2024 it's 650k-1.2 million

My income has only rose $6/hr over 5 years (2019 - 2024)

I used to get 4x the minimum wage, now I only get 3.2x min. Wage... Wages aren't keeping up.

Bye bye American Dream, especially trying to find and marry someone 😂 I hate this NEW society, what a joke

[Dia_Red]

If all of you investors want to help, then fix the junk houses and SELL THEM. Stop keeping them all and renting them. Stop trying to tell us that people don't want to own. That's BS.

[sterlinelouisrn]

She can say whatever she wants, she will not get my vote.

[phil]

Sorry Kathy, sorry that you will be impacted by the bill, but I'm all for it.

[VR_investments]

I’d rather Spend 10 years learning to build one from the ground up than paying 30 years for one already built

[jermon]

Kamala I'm going tax wallstreet.

Wallstreet Oh really 😂😂😂

[logansurface]

This feels like you completely skimmed over the Harris proposal. Getting somewhat disappointed in the coverage

[liveloveplaypasadena]

We need to be very careful what we say especially when so many people rely on the bigger pockets.
I have always admired Kathy and her progress but when you put down anything that benefits anyone but yourself or your goals, then it’s no good.
MOST people want to own their own homes, very few WANT to rent but have to (mostly because they’re living paycheck to paycheck). Down payment assistance is a great idea.
Most of these guys listening are not in the class or making that kind of money Kathy is speaking of.
Let’s stop putting ideas and bills down because it doesn’t help YOU,
The listeners look up to you all. Do what you do but do, build SFR if that’s your lane but let’s not be selfish with the me me me-the political undertones read vote for a specific side and we know most of Frumps followers believe whatever they hear, without any facts.
Nobody is trying to shut down builders but shouldn’t it be a good thing if most could own, not just certain people.

[liveloveplaypasadena]

We need to be very careful what we say especially when so many people rely on the bigger pockets.
I have always admired Kathy and her progress but when you put down anything that benefits anyone but yourself or your goals, then it’s no good.
MOST people want to own their own homes, very few WANT to rent but have to (mostly because they’re living paycheck to paycheck). Down payment assistance is a great idea.
Most of these guys listening are not in the class or making that kind of money Kathy is speaking of.
Let’s stop putting ideas and bills down because it doesn’t help YOU,
The listeners look up to you all. Do what you do but do, build SFR if that’s your lane but let’s not be selfish with the me me me-the political undertones read vote for a specific side and we know most of Frumps followers believe whatever they hear, without any facts.
Nobody is trying to shut down builders but shouldn’t it be a good thing if most could own, not just certain people.