David Sirota: Blackrock, Koch ROBBING Future Homeowners

Founder of The Daily Poster, David Sirota, discusses private equity firms that are buying up suburban neighborhoods across the country.

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[elheffe]

Imagine this: The PE firm that manages your pension is also your landlord. We've come full circle serfdom.

[Citizen_JQP]

They are trying to create a " permanent renter class"
" You will own nothing, and be happy"

[TheWitaker]

A whole generation is about to be priced out of the ability to own a home

[greggiboney]

We need a moratorium on investors/speculators and foreign buyers. Prioritize owner occupied buyers.

[reinux]

This is exactly what's happening in Canada already. No one understands that it's happening because they just think Vancouver is just so beautiful that a 1600 sqft trash pit is actually worth $2m.

[ctVreZ]

They’ve been doing this for years. Now they’re just more open about it

[direwolf]

first they came for the family manufacturing then they came for the the family small businesses then they came for the local hospitals then the local schools and now the family homes....

[davidschiller]

the federal Reserve encouraged big money in the '09 recession to take up the slack in buying single family homes to prevent home prices from falling further. I wrote them at the time telling them that they should let the natural demand and supply forces take its course and not encourage big money to buy homes to rent out. That would backfire eventually for individual home buyers. And now that's happened. .

[cromag]

Good on Sirota for separating what is 'left' from the Democratic Party.

[carminedesanto]

You’ll live in a cubicle, eat bugs and own nothing …welcome to surfdom in the 21 century.

[hunteramato]

If I could borrow millions at little or zero interest I could not lose.

[violian]

Kevin O Leary had some good talking points on this topic (as he has real-estate investments himself). Essentially, for the foreseeable future, commercial office value will go down while home values will go up - so real-estate investors are shifting their portfolio from commercial to residential to hedge their portfolio. Why? Because white collar workers are demanding they no longer have to work in the office - so companies are downsizing office space; causing commercial office prices to tank. To compound the effect - if white collar workers are able to work from home more, people are willing to spend more on their home purchase (since they realize that they're going to be stuck at home all day).

[MrRmisu]

I'm glad he brought up all the nuances to this - it isn't just that these PE guys are bad, but there are a lot of forces pushing this situation, such as low interest rates, pension funds, etc. Very insightful!

[sirensorceress]

Where are the zoning laws that prevent neighborhoods from turning into rentals??

[hillerm]

In Shanghai you have to pay a massive tax penalty if you buy a second home in the city.

[michaelnazareth]

And nothing on the foreign investment in the real estate market?

[JohnAllenRoyce]

Great segment, always like hearing from Sirota!

[andywebster]

People in positions of power should be held accountable for there actions

[daviddymock]

Its happening in australia too, housing prices are going through the roof the only way normal people can compete is buy vacant land and have a place to move too when things get bad

[Ramiromasters]

So what would happen if say 30-50 of these buildings and offices were burned down to the ground? would that send a message?