Comment by shlant
2 days ago
> affected by the corporate buying of single family homes
> after corps, we have foreign buyers also coming in with cash offers
As someone mentioned earlier in the thread, these are memes that are not actually backed by data - commonly perpetuated by groups that blame most issues on billionaires/corporations/investment firms.
So you're insinuating that the specific example of a house sitting empty owned by a foreign buyer is made up?
In my neighborhood specifically, there are homes being bought not by single families but specifically buy management companies so they can then rent the property. To deny this happens is just as much of a stick your head in the sand meme as what you are accusing me of.
Management companies will only buy a house if they think they can profit on it, and the price of the house is a cost for them too. This links the affordability of both types of housing: low rents can't support expensive real estate, and vice versa. The rental payments have to pay for the management company's mortgage.
So you're insinuating that the specific example of a house sitting empty owned by a foreign buyer is made up?
I'm sure that happens occasionally. It's not nearly as significant as exclusionary zoning and other bad policies that prevent housing from being built.
In my neighborhood specifically, there are homes being bought not by single families but specifically buy management companies so they can then rent the property
Even in that case, the homes are still on the market.
They're saying it's overemphasized, which is why we don't rely on anecdata.
No one is denying that it ever happens. It happens in so few numbers that it has no impact on the overall real estate market.
That's why your anecdote is meaningless and can be dismissed immediately.