Comment by accrual
1 hour ago
> but people with extreme wealth are not bidding up sandwiches, studio apartments
They are, though. Private equity continues to buy apartments and increase rates. States with increasing PE ownership also have increasing rates of cost-burdened renters spending more than 30% of income on rent and utilities, e.g. in Tampa, Phoenix, DFW, and Atlanta. Maybe not specific people, but the ultrawealthy nonetheless drive these changes.
Housing is only a good investment when supply is constrained. These PE firms buy housing because they see that NIMBYs are in control. As they predict rents soon begin to rise. Youve got the cause backwards
What's to stop PE from supporting NIMBYism in markets they're part of?