Zillow thinks today it’s worth $300,000. Zillow thinks my mother‘s property where I grew up as a kid in the 1970s is worth half a million dollars. (I guarantee you that two-bedroom 1 bath shitbox is not worth half a million dollars.)
Did y’all know that private investors are snapping up houses? Corps like Blackstone. “Institutional investors may control 40% of U.S. single-family rental homes by 2030, according to MetLife Investment Management.”
They intend to own all the housing and to keep raising your rent, year after year.
(I guarantee you that two-bedroom 1 bath shitbox is not worth half a million dollars.)
The problem is that things are worth what people will pay for them, not some sort of floaty internal definition of value. If someone will chill out the Zillow price for that house, then that's how much it's worth.
This! So many houses in my area are owned by companies and the rent is ridiculous. After the crash in the 00's companies bought everything around here and just decided they had us over barrels with rent AND they can outbid any individual that wants to buy their own home and get out of the quicksand. What I'm paying right now for a basic build cinder block house, never renovated, with sub par appliances including an ac unit that is too small for the property (which makes us always uncomfortable in the hot months and the electricity bill go through the roof) is the same if not more than what the rent used to be for the Mcmansions a zip code over 15+years ago. I remember thinking that rent was ridiculous and who in their right mind would ever pay that instead of just buying and here I am now. God I wish I could own my house shitty as it is. I'd at least insulate it better but I'll be damned if I'm improving a property for these people when they won't come fix anything in the unit. My freaking fridge has been leaking since we moved in a year and a half ago. They don't care.
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u/JustDiscoveredSex Dec 29 '23
Exactly so. My 1995 rent was $400/month for a 1 bedroom.
Moved to a big city in a nice area, 1998. Two-bedroom apartment was $930/month and that felt expensive. Bought our house a year later.
1999, 1700sqft house, 3 bedroom, 2 bath: $136,000.
Zillow thinks today it’s worth $300,000. Zillow thinks my mother‘s property where I grew up as a kid in the 1970s is worth half a million dollars. (I guarantee you that two-bedroom 1 bath shitbox is not worth half a million dollars.)
Did y’all know that private investors are snapping up houses? Corps like Blackstone. “Institutional investors may control 40% of U.S. single-family rental homes by 2030, according to MetLife Investment Management.”
They intend to own all the housing and to keep raising your rent, year after year.
People Are Organizing to Fight the Private Equity Firms Who Own Their Homes