Experts told lawmakers that families that needed mortgages were being outbid by private equity landlords with all-cash offers, and that they were jacking up rents, piling on junk fees, neglecting repairs and fueling eviction rates that local officials called destabilizing.
By 2024, it had gotten so bad that Rep. Pat Ryan, D-N.Y., demanded a Federal Trade Commission investigation. Ryan warned that private equity firms could control 40% of the single-family rental home market by 2030. (That’s non-apartments, or standalone homes that people rent to live in.)
more luxury apartments means rich people aren’t buying shitty old apartments and renovating them.
where i live everyone is buying old housing stock, and taking a million dollar home and making it 3 million dollars.
why? because there aren’t new homes for them to buy. because every town/city/neighborhood refuses to allow any new development and downsizes every housing project by like 30%.
That’s an incorrect conclusion. I don’t think you understand that most everyone wants the older stock first. Wealthy and poor want good construction with a lot of room, and for as cheap as they can get.