23 thoughts on “If you sell a house these days, the buyer might be a pension fund

  1. We’re constantly assured that poor people are poor because of bad decisions and failure to build wealth. Homeownership is the principal way to build wealth for regular people. Since regular people can’t outbid Blackrock, how are people to now build wealth when they’re practically being forced to rent the homes they were trying in earnest to buy?

    Liked by 2 people

    1. Shoot, the market will determine. If housing gets too pricey, just live for free under the interstate overpasses. That will slow down the price escalation. Or stop slinging burgers and go to medical school. 😇

      Liked by 3 people

    2. Nobody is being “forced” to do anything. An analogy might be: The Blackrock investors and the developers they enrich probably eat at better restaurants than the poor, but that doesn’t mean the poor are “forced” to eat bad food.

      Of course, there might be a conspiracy afoot.

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      1. “Nobody is being “forced” to do anything. ”

        If there is no other option, then you ARE forced to make a decision.

        So yes. People are being “forced” to rent a home they wanted to buy.

        Liked by 1 person

        1. I’ll rephrase my comment: Just because market conditions change doesn’t mean that wealth becomes more difficult to build.

          If you feel inclined to address the problem you perceive, you might note that zoning laws exist to control the volume and distribution of rental property.

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          1. If the most common method of wealth accumulation suddenly becomes unavailable, yes, by definition, wealth becomes more difficult to build.

            So you are open to government solutions to certain structural problems. Fair enough. Glad to hear it.

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          2. RE: “If the most common method of wealth accumulation suddenly becomes unavailable, yes, by definition, wealth becomes more difficult to build.”

            No. The common method becomes more difficult to use, perhaps, but other methods and other venues remain. The fallacy is to reason from the particular to the general, or to assume that transient conditions are permanent.

            To avoid the same fallacy, I wouldn’t describe zoning laws as “government solutions.” They can cause problems of their own, but at least they operate locally, under the control of relatively small populations.

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          3. JRT: “Just because market conditions change doesn’t mean that wealth becomes more difficult to build.”
            RC: “If the most common method of wealth accumulation suddenly becomes unavailable, yes, by definition, wealth becomes more difficult to build.”
            JTR: “No. The common method becomes more difficult to use, perhaps, but other methods and other venues remain.”

            I truly admire your ability to stick with an argument and just keep moving the goalposts until everyone moves on to a new topic. You should be a presidential press secretary.

            Liked by 2 people

          4. …”you might note that zoning laws exist to control the volume and distribution of rental property.”

            And you might also note that developers do a very niece job of getting zoning changed to develop high density rental properties.

            If you got he cash, you can get the zoning changed. Those notices are in the paper quite routinely.

            Liked by 1 person

  2. Why should I care who buys my house? If at least my full price is offered, it’s sold to whomever offered to buy it, even Paul or Adam (I’m sorry house, sniffle). Any more is icing on the cake.

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    1. Sure. This is great for existing homeowners. The article even mentions people selling for 20-50% above asking price.

      My point is, whenever any kind of wealth inequality issue gets brought up here, you and JTR and Tabor vehemently oppose the idea that anything should be done about it. You all built yourselves nice lives, why can’t everyone else?

      Well, if young people are never able to buy a house and accumulate wealth in the first place, does that not change the conservative calculus a bit?

      Liked by 2 people

      1. …”does that not change the conservative calculus a bit?”

        Easy answer is no. They (conservatives, in general) don’t give a crap about any one else as long as they got theirs. And they will stand by those who PREVENT anyone else from being able to do the same. They will defend “hobbles”, as Don put it the other day, when they are actually hurdles that move more than JTR’s goal posts. They say things like “They need to do more” or “work harder”. Well when you are working 80 hours a week at three different jobs and can’t fully participate in the raising of your family and barely getting by, I guess that just ain’t enough.

        It’s easy to tell someone to pull themselves up y their own bootstraps, but when systems ae in place that pull your boots off of you and leave you with only the straps, it’s kinda hard.

        Liked by 1 person

      2. I started with zip, nada, nothing. With the exception of a few, everyone can build a decent life if they truly want to. Entitlement minded left wingers destroy any incentive to do that. I will offer advice or help in seeking employment but it is not my responsibility to do your work for you or pamper your behind.

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  3. This kind of market distortion is what happens when there is too much money floating around without any place to invest it. The market for homes should consist of people wanting to buy and people wanting to sell them. It should not include the likes of Jeff Bezos or Sheik MBS or Jamie Dimon playing these kind of financial games with people’s lives.

    Why is there too much money floating around? Bad Republican tax policy for the last 40 years is a big part of it. Another big part is the failure to wean ourselves off of petroleum.

    Liked by 1 person

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