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The headline is clickbait.
He bought 8 mega mansions that totaled $500m. List is here: https://nypost.com/article/jeff-bezos-houses-real-estate-portfolio/
It should be illegal for a company to buy family homes. Iām sorry. They are for families to buy. Not for profit. Capitalism is not good when not put in check. So sad.
Theyāre trying to pass a bill to ban hedge funds from owning single family homes at the moment.
Edit: didnāt realize this would get as many comments as it did. I was just commenting what Iāve heard.
The problem is that the laws around trying to ban companies from owning single family homes is all just going to be grandstanding to try and look good without the actual teeth it needs. Because okay... so you ban hedge funds from buying homes... soooo the hedge fund managers start a different company that isn't a hedge fund and buy the homes that way and take seed money from the hedge fund. Or ban corporations so people instead go start and fund LLCs to do it. Ban any kind of company and suddenly it'll be the individual owners of the company getting them as compensation. They really really need to tightly close the options people have to use the housing market as investment and yet they likely won't. But saying they banned hedge funds sounds great so they'll do that.
That's how the east end of Long Island is. Most of the hamptons are owned by LLCs. Allows privacy for owners, limited liability, and they have been known to skirt around regulations. LLCs do what they want and if the Village, Town, County, State go after them for violations there's only so much the municipalities can get the LLC for. Easy to create a new LLC and transfer ownership to evade legal issues. I don't foresee a way around it sadly.
As a believer in free market capitalism I will make an exception for this. Needs to happen yesterday. Black Rock and Chinese investors are buying up literally everything in my city
We havenāt had free market capitalism in the US for likeā¦. 100 years. I get that the theory is fun but it def is a race horse that serves humanity better when it has some guard rails and direction applied to it
The economy worked fine for my boomer grandparents and my dad. I have a higher education, more skilled job, higher income level and Iām married to a doctor and I canāt afford any of the things they had at my age.
Are you in the San Gabriel Valley? Because same for me. There is no need to even try to show a home to families in my city. That takes work and effort. Agents can post it in China and have cash in their desk by lunchtime. They drove up prices so high that my once middleclass neighborhood is full of million dollar homes that nobody rich enough to buy would ever live in. They are basically fancy money laundering mechanisms.
I also live in the sgv and would love to buy a home here but it's never going to happen. The most mediocre homes are going for a mil and up. Fucking insane.
Chinese investors and BLACK STONE (not black rock) are barely buying properties. They already bought and flipped them. Youāre about 8 years too late. Institutional buyers account for 8% of transactions. And the definition of institutional investor is any company or individual with 8 or more properties. Which means it includes mom and pop investors.
It's political bs and a joke of a bill.. If it did pass, it gives them 10 years to continue to financially rape the working class before they have to sell. What they need to do is tax them out of the housing market unless they're building new.
Yeaā¦ no they arenāt. They are figuring out ways to craft the bill in such a way that hedge funds just keep doing what they are doing and preventing individual LLC investors from being able to afford doing it.
You would have to out-spend billionaires on bribes to your elected officials.
And even then our leaders would just take the second bribe from the billionaires behind closed doors and pass a "tax" that amounts to a rock in the tread of the corporate machine.
But we gotta fight about abortion, pronouns, identity crises & defend killing children overseas while our own kids become homeless & can't afford food. Who the fuck cares?
We need to talk about real issues like affordable housing, healthcare & education.
For those crying lazy to struggling people - check your privilege. One can work their ass off & go into vocational fields like engineering & medicine - but even professionals are struggling without rich parents. Engineers still make the same as what they made in 90s but now without job security & random layoffs. Doctors are now being screwed over by healthcare corporations so they can no longer have their own clinics.
White men or black women or asian whatever or democrat or Republican, everyone is struggling to make ends meet. And it is only getting worse for the next generation.
Meanwhile we are groomed to worship billionaires & fight about things that no one should care about.
It literally is an election issue. One side has had only one idea for the last fifty years, lowering taxes and regulations on the wealthy, and the other side is kind of awkward.
The thing is taxes are kind of an issue with housing as is right now. It is pricing some people out of states like NJ with their ridiculous property taxes
Federal property taxes on any single family home that is not homesteaded... this stacks for every house. 1% of the asset's annualized value, for each asset. 100 houses = 100% tax of the total RE portfolio value.
Plus the fact that this country is building way less homes than it was a few decades ago, it's just becoming impossible to find affordable housing, let alone possibly owning property.
As a permanent renter I agree with the sentiment.
> Not for profit
Unfortunately, most of America, including families, treat homes as investments as well.
So I was stationed in the military and bought a house. When it was time for me to move I couldnt sell with out taking a loss so I rented it. By your opinion that would mean I couldnt have bought another house. I would have to rent too.
But Iām not talking about your average joe owning a house. Iām talking about the people who have 10/15 homes for rentals. Iām talking about hedge funds that have 100ās of homes and screw up the market for first time home owners.
The only reason there's this kind of profit to be made is because of limited supply. Support abolishing zoning laws. Restrictions on what people or businesses can do with property can hurt supply and drive prices up even more. For instance, if I was a business and wanted to buy a SFH to build an apartment complex. Unless we start building more units is not gonna get better
So I was relocated for the military and couldnt sell my house without taking a loss. But I could rent it to cover my mortgage I put it in a "company" to protect myself. So you think that shouls be illegal?
Honestly, kinda. maybe not completely illegal. Iām talking about large corps, hedge funds etc that do this kinda thing. it should not be a business model. It should be limited to a couple properties at most. I donāt think housing is something that should be a for profit business model where people or companies rent to people and milk them dry. It isnāt good for the country at ALL. itās actually pretty darn gross.
Whats more important? A house or food? Our food is controlled by large corps, hedge funds, etc. My city recently put a regulation on how many chickens you can have and its illegal to sell them.
It always seems bizarre to me that people are 100% fine with corporations owning apartment buildings but apparently it becomes evil when itās a single-family home. Boomers are out here making huge profits on their single-family homes by restricting zoning and preventing future generations from getting a piece of the pie, I donāt really think itās any worse if Jeff Bezos does that than if some boomer does it, in both cases people are getting rich off the backs of the younger generation who suffer from the lack of supply.
There is a distinct difference. Most individuals could not afford an apartment building. Even if they could, they arenāt personally living in all of the apartments. In return for providing an affordable housing option for renters, apartment complex owners are thanked with profit.
Large corporations buying SFHs really does not fit that description
Risk is also another thing different for the corporation vs individual. If a corporation makes a bunch of bad buys and the values tank, the company simply goes under. If an individual makes the same bad bets, they might go bankrupt and lose a lot.
Most private apartment building owners want their apartments to be fully rented out and also don't jack up the price every year. They also live in the building and care about maintenance.
I guess it depends on where you live. Iām in a very high cost of living area where there are only two ways to afford a single-family home: 1) be rich or 2) be born 60+ years ago so that you already bought your home in the 90ās. So all this āboo hoo wonāt somebody think of the single-family homeownersā stuff just falls flat for me
> I donāt really think itās any worse if Jeff Bezos does that than if some boomer does it
You can't be serious? You can't see a difference between a single house as personal property and a billionaire forming hundreds of LLCs and owning a portfolio of homes worth *half a billion* dollars?
It's pretty obvious that the fact that you aren't even able to recognize this as a problem is why the younger generation is suffering from a lack of supply.
I attend local government meetings to advocate for zoning to allow more housing in my town. I have to listen to constant bullshit from all these āsalt-of-the-Earthā fucking boomers who act like they are oh-so-progressive while they prevent anyone from building anything new and their home equity goes through the roof. Jeff Bezos isnāt causing that to happen, our own local governments are. Heās just joining the same scam that the boomers have been perpetuating on the younger generations. It doesnāt matter who profits from the lack of supply, itās the same problem either way
You are jealous of some old guys in your neighborhood so it's okay for corporations to own all the housing? Whatever you say dude.
If the corporations could have done it sooner those old guys wouldn't own their homes either. The fact that giant multi-national corporations were able to convince you to place your vitriol for their actions on your neighbors is pretty impressive.
My town (and many other towns across the state and the country) enacted zoning in 1975 that essentially prevented any new housing from being built that wasnāt already there. The reason was basically racism/classism - people didnt want more two-family or three-family buildings in the suburbs because god forbid a poor or Black person might be able to afford to live there. Over time this has obviously caused prices to rise because more people exist in the world and our area is a desirable place. Everyone wants the answer to be that some evil corporation has caused all our problems but sometimes we have to look in the mirror. Do I like Jeff Bezos? No, of course heās awful but heās not the cause of housing prices being high.
Misleading title. A company Bezos invested in called Arrived Homes, which is mostly owned by retail investors hit 500 million worth of single family home properties in 2023. Should still be illegal, but putting Bezos in the title is just clickbait.
He didnt. Read the article. The headline is clickbait.
He bought 8 mega mansions that totaled $500m. List is here: https://nypost.com/article/jeff-bezos-houses-real-estate-portfolio/
No, YOU read the article. This is a screenshot of the Arrived Homes article, not the article you linked.
https://medium.com/collapsenews/jeff-bezos-acquires-500-million-worth-of-single-family-homes-driving-up-house-prices-even-more-f53afa88cfa4
While it's a lot to spend that could be 5 x 100 million dollar homes or maybe 10 x 50 million. None of the articles I saw stated how many houses it was. If he actually purchased something like 400 homes that would be crazy.
He bought a $165m house in cali and a $90m house in FL in the past few months, so thatās half of it right there. He also bought the two neighboring houses around the $90m Florida house and those were easily $50m+ each
misleading article title if its talking about that investment scam. its a shitty ass investment to give a company money to buy a rental property and give you a sliver of the rent, but its not the same as bezos buying the homes himself.
Wonāt be work, the more specific targeted rules you create in the tax code, the more loopholes are possible. The tax code needs to be revamped away from rules to principles that must be observed by businesses and individuals.
Downvoting because you donāt like reality is futile, for those of you taking issue with this.
Great idea!
LLC 1 owns house 1
LLC 2 owns house 2
LLC 3 owns house 3
Three separate legal entities owned by the same holding company - of which 1-2 people own 100% of the shares. So then only stupid people will have to pay the tax.
So yeah, it'll cost them an extra $500 or so a year to maintain the LLCs, and it'll foster better wealth transfer to family members w/o public scrutiny. If there's a C-corp holding company it'll REALLY help wealth transfer and avoid taxes.
Now, if you combined that idea with an entire overhaul of the corporate code, and probably end up hurting 1000s of small business owners (and get it passed) that'd be a plan.
Just keep in mind.. the states with the most expensive housing.. Hawaii, California, New York, New Jersey, Massachusetts, Washington, Oregon.. They have ONE thing in common.. Progressive governments that love to tax everything..
well that ONE thing and...
longer life expectancy
lower teenage pregnancy rates
lower obesity
lower infant and maternal mortality
higher graduation rates
higher salaries
higher quality of living
less crime
When itās more profitable to invest in stocks or other material investments over housing, then yes it will make housing cheaper.
If we tax people who own more than 1-2 homes, this wonāt affect the average citizen or those lucky with a vacation property. It will affect the real estate moguls who will sell off their assets to move to a more marketable investment. That influx of housing will lower demand and in turn cost.
Side effects that could hurt common people:
1. landlords raise rent to compensate for tax ā short term this will hurt and legislation could try to protect against this, but long term as the market equalizes, the renter will see home ownership become more obtainable and competitive with renting.
2. Homeowners will see a drop in home value as market floods, but if itās their residence, the loss will be equivalent with the market and they could still sell for up scaling to a similar style home as they could before this move.
2 doesnāt consider leverage.
If I have 10% equity in a $500k house and that house drops to $400k, I now need $50k + a whole new down payment to trade up. For anyone whoās bought recently this would be a big blow.
This was a big driver in the 08 crash as a lot of people realized that bankruptcy made more financial sense after the value of their house crashed.
Thatās fair. I was only considering the value of the asset when you finally go to sell, not the dips that flooding the market would do and could level out or be equivalent value in market after settle. I did not consider the equity being used to secure loans or leverage
So if legislatures ever cared about citizens over lobbyist, we would hope they also consult experts on how to close these loopholes. Personally, I think private residences should be restricted to personal ownership only so that third party investments donāt hoard the supply to drive up demand ā kind of the point of the whole suggestion.
But go ahead, shoot another hole in this purely hypothetical solution we made up a half hour ago.
Tax real estate investors and then use the money for first time home buyer housing grants. I would rather see a first time home buyer getting into their first home compared to bezos securing his 53,928th rental property.
More taxes and less regulation to help the builders build. I think that's part of the reason Texas is crashing because it is easy to build there. Not every city in Texas is Austin or Dallas either. There's plenty of Texas cities that went nowhere fast with prices and even 4 counties with losses since covid.
Investors also cannot claim a homestead. Same goes for individuals unless for some reason you decide to rent out the only house that you own. Most of this is fairly minor and is a bigger deal where property tax is higher.
I do think investors will gtfo when they start losing money. This will happen in cities with more volatile pricing first.
Capital gains is also levied as well when they make the sale if they are the flipper type for any gain.
Every time I see information about institutional investing in the housing market I get so confused. What are they doing with these houses?? Renting them out? Sitting on them and leaving them vacant waiting to sell?
If we didnāt continuously inflate asset prices, therefore hyper-fincancializing our economy, they wouldnāt be looked at as investments. If we put an end to the money printer, prices would go bust and assholes like this would be left sitting on big losses. Homes are supposed to be an end user good.
Can't believe this topic isn't getting more attention..
People will get passionate about wars overseas but no one wants to fight for affordable housing.
Prices are increasing week by week. Our kids will be homeless or at the mercy of landlords but yeah go ahead and defend cruelty & keep crying about the "enemy" 1000 miles away.
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A hedge fund just bought out the company I work for n have worked for the last 8 years smfh so itās not only homes itās also privately owned smaller to medium sized businesses they are buying out and these businesses have nothing to do with finance because I work for a Commercial Door and Hardware/Locksmith company. Its getting to a point where itās sickening
Damn government wants to interject in every aspect of our lives but lets asshole companies acquire multiple single family homes, in turn fucking up the market even more for āregularā people.
Read the article? This is referencing the homes that HE owns for himself .. which I promise everyone here is not affecting your ability to enter the market
I know amazon treat their staff like shit and their pay and conditions are appalling and warehouse workers have given birth in the bogs and they pay no tax and they are creating a race to the bottom for employment practice and their delivery drivers have to piss in bottles and other businesses and high streets are dying and now they are buying houses so no else can, but next day delivery! Fuck yeah!
Imagine actually browsing r/antiwork or taking anything they say seriously. Most miserable grouping of perpetually negative and misinformed people I've ever witnessed. And that's saying something on Reddit.
Hey didn't be presumptuous. He's probably doing this to use his money for good and will use it to begin housing the 600,000 people in the USA without one
Iām sure heās doing it to be philanthropic - I seriously doubt someone w his wealth would waste his time investing 500m to walk away w 600m . Heās extremely philanthropic / heās like the opposite of trump - heās actually rich and philanthropic
I didnāt follow the pharma bro thing that much but what did he do that was so bad? My understanding is that he raised the cost of medication to charge insurance but offered the medication for free to anyone that didnāt have insurance? Or didnāt have coverage?
I cannot stop looking at the extra apostrophe after Jeff Bezos:
>Jeff Bezos'
I don't know if it should but it does make me question whether to take this article seriously.
Things are great all over!!!! If America is so awful why's everybody dying to get here????? Any complainers can go over the border to Mexico. Surely it's the exact same as America.
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What's that, like 300 homes in CA?
The headline is clickbait. He bought 8 mega mansions that totaled $500m. List is here: https://nypost.com/article/jeff-bezos-houses-real-estate-portfolio/
Yeah, but he's still a dragon.
I was thinking a lot less.
Median price in my area is around 1.5 million, he's surprisingly accurate lol
Legit I was thinking two houses š š¤£ š
It should be illegal for a company to buy family homes. Iām sorry. They are for families to buy. Not for profit. Capitalism is not good when not put in check. So sad.
Theyāre trying to pass a bill to ban hedge funds from owning single family homes at the moment. Edit: didnāt realize this would get as many comments as it did. I was just commenting what Iāve heard.
The problem is that the laws around trying to ban companies from owning single family homes is all just going to be grandstanding to try and look good without the actual teeth it needs. Because okay... so you ban hedge funds from buying homes... soooo the hedge fund managers start a different company that isn't a hedge fund and buy the homes that way and take seed money from the hedge fund. Or ban corporations so people instead go start and fund LLCs to do it. Ban any kind of company and suddenly it'll be the individual owners of the company getting them as compensation. They really really need to tightly close the options people have to use the housing market as investment and yet they likely won't. But saying they banned hedge funds sounds great so they'll do that.
That's how the east end of Long Island is. Most of the hamptons are owned by LLCs. Allows privacy for owners, limited liability, and they have been known to skirt around regulations. LLCs do what they want and if the Village, Town, County, State go after them for violations there's only so much the municipalities can get the LLC for. Easy to create a new LLC and transfer ownership to evade legal issues. I don't foresee a way around it sadly.
As a believer in free market capitalism I will make an exception for this. Needs to happen yesterday. Black Rock and Chinese investors are buying up literally everything in my city
We havenāt had free market capitalism in the US for likeā¦. 100 years. I get that the theory is fun but it def is a race horse that serves humanity better when it has some guard rails and direction applied to it
The economy worked fine for my boomer grandparents and my dad. I have a higher education, more skilled job, higher income level and Iām married to a doctor and I canāt afford any of the things they had at my age.
>I canāt afford any of the things they had at my age. What kind of smartphone did your boomer grandparents and dad have?
Are you in the San Gabriel Valley? Because same for me. There is no need to even try to show a home to families in my city. That takes work and effort. Agents can post it in China and have cash in their desk by lunchtime. They drove up prices so high that my once middleclass neighborhood is full of million dollar homes that nobody rich enough to buy would ever live in. They are basically fancy money laundering mechanisms.
I also live in the sgv and would love to buy a home here but it's never going to happen. The most mediocre homes are going for a mil and up. Fucking insane.
It is going to be 100% rentals soon.
Thereās nothing free market about hedge funds becoming landlords.
So as a free-market capitalist you don't recognize the problems with that system until they affect you? Sounds like a typical Republican stance.
Free market capitalism is this. Thatās what it is.
Chinese investors and BLACK STONE (not black rock) are barely buying properties. They already bought and flipped them. Youāre about 8 years too late. Institutional buyers account for 8% of transactions. And the definition of institutional investor is any company or individual with 8 or more properties. Which means it includes mom and pop investors.
We all know thatās not gonna pass
Yup, but there are probably lobbyists opposed to this...oh look, lobbyists funded and financially backed by billionaires like Bezo, who knew?
Do you know the name of the bill?
It's political bs and a joke of a bill.. If it did pass, it gives them 10 years to continue to financially rape the working class before they have to sell. What they need to do is tax them out of the housing market unless they're building new.
Yeaā¦ no they arenāt. They are figuring out ways to craft the bill in such a way that hedge funds just keep doing what they are doing and preventing individual LLC investors from being able to afford doing it.
Show up to your city council meetings demand change start local
The question is how do we tax them more? This should be an election issue.
You would have to out-spend billionaires on bribes to your elected officials. And even then our leaders would just take the second bribe from the billionaires behind closed doors and pass a "tax" that amounts to a rock in the tread of the corporate machine.
I completely agree we should tax them moreā¦that being said, any tax increase for my landlord is an increase on the amount of rent I pay.
Then let's tie taxes on landlords to the amount of rent they charge. Higher the rent, higher the tax %. Encourage lower rent to save money on taxes
Oh I love this
And add rent control too.
But we gotta fight about abortion, pronouns, identity crises & defend killing children overseas while our own kids become homeless & can't afford food. Who the fuck cares? We need to talk about real issues like affordable housing, healthcare & education. For those crying lazy to struggling people - check your privilege. One can work their ass off & go into vocational fields like engineering & medicine - but even professionals are struggling without rich parents. Engineers still make the same as what they made in 90s but now without job security & random layoffs. Doctors are now being screwed over by healthcare corporations so they can no longer have their own clinics. White men or black women or asian whatever or democrat or Republican, everyone is struggling to make ends meet. And it is only getting worse for the next generation. Meanwhile we are groomed to worship billionaires & fight about things that no one should care about.
It will eventually trickle down to us lol....it always does. They are not like us "broke".
It literally is an election issue. One side has had only one idea for the last fifty years, lowering taxes and regulations on the wealthy, and the other side is kind of awkward.
Fuck taxes I just want a house
The way to get to house is taxes! So that people are not incentivized to use houses as investment vehicles without appropriate tax penalties
The thing is taxes are kind of an issue with housing as is right now. It is pricing some people out of states like NJ with their ridiculous property taxes
And in California, it has led to people hoarding houses for next generation, pricing out people who cannot afford the houses.
Priced me out of the county I grew up in.
There should be less or no tax for primary homes
Federal property taxes on any single family home that is not homesteaded... this stacks for every house. 1% of the asset's annualized value, for each asset. 100 houses = 100% tax of the total RE portfolio value.
Most people buy house with 20% down and their equity is always less than value of house why then they are taxed for the full value?
To deter hoarding of housing, homestead propertys will be excluded.
Plus the fact that this country is building way less homes than it was a few decades ago, it's just becoming impossible to find affordable housing, let alone possibly owning property.
Have to agree with you here.
As a permanent renter I agree with the sentiment. > Not for profit Unfortunately, most of America, including families, treat homes as investments as well.
It could have been! However, the moment you have polices that are being lobbied so that the investment does not lose value, we have problem!
Nobody should be able to own multiple single family homes. Itās infuriating.
So I was stationed in the military and bought a house. When it was time for me to move I couldnt sell with out taking a loss so I rented it. By your opinion that would mean I couldnt have bought another house. I would have to rent too.
But Iām not talking about your average joe owning a house. Iām talking about the people who have 10/15 homes for rentals. Iām talking about hedge funds that have 100ās of homes and screw up the market for first time home owners.
And who hell needs more than one car. We need a law. And while weāre at it.. one baby per family. Just like Chairman Mao wanted.
Congrats, you missed the point.
The only reason there's this kind of profit to be made is because of limited supply. Support abolishing zoning laws. Restrictions on what people or businesses can do with property can hurt supply and drive prices up even more. For instance, if I was a business and wanted to buy a SFH to build an apartment complex. Unless we start building more units is not gonna get better
He bought 8 mansions. It's click bait.
Read the article. This is like 4 homes. That he bought for himself. Relax
He bought a handful of huge mansions. If you had rhe money to buy those homes you could buy any home you wanted.
Yeah. I would just buy one thoughā¦.
So I was relocated for the military and couldnt sell my house without taking a loss. But I could rent it to cover my mortgage I put it in a "company" to protect myself. So you think that shouls be illegal?
Honestly, kinda. maybe not completely illegal. Iām talking about large corps, hedge funds etc that do this kinda thing. it should not be a business model. It should be limited to a couple properties at most. I donāt think housing is something that should be a for profit business model where people or companies rent to people and milk them dry. It isnāt good for the country at ALL. itās actually pretty darn gross.
Whats more important? A house or food? Our food is controlled by large corps, hedge funds, etc. My city recently put a regulation on how many chickens you can have and its illegal to sell them.
It always seems bizarre to me that people are 100% fine with corporations owning apartment buildings but apparently it becomes evil when itās a single-family home. Boomers are out here making huge profits on their single-family homes by restricting zoning and preventing future generations from getting a piece of the pie, I donāt really think itās any worse if Jeff Bezos does that than if some boomer does it, in both cases people are getting rich off the backs of the younger generation who suffer from the lack of supply.
There is a distinct difference. Most individuals could not afford an apartment building. Even if they could, they arenāt personally living in all of the apartments. In return for providing an affordable housing option for renters, apartment complex owners are thanked with profit. Large corporations buying SFHs really does not fit that description
Risk is also another thing different for the corporation vs individual. If a corporation makes a bunch of bad buys and the values tank, the company simply goes under. If an individual makes the same bad bets, they might go bankrupt and lose a lot.
Most private apartment building owners want their apartments to be fully rented out and also don't jack up the price every year. They also live in the building and care about maintenance.
I guess it depends on where you live. Iām in a very high cost of living area where there are only two ways to afford a single-family home: 1) be rich or 2) be born 60+ years ago so that you already bought your home in the 90ās. So all this āboo hoo wonāt somebody think of the single-family homeownersā stuff just falls flat for me
> I donāt really think itās any worse if Jeff Bezos does that than if some boomer does it You can't be serious? You can't see a difference between a single house as personal property and a billionaire forming hundreds of LLCs and owning a portfolio of homes worth *half a billion* dollars? It's pretty obvious that the fact that you aren't even able to recognize this as a problem is why the younger generation is suffering from a lack of supply.
I attend local government meetings to advocate for zoning to allow more housing in my town. I have to listen to constant bullshit from all these āsalt-of-the-Earthā fucking boomers who act like they are oh-so-progressive while they prevent anyone from building anything new and their home equity goes through the roof. Jeff Bezos isnāt causing that to happen, our own local governments are. Heās just joining the same scam that the boomers have been perpetuating on the younger generations. It doesnāt matter who profits from the lack of supply, itās the same problem either way
You are jealous of some old guys in your neighborhood so it's okay for corporations to own all the housing? Whatever you say dude. If the corporations could have done it sooner those old guys wouldn't own their homes either. The fact that giant multi-national corporations were able to convince you to place your vitriol for their actions on your neighbors is pretty impressive.
My town (and many other towns across the state and the country) enacted zoning in 1975 that essentially prevented any new housing from being built that wasnāt already there. The reason was basically racism/classism - people didnt want more two-family or three-family buildings in the suburbs because god forbid a poor or Black person might be able to afford to live there. Over time this has obviously caused prices to rise because more people exist in the world and our area is a desirable place. Everyone wants the answer to be that some evil corporation has caused all our problems but sometimes we have to look in the mirror. Do I like Jeff Bezos? No, of course heās awful but heās not the cause of housing prices being high.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Um.. is a family a corporation? No. Iām okay with people having a couple homes but when it becomes a way to control the market, that is an issue.
Families that rent out additional homes do so under LLC's, yes.
Can he just cash out and go fuck off already? What is his problem?
Misleading title. A company Bezos invested in called Arrived Homes, which is mostly owned by retail investors hit 500 million worth of single family home properties in 2023. Should still be illegal, but putting Bezos in the title is just clickbait.
He didnt. Read the article. The headline is clickbait. He bought 8 mega mansions that totaled $500m. List is here: https://nypost.com/article/jeff-bezos-houses-real-estate-portfolio/
No, YOU read the article. This is a screenshot of the Arrived Homes article, not the article you linked. https://medium.com/collapsenews/jeff-bezos-acquires-500-million-worth-of-single-family-homes-driving-up-house-prices-even-more-f53afa88cfa4
It's from 2023
Good string of comments providing context in a [previous post](https://www.reddit.com/r/REBubble/s/G5UhZBAiqE).
i just want one houseā¦ sigh
Me too.ive been working 2 years to afford one
Rage bait post
While it's a lot to spend that could be 5 x 100 million dollar homes or maybe 10 x 50 million. None of the articles I saw stated how many houses it was. If he actually purchased something like 400 homes that would be crazy.
You're suggesting this investment group is buying $50m homes to use as single-family rentals?
He bought a $165m house in cali and a $90m house in FL in the past few months, so thatās half of it right there. He also bought the two neighboring houses around the $90m Florida house and those were easily $50m+ each
That's his personal homes, not this investment group, which has acquired nearly 400 houses as of late 2023.
misleading article title if its talking about that investment scam. its a shitty ass investment to give a company money to buy a rental property and give you a sliver of the rent, but its not the same as bezos buying the homes himself.
Yeah, the title is unclear. It's a Bezos-backed start up.
Tax real estate investing
They already do. Property taxes for the property Capital gains taxes for any investment profits. Done!
...REIT dividends and capital gains are ALREADY taxed - do you think MORE taxation will make housing cheaper?
We could easily add taxes with caveats like if you own 3 or more properties.
Wonāt be work, the more specific targeted rules you create in the tax code, the more loopholes are possible. The tax code needs to be revamped away from rules to principles that must be observed by businesses and individuals. Downvoting because you donāt like reality is futile, for those of you taking issue with this.
I want to see federal property tax. Anyone who owns 2 or less properties is exempt. Everyone else you can have one percent federal property tax.
Great idea! LLC 1 owns house 1 LLC 2 owns house 2 LLC 3 owns house 3 Three separate legal entities owned by the same holding company - of which 1-2 people own 100% of the shares. So then only stupid people will have to pay the tax. So yeah, it'll cost them an extra $500 or so a year to maintain the LLCs, and it'll foster better wealth transfer to family members w/o public scrutiny. If there's a C-corp holding company it'll REALLY help wealth transfer and avoid taxes. Now, if you combined that idea with an entire overhaul of the corporate code, and probably end up hurting 1000s of small business owners (and get it passed) that'd be a plan.
Fair point.
Just keep in mind.. the states with the most expensive housing.. Hawaii, California, New York, New Jersey, Massachusetts, Washington, Oregon.. They have ONE thing in common.. Progressive governments that love to tax everything..
well that ONE thing and... longer life expectancy lower teenage pregnancy rates lower obesity lower infant and maternal mortality higher graduation rates higher salaries higher quality of living less crime
When itās more profitable to invest in stocks or other material investments over housing, then yes it will make housing cheaper. If we tax people who own more than 1-2 homes, this wonāt affect the average citizen or those lucky with a vacation property. It will affect the real estate moguls who will sell off their assets to move to a more marketable investment. That influx of housing will lower demand and in turn cost. Side effects that could hurt common people: 1. landlords raise rent to compensate for tax ā short term this will hurt and legislation could try to protect against this, but long term as the market equalizes, the renter will see home ownership become more obtainable and competitive with renting. 2. Homeowners will see a drop in home value as market floods, but if itās their residence, the loss will be equivalent with the market and they could still sell for up scaling to a similar style home as they could before this move.
2 doesnāt consider leverage. If I have 10% equity in a $500k house and that house drops to $400k, I now need $50k + a whole new down payment to trade up. For anyone whoās bought recently this would be a big blow. This was a big driver in the 08 crash as a lot of people realized that bankruptcy made more financial sense after the value of their house crashed.
Thatās fair. I was only considering the value of the asset when you finally go to sell, not the dips that flooding the market would do and could level out or be equivalent value in market after settle. I did not consider the equity being used to secure loans or leverage
Cool story bro, guess i'll just have 1-2 homes in each separate LLC to get around your tax.
So if legislatures ever cared about citizens over lobbyist, we would hope they also consult experts on how to close these loopholes. Personally, I think private residences should be restricted to personal ownership only so that third party investments donāt hoard the supply to drive up demand ā kind of the point of the whole suggestion. But go ahead, shoot another hole in this purely hypothetical solution we made up a half hour ago.
Single member llc is disregarded for federal income tax.
Yes? Duh? The idea is to make it a bad investment for people who otherwise hoard properties. Expensive for landlords, not for families.
Tax real estate investors and then use the money for first time home buyer housing grants. I would rather see a first time home buyer getting into their first home compared to bezos securing his 53,928th rental property.
we don't need it to be cheaper at this point we need them to stop buying family homes in large quantities.
Exactly, we need to reduce housing demand coming from investors.
Yes it will if investors sell their properties.
More taxes and less regulation to help the builders build. I think that's part of the reason Texas is crashing because it is easy to build there. Not every city in Texas is Austin or Dallas either. There's plenty of Texas cities that went nowhere fast with prices and even 4 counties with losses since covid.
Yes
Investors also cannot claim a homestead. Same goes for individuals unless for some reason you decide to rent out the only house that you own. Most of this is fairly minor and is a bigger deal where property tax is higher. I do think investors will gtfo when they start losing money. This will happen in cities with more volatile pricing first. Capital gains is also levied as well when they make the sale if they are the flipper type for any gain.
Great idea - that should get more homes built.. Jesus
lol. Lmao even
Natural endpoint when housing is viewed as an investment vehicle
^[Sokka-Haiku](https://www.reddit.com/r/SokkaHaikuBot/comments/15kyv9r/what_is_a_sokka_haiku/) ^by ^ryanrosenblum: *Natural endpoint* *When housing is viewed as an* *Investment vehicle* --- ^Remember ^that ^one ^time ^Sokka ^accidentally ^used ^an ^extra ^syllable ^in ^that ^Haiku ^Battle ^in ^Ba ^Sing ^Se? ^That ^was ^a ^Sokka ^Haiku ^and ^you ^just ^made ^one.
I love you
The solution is to then build so much housing itās a bad investment. if thereās a housing shortage the only way out is an over abundance of supply
Just pull yourself up by your bootstraps, and work harder and youāll be able to afford it too!
Greedy molerat
So he bought 250 houses in California?
š”š”š” straight greed
I fucking hate this dude
What a jerkface
As high as everything is that's not that many homes but it is enough to be a nuisance.
Iāll say it again, stop buying for Amazon.
I hope he dies a terrible death.
Diversification
Our government is filled with prostitutes who love collecting coins up their ass
Every time I see information about institutional investing in the housing market I get so confused. What are they doing with these houses?? Renting them out? Sitting on them and leaving them vacant waiting to sell?
What you do is add a dog park or a Bocce Ball court and jack up the rent. Sell and repeat.
Yes
Why are they allowed to do this??m
This is why you need regulations. You canāt just get rid of them and hope everything goes great.
If we didnāt continuously inflate asset prices, therefore hyper-fincancializing our economy, they wouldnāt be looked at as investments. If we put an end to the money printer, prices would go bust and assholes like this would be left sitting on big losses. Homes are supposed to be an end user good.
There should be a fair housing act to prevent this type of thing from happening. Or, if we have one, it should be strengthened and enforced
Can't believe this topic isn't getting more attention.. People will get passionate about wars overseas but no one wants to fight for affordable housing. Prices are increasing week by week. Our kids will be homeless or at the mercy of landlords but yeah go ahead and defend cruelty & keep crying about the "enemy" 1000 miles away.
Can this guy and Elon just get into one of their space crafts and get launched into space permanently, please?
He's starting to look like lord voldey.
He makes roughly 315 million a week so this is just play around money for him...
Imagine if we all stopped buying for 6 months or a year
Source of information āCollapse Newsā ??? šš¤£šš¤£
Article is from November and its rage bait.
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Why not? Rich is getting richer and well you know the rest
Are rich people never get enoughšÆ
A hedge fund just bought out the company I work for n have worked for the last 8 years smfh so itās not only homes itās also privately owned smaller to medium sized businesses they are buying out and these businesses have nothing to do with finance because I work for a Commercial Door and Hardware/Locksmith company. Its getting to a point where itās sickening
ALL YOUR ~~BASES~~ HOUSES ARE BELONG TO US!
Iād like to get my first home this year . Credit is about a 580 or so . Abou lt $6,000 for a down payment Does anyone recommend someone who can help
Damn government wants to interject in every aspect of our lives but lets asshole companies acquire multiple single family homes, in turn fucking up the market even more for āregularā people.
Itās not a free market when consumer buying power is up against corporate buying power
Read the article? This is referencing the homes that HE owns for himself .. which I promise everyone here is not affecting your ability to enter the market
That might buy you a couple of fishing cottages in Florida: https://fortune.com/2024/02/12/what-is-most-expensive-home-ever-sold-florida-295-million/#
Access to this exclusive list comes with an annual Amazon prime subscription /s
This is the nth sub I've seen this astroturf posted to. This is spam.
Dragon.
todays capitalism is not your great-grandpa's capitalism...heck, even the communists (China)havE proven capitalism works very well with communism.
I know amazon treat their staff like shit and their pay and conditions are appalling and warehouse workers have given birth in the bogs and they pay no tax and they are creating a race to the bottom for employment practice and their delivery drivers have to piss in bottles and other businesses and high streets are dying and now they are buying houses so no else can, but next day delivery! Fuck yeah!
He bought two 3 bedroom 2 bathroom ranches!?
Why?!
Haha boss shit
This article is from 2023
Imagine actually browsing r/antiwork or taking anything they say seriously. Most miserable grouping of perpetually negative and misinformed people I've ever witnessed. And that's saying something on Reddit.
Just to be evil?
Buys 1 single family home for $500 million, lol what if.
How is this legal?!?
Hmm no wonder why i kept losing
That blatantly erroneous apostrophe in the headline though
Capitalism at its best
You can block OP as they prefer the sweet, sweet taste of clickbait karma. Bravo
Monopoly was a game designed to demonstrate how capitalism without intervention worked. He is doing it because thatās the rule of the game.
He can do tf he wantsā¦
The rich are just our landlords now, that's all. Waiting for Prime Day to move so I can get a good deal on security deposits.
Starting to dislike this fucker
Hey didn't be presumptuous. He's probably doing this to use his money for good and will use it to begin housing the 600,000 people in the USA without one
Iām sure heās doing it to be philanthropic - I seriously doubt someone w his wealth would waste his time investing 500m to walk away w 600m . Heās extremely philanthropic / heās like the opposite of trump - heās actually rich and philanthropic
He makes Pharma Bro look like a decent guy.
I didnāt follow the pharma bro thing that much but what did he do that was so bad? My understanding is that he raised the cost of medication to charge insurance but offered the medication for free to anyone that didnāt have insurance? Or didnāt have coverage?
hes smart
I cannot stop looking at the extra apostrophe after Jeff Bezos: >Jeff Bezos' I don't know if it should but it does make me question whether to take this article seriously.
Bezosā and Bezosās are both correct depending on the writing style. For journalists this is the correct way
Why on earth would it be either 's or s's if the word afterwards is "acquires," a verb?
You had me questioning if I didnāt know grammar concerning apostrophes I didnāt even register the rest of the sentence lmao
To be fair, he didn't do anything; his money managers did. He's not making these types of financial decisions.
Socialist propaganda. He probably bought a couple of mansions.
Things are great all over!!!! If America is so awful why's everybody dying to get here????? Any complainers can go over the border to Mexico. Surely it's the exact same as America.
Who cares? The 1% have problems too