In a neighborhood full of single-family homeowners today, if a big apartment complex is proposed by a developer, nearby residents (mostly white and boomers) will probably show up to local government meetings concerned about the impact of the additional housing supply on their home values. Houses that they probably got for $25,000 in 1965. Don't believe these comments blaming Wall Street and BlackRock, for buying “every single family house they can find ... and outbidding normal home buyers." A lot of this discussion is happening because people don’t want to address the core reason the housing market is currently out of control: the marked undersupply of housing, which has made real estate such a compelling investment.The idea that institutional investors are somehow largely to blame for the current housing market catastrophe is wrong and obscures the real problem: white, wealthy single-family homeowners, mostly baby boomers fighting tooth and nail against housing development.

In a neighborhood full of single-family homeowners today, if a big apartment complex is proposed by a developer, nearby residents (mostly white and boomers) will probably show up to local government meetings concerned about the impact of the additional housing supply on their home values. Houses that they probably got for $25,000 in 1965. Don't believe these comments blaming Wall Street and BlackRock, for buying “every single family house they can find ... and outbidding normal home buyers." A lot of this discussion is happening because people don’t want to address the core reason the housing market is currently out of control: the marked undersupply of housing, which has made real estate such a compelling investment.The idea that institutional investors are somehow largely to blame for the current housing market catastrophe is wrong and obscures the real problem: white, wealthy single-family homeowners, mostly baby boomers fighting tooth and nail against housing development.

user
yes
assistant