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Rental property billionaire says buying a home (with a mortgage) is "fancy bullshit" and you should rent instead (sh.itjust.works)

submitted 11 months ago by [email protected] to c/[email protected]

241 comments fedilink hide all child comments

[Mortgage Is 'Just A Fancy Bullsh*t Word For Paying Rent For 30 Years To The Bank,' Says Real Estate Billionaire Grant Cardone — Here's Why Renting Could Be A Better Financial Move

](https://finance.yahoo.com/news/mortgage-just-fancy-bullsh-t-171148202.html?guccounter=1)

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[–] [email protected] 2 points 11 months ago* (last edited 11 months ago) (1 children)

Buying up supply happens because of what I described above.

If housing isn't the most reliable investment you can possibly make, then there is less incentive to buy up all the housing.

This program is fine. Whatever. Every little bit helps and I'm not looking a gift horse in the mouth. But it's a band-aid on a bullet wound

We might be tight on supply if we got rid of all of them doing that, but it wouldn’t be a crisis.

This, however, is flat wrong, because the crisis preceded the investment

[–] [email protected] 6 points 11 months ago* (last edited 11 months ago) (1 children)

I think you might be having a math problem.

Corporation Plan

Step 1, US has a financial meltdown
Step 2, corporations buy up all of the housing at cheap prices, price fix the rentals and use a shit ton of them for airBNBs
Step 3, not worry about the empty units or homes because price fixing and airBNBs will fix that
Step 4, develop a crowdfunding site so "investors" can get in on the renting/price fixing game
Step 5, complain that there isn't enough housing to get the zoning changed, so they can build "luxury" apartments where they continue to price fix or rent out to tourists/business people because they're ToTALLy NoT A hoTEl!
Step 6, profit, profit, profit

Common Person Plan

Step 1, look to buy a home but there's not enough supply so the prices go up
Step 2, try to save but their rent keeps getting raised because it's being price fixed and there is a lack of supply (sometimes real because of the tourists)
Step 3, continue to rent while nervously waiting to try and build up a deposit and there's less and less supply
Step 4, rent, rent, rent further away from the city core

[–] [email protected] -4 points 11 months ago* (last edited 11 months ago) (1 children)

I really don't because the economics here doesn't change. You're just trying to moral high-ground economic concepts, which isn't useful for policy solutions.

It's good for rhetoric tho, and we need to change minds, so it's not a total waste.

[–] [email protected] 3 points 11 months ago (1 children)

You’re just trying to moral high-ground economic concepts, which isn’t useful for policy solutions.

What moral high ground? It's easy to fix, make it so corporations can't own more than a certain amount of units and corporations in general as a percentage of units in a city. If anyone has more than 4 airBNB units, you have to become a hotel. Simple solutions that won't catch every instance but will make a dent.

[–] [email protected] -5 points 11 months ago* (last edited 11 months ago)

"corporations bad" is a moral stance. It's irrelevant to the underlying economics

We aren't debating policy. we agree on policy.