this post was submitted on 06 Apr 2024
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Except they aren't actually occupying the pool, just gatekeeping it. They still have to find tenants in order to actually make money.
In other words, the real problem -- the only reason they can charge exploitatively high rents in the first place, the outsize profits from which is fueling the buying spree -- is lack of supply in places people want to live. As fun as scapegoating landlords is, it doesn't actually fix anything. The way to actually solve the problem is to allow denser zoning!
That won't solve the problem, they'll buy all of those too.
Well, they could certainly try, fail, and go bankrupt when the rents and values collapse. (If that's not the result, it just means you need to densify the zoning even harder.)
Bruh, people are making money on Bitcoins and nfts. Speculative investments don't need to have any tangible value to be profitable. It doesn't matter that there's more houses than anyone could ever live in. It's a tulip panic, actual value is irrelevant.