News
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
view the rest of the comments
It's not just billionaires buying up all the housing, it's anyone who can afford the investment. Real estate makes interest in value year over year with minimal upkeep costs AND it generates revenue every year from rentals. If you manage to secure permits to convert it to multifamily you instantly split your house into two parts with nearly the same individual value, almost doubling the value on the spot at the cost of adding a couple of walls and doors and maybe a kitchen.
Real Estate as a source of investment and revenue goes contrary to the idea of accessible housing for everybody. If it's a lucrative investment with greater low risk returns than any other low risk investment type, why would anyone take more risk?
My landlord is 45 and owns 4 properties with a total of about a dozen units. He bought a small business with the income and retired from his job at a defense contractor. His total wealth is under 10m and he started with probably little more than 50k ~25 years ago. Low interest loans have done wonderfully for anyone turning a small amount of cash into a big amount, assuming you bought in the right place with the intent to rent out to middle class workers.
Not to mention REITs, or real estate investment trusts. Entire corporations dedicated solely to buying up property for share holders.
.
Got a buddy on that exact same path.
It's a bunch of shit that he's not taxed to below fiscal feasibility for his multiple single family homes.
Make it so 50%+ of rent becomes equity and instantly housing becomes accessible to all. Can't rent without giving ownership to your tenants. Banks would get the lion's share of the income (it's their money anyway if you have a mortgage...) and owner occupied properties are still feasible.
No one's "value" would disappear either.