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MutterderKartoffel t1_j9p3hsx wrote

Reply to comment by baconsword420 in "All these new apartment buildings, yet still so many people forced to sleep outside" by MrJasonMason

<woosh> yes. That's exactly what's happening. The problem in the US is that there are more than enough living spaces for every single person to have a home, but universal housing isn't considered a human rite. And people with plenty of money go around buying up land and property to rent out at rates beyond what average Americans can afford. It's disgusting is what it is.

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JonstheSquire t1_j9q74eo wrote

The issue is that most of the unoccupied housing is in places where the people aren't located like rural areas or de-industrialized towns.

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roadfood t1_j9r2rqx wrote

Shhhh - don't let the facts intrude.

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Early_Lab9079 t1_j9psnmo wrote

If they can't rent it out they would have to lower the price.

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Freethecrafts t1_j9qe8e3 wrote

Not necessarily. There are huge chunks of housing that are held by investment firms as either collateral or long term investments. Lowering the asking price means notifying brokers who might immediately require fees and leveling payments. Not renting below stipulations is better for them at that point.

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Early_Lab9079 t1_j9qfzc3 wrote

Thats how private property works I guess. If they want a higher price that's their right. If they want the buildings to just stay there, well, that's their right as well.

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Freethecrafts t1_j9qgppt wrote

It’s how mortgage investments work now. It’s fine until you look under the covers and realize the infinite liquidity of the Fed feeding into the system is what is facilitating keeping houses empty. Then the investment people write off asset depreciation and lost rent on their tax forms.

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Early_Lab9079 t1_j9qi5kh wrote

You're not going to tell me there is a loop hole for the rich people right?!? That the system makes rich people richer and the poor poorer?? That can't be true.. Oh boy.. Someone should do something. But not me, I got...to return some videotapes.

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