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Blackrock is buying all of the houses

Blackrock is buying every single family house they can find, paying 20-50% above asking price and outbidding normal home buyers. Why are corporations, pension funds and property investment groups buying...

So Blackrock is leading the great reset?

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by Anonymousreply 406/10/2021

As I understand it, they're not "buying every single-family house they can find," they're buying new and recent developments of such houses. It started with legislation in the last decade to allow financial institutions to purchase foreclosed houses for use as rental property, arguing that economies of scale in managing huge numbers of properties would control rent costs.

Except maybe some condo/rental complexes of apartments, I don't see how their model could work for older neighborhoods unless with some stronghanded gentrification.

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by Anonymousreply 106/09/2021

Gather all of the developers and bring back the guillotine!

by Anonymousreply 206/09/2021

I assume that in buying huge numbers of new or newer houses in a short period of time that depreciation is not an insignificant factor. What happens when the houses are used up, fully depreciated — all at once or nearly so?

[quote]The IRS says you can treat [residential rental properties] as having a useful life of 27.5 years. In other words, you can divide your cost basis in the property by 27.5 to determine your annual depreciation "expense." (If you own a commercial property, the depreciation period is 39 years.) Another important concept is that only the value of the building itself can be depreciated. Not the land that it’s built on. Buildings have a useful lifespan, but land does not. Land will never be "used up."

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by Anonymousreply 306/09/2021

Isn't this going to lead to 2008 all over again?

by Anonymousreply 406/10/2021
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