Business & Finance BlackRock attempting to monopolize housing

[Bear Ribs]

So uh.
Watch this video, and it will explain the situation with Blackrock

Can you provide a summary of his actual points? I'm five minutes into the video and he still hasn't done anything but personal attacks on other commentators with no facts or anything of consequence, and I don't have half an hour to spare on fluff.

 

[Zachowon]

Can you provide a summary of his actual points? I'm five minutes into the video and he still hasn't done anything but personal attacks on other commentators with no facts or anything of consequence, and I don't have half an hour to spare on fluff.

Sorry, was on toilet when I was going through. I find the time stamp for ya.

11 min in he starts talking about the buukd.up and the Blackrock thing.

My bad actually 1347

But basically Blackrock bought a pure renting neighborhood that was at 98 percent compacoty

 

[Bear Ribs]

Sorry, was on toilet when I was going through. I find the time stamp for ya.

11 min in he starts talking about the buukd.up and the Blackrock thing.

'Kay... I made it to 14:00 and he's still just personal-attacking other commentators. Please summarize it, this is just irritating, and frankly I'm suspicious of the actuality of any video where at least half it's runtime is personal attacks

Also, I'm not familiar with buukd.up, can you tell me what that is?

 

[Zachowon]

'Kay... I made it to 14:00 and he's still just personal-attacking other commentators. Please summarize it, this is just irritating, and frankly I'm suspicious of the actuality of any video where at least half it's runtime is personal attacks

Also, I'm not familiar with buukd.up, can you tell me what that is?

He starts going on about Blackrock at 1410.


I don't know what I was meaning with that

 

[LordsFire]

'Kay... I made it to 14:00 and he's still just personal-attacking other commentators. Please summarize it, this is just irritating, and frankly I'm suspicious of the actuality of any video where at least half it's runtime is personal attacks

Also, I'm not familiar with buukd.up, can you tell me what that is?

I watched it, he does start getting into details, and lays out a number of things pretty well.

The most relevant though, is that the neighborhood that Blackrock bought up, was already a rental property set in the first place. It was built to be that, and now it's just changing owners.

Meaning that Blackrock buying it had absolutely no impact whatsoever on the balance of rental vs personally owned homes.

 

[Zachowon]

I watched it, he does start getting into details, and lays out a number of things pretty well.

The most relevant though, is that the neighborhood that Blackrock bought up, was already a rental property set in the first place. It was built to be that, and now it's just changing owners.

Meaning that Blackrock buying it had absolutely no impact whatsoever on the balance of rental vs personally owned homes.

Yep.
That literally changes the whole thing

 

[Bacle]

Yep.
That literally changes the whole thing

It would, if this was isolated to this only neighborhood and only Blackrock as a company.

But it's not just Blackrock, and it's not just in this one neighborhood.

 

[Zachowon]

It would, if this was isolated to this only neighborhood and only Blackrock as a company.

But it's not just Blackrock, and it's not just in this one neighborhood.

Do you have proof?
Because the article everyone seems to be freaking out about was taken heavily out of context

 

[Captain X]

Even if you believe this, there's still the small matter of the company using Federal bail-out money to do this.

 

[LordsFire]

Even if you believe this, there's still the small matter of the company using Federal bail-out money to do this.

Yes. The Fed should be bailing nobody out, ever. Anything done with bailout money is too much done with bailout money.

If you want to help, just cut taxes.

 

[Zachowon]

Even if you believe this, there's still the small matter of the company using Federal bail-out money to do this.

I don't agree with that.
I am just pointing out the whole thing that started this thread is misleading

 

[Bear Ribs]

I don't agree with that.
I am just pointing out the whole thing that started this thread is misleading

But... we already knew this from the beginning? Nobody said they were only buying existing homes. From the beginning, we knew that this was being caused by companies merging and buying out existing companies of all sorts. It's also hardly all about BlackRock. This isn't a debunking, it's a red herring of some guy spending half an hour on personal insults and baby-talk to make himself look smart with a few facts that we already knew inserted somewhere in there.

I've already discussed how much of the market is owned by Invitation Homes, f'rex, which is a division of Blackstone*. Their business model is about buying distressed homes, that is foreclosures. Of about 150,000 HUD foreclosures, Blackstone has bought 19%, along with other acquisitions through their various shell companies, with government bailout money.

Blackstone Profits from the Foreclosure Crisis - Invitation Tenants

NACA sets the record straight on Blackstone and Invitation Homes Blackstone profited greatly from the purchasing of single-family homes. Blackstone made about $7 billion since their home rental business went public in 2017, according to the Wall St. Journal. The foreclosure crisis and 2008...

www.invitationtenants.com

BlackRock didn't just get bailed out, they are literally the ones who wrote the bailout program.

BlackRock Authored the Bailout Plan Before There Was a Crisis – Investment Watch

www.investmentwatchblog.com

So no, it's not just BlackRock, not just them buying a single block of new construction, and the video owes me back the time I wasted on the guy's blabbering.

*Note that while BlackRock is a spinoff of BlackStone they aren't the same company anymore, but they did deliberately choose the name in order to create confusion between them.

 

[Captain X]

 

[Bacle]

 

[Zachowon]

 

[Captain X]

TL;DW?

 

[Zachowon]

TL;DW?

Confusion over companies as there are two, and how it is extremely ineffective to buy houses one at a time from home owners if one wants to make money, especially since buying house after house you will be paying more and more, and then the time it takes to turn a profit is a lot harder then what actually happend that started the whole thread

 

[Rocinante]

Confusion over companies as there are two, and how it is extremely ineffective to buy houses one at a time from home owners if one wants to make money, especially since buying house after house you will be paying more and more, and then the time it takes to turn a profit is a lot harder then what actually happend that started the whole thread

well they definitely aren't doing this for immediate profits. They are buying up every home they can get at significant mark-ups.

 

[Zachowon]

well they definitely aren't doing this for immediate profits. They are buying up every home they can get at significant mark-ups.

Except the situation that started all of this was mis quoted for a gotcha.
The company that sold all the houses, built to be renters, made 50 percent profit basically off of them.
Nit that Blackrock paid 50 over market.

And do you know how stubborn people are? They will hold out until it becomes a burden. Eminent domain is easier and allows them to get it all for free

 

[Flintsteel]

And do you know how stubborn people are? They will hold out until it becomes a burden. Eminent domain is easier and allows them to get it all for free

No. You still pay with eminent domain. Sometimes even more than what would normally be considered fair (depends on what happens with the assessment). All eminent domain means is the original owner can't say no.