Lack of new construction and corporate landlords contributing to skyrocketing rent
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- Опубликовано: 19 мар 2022
- Lesley Stahl reports on how lack of construction in the 2010s has created a nationwide housing crisis, and opportunistic Wall Street firms have stepped in.
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“Most young people can’t afford a home mortgage, so we charge them more than a mortgage to rent the American dream”
yep 100% Bull Sh** this should be Illegal
"It's called the American Dream because you have to be asleep to believe it."
That's what he's saying 👏
I rather live on the street than to pay that.
yep we are going to make sure they dont save up for a home. they need to by a an RV and off the grid for a while.
The fact that he even had the audacity to claim that millennials don’t want to own homes or cars shows how disconnected he is with reality! This is so shameful!
World Economic Forum - it's their persistent goal - that we own nothing. New World (dis)Order
OMG what a terrible person.
He's pushing his agenda trying to sway the public that he's not the enemy, but he is. How did this country allow this to happen, affordable homes snatched up by corporations.
Please share to family and friends. We need to get the word out.
Depends on who you're dealing with. These are people who want a lifestyle as he says. They are basically lazy but have just enough to make the rent. Those who are willing to get their hands dirty can still find homes. You're going to pay either way. Either up front for it to be nice or over time as you fix it up. There is never a "good deal" in real estate.
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
I get such worries too. I'm 50 and retiring early. Already worried of the future and where it’s headed, especially in terms of finances and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
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Gee, that’s too bad. Plan your life better. Smarten up. Stop complaining. And most importantly - shut the hell up!
The way they blatantly justify the disgusting things they do is deplorable
Allowing corporate investors to buy single family starter homes should be considered criminal.
Carol, allowing foreign corporations that are not even American owned is even worse! There should be a maximum limit set at how many homes or properties investors can buy.
Ain't that the truth
All that property owned by foreign corporations should be seized and re-distributed.
Absolutely especially when they neglected the homeless for so many years
@@ninettehalpin2779 I agree there needs to be some kind of limitation on investor purchases of SF homes, but the location of the investment company matters little. A large domestic SF investment company creates the same barriers to home ownership as foreign-owned corporations. Also, corporate ownership isn't black and white: during 2029, Blackstone (US) invested a $240MM stake in Toronto's Tricon Residential.
I’m a Realtor in the “sunbelt” Winston-Salem/Greensboro area and it’s heartbreaking when I see these huge companies coming in and scooping up all of the starter homes. I applaud all of my sellers who after being properly informed decide NOT to sell to an investor. I have fought for and won many houses for millennials and that is some bull about them wanting to rent a lifestyle. They are smarter than that. They are being forced to rent.
Glad you’re sticking up for the buyers that want the AMERICAN DREAM❤️
Thank you for this. We can't take down the system, but we can make small steps like this 💖
I wish corporations would start scooping up and renovating homes in Montgomery AL. Especially the ones that are abandoned and boarded up. No housing shortage here just lack of TLC. No jobs shortage either.
I get calls emails mail text to sell. I rather burn it down . Thanks
Not a peep from anyone when
Count Dracula, I mean Bill Gates bought
Up to 250,000 acres of farms. 👀
There needs to be a law to prevent corporations buying up starting homes.
People want capitalism. This is capitalism in its rawest form.
The term starter home needs to go away. Interest rates were kept artificially low and now we are paying for that. People have to understand everyone cannot live in one place. I am afraid the USA will have to do like Europe and have quotas on moving. There will have to be a tax on moving to a state with a cheaper home. The movers are forcing high taxes on the original people, so they should pay a bigger tax.
Or non U.S citizens. What really pisses me off about the whole thing is tricon is not even an American company.
@@randyroad7469 💯
@@randyroad7469 you wanted to live in a capitalist nation, where we are constantly competing against eachother. Then you complain when you cant succeed. Oh shut up..
What bothers me the most, having worked in construction, is that the new houses, while looking nice with nice appliances, are so poorly built I wouldn't expect 20 years without major upkeep cost getting you.
Capitalism by design they are as cheap as they can be to build them in the USA. Wasn't always the case unfortunately. European houses and houses around the world are constructed to higher quality standards.
Just take a look at how schools and other buildings are constructed in the USA. They cut as many corners as they can here in the USA. Unlike other countries as all that matters to any business is profits.
Totally agreed! All the newly built houses look just like my apartment I live in, and our maintenance guy literally told us they built these as cheap as possible. He said that anything that doesn't get replaced in a year or so breaks on it's own. He was replacing our screws that broke and made our blinds fall out of the wall. 😂😭😭 And that fake plastic vinyl floor is so ugly, bad choices all around
Cookie cutters they are junk.
Absolutely . Having grown up in a 100 yr old house, then rented new build "luxury " hamster cage apartments . There is no way id ever buy a house/flat ( if I could) that is a new build . Building regulations aren't high enough . We now have a national concrete scandal in the UK that could have been avoided in the first place by using better materials or replaced within the 30 yr replacement window .
A company, let alone from another country being able to do this here in the U.S is disgusting
Capitalism baby! It's super cutthroat, I love it!
Why? I thought you guys hate socialism. Hugo Chavez, Venezuela, blah, blah, blah, you don't wanna be commies or socialists, right? Well, THIS IS CAPITALISM!! You just don't like it because now, the wrong people are losing the game.
The Chinese did that in San Francisco
You complained when we had rent control in the 90s now deal with the outcome. How dare the government tell me how much to charge 🙄 Now deal with the not so free market.
Welcome to capitalism
This man just said 'rent the American dream' with a straight face 🙄
This guy is disgusting!!
Wicked
Dude should be in jail.
You will own nothing and you will be happy
A Canadian just told you to rent the American dream from him.
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The 900 sq ft apartment I lived in for 9 years in Atlanta...2012 when I first moved in rent was $800 a month. When I moved out in 2021 before the next increase it was $1200. After renovations it rented for $1850 in 2022. Thats over 100% increase. $1850 is considered cheap now in Atlanta. 10 years ago you could easily find 1 bedroom apartments all over the city for $700-$900 a month.
How much is now
Sam thing happened in the Portland Metro area. My apartment that I had in 2010 rent was $700.00 a month, when I moved out in 2020 rent was going to be like $1500.00 I am sure they renovated that apartment and are renting it out at like $1700.00
this is so true. You can't find anything for less than 2k now in atlanta
Why did you keep reupping the lease?
Another of people are going to be homeless and that is going to create more crime
"You can rent the American dream now" I don't think a response has ever made me so mad.
We’re out here fighting each other when these corporations are screwing us. This issue is something that we can all agree on. Makes my blood boil
Especially when a Canadian is saying it!
I’d love to see the palace that this dude lives in
Yep “you will own nothing and be happy“look that up if you don’t know what I’m referring to…
Likewise, thats some F'd up stuff. Keep corporate america out of family home ownership.
That’s appalling and even disgusting. A Canadian corporation telling Americans to “rent” the American dream - when the dream is the EQUITY and generational wealth homeownership provides.
This comment describes exactly what I feel :/
I'm lucky my parents aren't pushing me to move out but as someone who wants to move out I simply refuse to pay rent to anyone because to me renting itself is the problem at this point. Something needs to happen to push people away from renting so that these companies go away.
What's appalling is you don't see that government is the problem, take a surface level perspective and blame corporations.
You will own nothing and be happy!
Klaus Schwab-World Economíc Forum
@@izdatsumcp You are right. Government oversite and regulation is needed. Predatory business practices have been on the rise for many decades. Social contract is between the people and the government. The people have no fair representation or contract with corporations. The idea that we vote with $ is no longer valid when consolidation more often than not makes small businesses dead on arrival. Corporations are the real problem, but the only recourse is government. Otherwise, we are all just earnings cattle, allowed to have only what the market justifies.
After selling a couple homes in 2022, I'm anticipating a housing crisis in order to buy inexpensively. As a backup plan, I've been thinking about purchasing stocks. What recommendations do you have for the best time to buy? On the one hand, I keep reading and seeing trader earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Most people are unable to handle a fall since they are accustomed to bull markets, but if you know where to look and how to get around, you can profit handsomely. It depends on your entry and exit strategy.
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Those greedy corporate keep sending me junk mail offering to buy my house.
This is what happens in a country where politicians are in Wall St. pockets.
Student debts, medical debts, housing debts, .... anything debt goes.
So True..
facts its so disgusting how politicians have let this happened who suppose to help its mass of people
And don't forget suppressed wages. It was the unions that created the middle class in the U.S. Since the 90's, wages have remained stagnant. My dad retired on $55,000 annual salary. We are STILL in that zone.
Many of these things resulted from government intervention with an attempt of doing good.
Student debt: make college available to everyone, so the federal govt agreed to co-sign loans.
Medical debts: doctor degrees and accreditations to ensure competence.
Housing debts: Mortgages to grant houses to more people, but this inflates price like student loans
It isn't always sinister reasons, sometimes the system is just really bad at doing a good job.
@@jwonz2054 that may be true, but corporate greed on behalf of their stockholder's is a much larger issue. This is not sustainable!
I’m downsizing and have my house under contract, but before even going to the market I got an offer. My realtor asked me if I’ll be willing to hear an offer from a young couple, both veterans, with two kids and moving from another state. They offered the asking price and I accepted it. I’m happy to know that my lovely house is going to be the home for this family.
I’m a single mom and the probability of getting more money than the asking price, was very appealing but I followed my heart.
Not everything in life is about money, be happy with what you have and grateful for what you are able to give.
Thank you for being such a good person. My friend did the same thing. Was at the open house & wasn’t introduced as the owner. She saw a young couple with 2 kids. She heard them saying someone else will out bid us. She struck up a conversation & met the children. Called the realtor over & said I’m selling my house to them. My brother & I lived here together neither one of us married. He passed & I’m retired. This house was to big for us. It will bring me great joy knowing that such a young family will be living here.
She said the wife was crying & crying. Husband kept telling her OMG is this for real. She made sure it went to them. They keep in touch with her.
Some people are also flipping houses for a profit. Live in it for 6mo and bang make 40k.
It is great to hear people helping people. Greed is human nature but the level corporations take it is too far.
Appreciate your sentiment, but it's not the corporate investors driving this market, it is the federal reserve pumping up the economy WAY MORE than it is the "greedy investors". The "greedy investors" in part are seeking YIELD that they cannot find in the marketplace (such as in bonds...) because of THE FED and it's OVER PRIMING.
This happened to us. My sister and I had dreamed of buying a home in the OBX together in 2020. An investor bid against us sight unseen. The seller picked a family who does not rent.
I think you’re wonderful! 😘
I am 35 years old, make about 75K per year and I rent from an apartment. Why??? Well, because my current rent in Ohio is $1215 per month, for a 2 bed 2 bath apt. The price of everything has gone up significantly and now going to the grocery store cost another 50 bucks per trip. How is the average American supposed to save money, when everything cost more. There is no way we can afford a down payment, even though we can easily afford the mortgage payment. Most mortgages are less than 1300 a month for a starter home. Hate to say it, but I honestly don't think I can ever afford a home.
You are blessed with 1215 rent wtf why are you complaining 😅
Its called GREED and price gouging...!! Simple. Sick. So so sad.
One thing that Tricon exec conveniently left out is that owning your own home means you’re paying less for housing over time as inflation rises. You don’t have that advantage as a renter. That means you might very well become homeless when you’re older because your income may not cover the cost of rising rents.
Excellent point!
Plus you never build earned equity by paying off your house. Paying off your house used to be part of your nest egg, no more mortgage meant an extra expense gone from your budget thus increasing your retirement income. You work 30-40 years and retire, your mortgage is 30 years. You also cannot write off a rent, so that's more lost income to you in tax returns over the years. You lose tons of money renting.
Exactly-- a lot of us millennials are 100% aware of this impending disaster, and are terrified at the idea of what will happen to us as we get older. We can't even build up our own little "nest eggs" to try to shield ourselves from that outcome, precisely because of all the gouging with our current housing. Im almost 29 years old, with a good job in tech, and I have **zero** hope of ever owning a home OR RETIRING. Absolutely zero. The American dream is DEAD FOR US. And these investment companies seriously say that we WANT to "RENT the American dream!?" What a load of bull.... We simply have no other choices.
Most of us renters have no plans to get old, dying is a better idea
@@GigglemonsterXD You have an expense/ lifestyle problem if you have a good job and don't think you can retire
We’re going to see a lot of generational wealth scooped up by these companies. We need legislation to protect our futures from this predatory behavior.
id like to buy a house but i guess ill just have to settle for a bloody revolution......
Can you believe what that snake of an investor is trying to Pan out!!! He's trying to use the jedi mind trick on all of us - wow
@@sterlingw3611 Well let's hope you young folks start that revolution sooner than later and make things fair again... Only time will tell.👈😎
@@sterlingw3611 By the way when you start this revolution make an example of the rich neighborhoods And not the poor ones + make an example of some of those corporate heads as well...👈☠ And don't let off the pedal until change is done...😎
Just say you are broke 🤷♂️
this year will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned $180,000 savings to turn to dust
Me too. I thought about investing in the financial market, I heard that people make millions if you know the tricks of the trade, but I lack good knowledge and a strategy to outperform the market and generate good yields. I have $160,000 but it's hard to bite the bullet and do it.
I hope everyone has money ready to invest at the appropriate time. Planned actions can help you secure your financial future. You still have the best chance of becoming a millionaire on the stock market.
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I refused to sell my first starter home to anyone other than a single person or couple with a mortgage written as a primary residence. I ended up selling to a young couple. It was their first home too.
Renting the American dream. That guy has no soul.
This behavior by Corporate America and Politicians has spawned he reptilian theory. I really wanna know how this guys sleeps at night knowing that his company is killing the American Dream...
That’s an antiSemitic statement, there’s no reason to say that especially since his company hardly owns many homes relative to the overall market.
His company has its own designated repair fleet and state-of-the-art appliances/ ideal home setting. This is much better than other alternatives, and renting allows people to invest their money on the side.
Smart business man
He wears his soul on his face.
@@MS-tc2fs Why always play the victim and pull the anti-Semitic card? Just accept that this corporate owner has too little sympathy for the public. Student and medical debt should be eliminated, and people should be allowed to buy a home.
Want to be moral and make money? Build new houses. No one will knock you for renting out houses if you built them and are adding to the housing stock
This should be illegal. Companies like Tricon are literally one of the reasons people can’t find or afford starter homes.
the global top 1% OWN 80% of the worlds wealth. So, whats left for them to "conquer" you ask ??? that last remaining 20%. Homes. buy up most/all of the homes. Black Rock in one of the main culprits.
Agree
Exactly. They say, "investors only control 2% of the market"... Well that 7 million homes would be plenty to house the 4 million we need. A-holes.
Exactly
Remember when we all laughed at Martin Shkreli thought he was a joke when he bought wutang's album and mocked the musicians, now we are all being played by a Martin Shkreli, corporate criminals with billions who have no morals holding on to our housing
I have debated getting a van with an AC unit on the roof. The thing stopping me is last time I slept in my car I was woken up and harassed by police.. for sleeping in my car..
When we bought our home which was a short sale. The family selling the home refused to sell to investors. My wife and I were in the market for approximately 2.5 years and I couldn’t even say how many homes we put offers on but didn’t get because even back then in 2011 to early 2013 homes we wanted were being snapped up with full cash offers from investors. Many tears of discouragement were shed by my wife during that time and I was just outright angry. We spent 6 years living in my parents garage with the original intention to save money to buy a home but in 2008 everything crashed and we found ourselves lucky to be there but stuck.
When we finally got accepted to buy our home in January 2013 we learned the family short sailing the home wanted to sell to a family who was going to stay there and not rent it out and actually requested a letter of introduction from the 15 offers that they had selected. My wife has a copy of that letter.
This is disgusting. The fact that it is even legal for these huge corporations to come in and take what small amount of starter homes are available is appalling. Our government should be regulating and setting laws into place to prevent this predatory behavior.
The fact that wheeler dealer lobbyists are allowed to control legislation that allied them to buy up homes says a lot about our government.
Some people would say, "That's unconstrained Capitalism doing its capitalism thing".
I don't think it's good for the quality of life of Americans, but capitalism values short term Profits above all else, and we worship Capitalism.
The great reset. You’ll own nothing and be happy. Thank you klaus schwab.
One day people will figure out that government is simply a collection of self-serving entities, that have no intention of serving "the people."
What our government officials get $$ for theses corporations not from their salaries
This is so greedy and so disgusting. Amazing that a man can sit there and paint a whole generation with one broad brush - saying they all want to rent. When he isn’t even part of that generation. A full blown crook. Interviewer should’ve pressed him more.
Honestly, I am surprised he was interviewed. I am sure if she threw harder questions, he wouldn't have chosen to be interviewed.
True, he was disgusting
I'm a millennial and can confirm. I want to be poor and pay his company so they can make money and grow the equity that our parents made by owning houses. Don't let the American dream fool mislead you. Giving money to the man is our purpose.
This is the modern dystopia life we’re living in. Our own country is failing us when the so-called American dream is out of our reach. Pursuit of happiness my -s.
@@garrettg5130 😂 exactly. The logic is that ALL millennials would prefer to have corporations own their property and continue to pay rent which rises every year - how would someone even retire
"They can't afford to own a home, They have student debt!" OH WOW!!!
Lol who doesn't but I was an adult and paid my loans!
Ah yes. I do dream of paying $2400 for rent instead of an $1800 mortgage.
My mortgage was 565.00 bucks😜. Paid off my house
I've been watching 60 Minutes for more than 30 years. I can't remember the last time a story you guys did that made me THIS ANGRY.
They were clearly paid off by this "investor". I am disgusted with Stahl and 60 minutes. I hope they go bankrupt.
@@innovatingtechnologist5385 lol
@@innovatingtechnologist5385 why blame the reporting? They did a good job. She’s supposed to appear unbiassed so that the person interviewed will fully express himself and not hide his BS. Definitely makes me angry though. Bc I want to get a home.
@@keithb1687, exactly. She essentially let him dig his own grave. He sounded like a crook.
AGREE!!💯
The sad part about this is when the housing market crashes, the government will bail these people/corporations out like it did in the 2008 housing crisis. They make billions when things are good and still get billions when things go bad.
Yup, the housing market will crash again because these corporations will cause rent to go up so much that no one can afford them. Then demand goes down, housing gets empty, no money comes in, and the corporations go belly up. Then the government will bail them out. Rinse and repeat. Isn’t unregulated capitalism wonderful?
Exactly!
#Facts
The 2008 housing crisis was caused by the government encouraging banks to loan money (eg. mortgages) to people with bad credit and lower incomes as a part of their public policy to increase home ownership among Americans. The crisis was caused by the government trying to help average people, and that caused the loan lenders (eg. banks) to take on a lot of risky loans. And those bailout money given to the banks were fully repaid to the government by the end of Obama's term from what I read.
@@LincolnLog The 2008 housing crisis was caused by the government encouraging banks to loan money (eg. mortgages) to people with bad credit and lower incomes as a part of their public policy to increase home ownership among Americans. The crisis was caused by the government trying to help average people, and that caused the loan lenders (eg. banks) to take on a lot of risky loans. And those bailout money given to the banks were fully repaid to the government by the end of Obama's term from what I read.
42 years old - spent my entire life trying to qualify for this dream of home ownership - being stuck in a rent trap for 20 years - I've more than paid off a house over the years but I'm in my 40's now with no equity and still unable to escape.
Sounds like you had an income problem not an ownership problem. Fix YOU first, become more so you can earn more. especially 15 years ago when houses were never cheaper. I bought four nearly completed new 1600 sq ft 3/2 condos in Phoenix for $10K each in 2009. I had to finish some dry wall, flooring and put in appliances as the builder went under due to the crash and the condos were on sale for a song. Those 4 condos now worth over $1M now and I've rented them out all these years. There was SO MUCH opportunity then when you were renting. do what you can to increase your income first. Hope you can still make it happen. It's what we do in our 20s, 30s and 40s that will determine how we live in our 50s, 60s and 70s.
@@eckankar7756 Great that you bought a couple of houses for 10k - that is not reality here where I live and where my kids go to school. Houses here start at 300k. Over the 20 years that I have been renting I did not witness this opportunity you speak of, maybe it's different in other places, I live in Michigan near Detroit.
@@Fredrovicius I'm in Phoenix. I was on Craigslist looking for a used chest freezer and somehow saw the listing for the condos on sale. I wasn't looking for property but it did sound like a good deal and the pictures were nice so I went to see them and ended up buying 4 condos for $10K each. I had to finish the construction which wasn't that much and rented them out. Two of my tenants are still with me since 2009. I never did get a freezer!!
@@eckankar7756 congratulations you had a stroke of luck, not everyone gets lucky and if it were that easy everyone would be doing that…
@@Scarlet-st5qs Your lack of insight blinds you to what I was saying. There are ALWAYS opportunities, it takes effort to look for them and so many won't even bother. Real estate finds are few and far between right now but I just saw a home sell to a flipper a few bocks from me, he remodeled and sold for $109K more.
If not buying now, it's a good time to work overtime, get a second job to build a nest egg for a hefty deposit when a deal DOES. happen.
On my deal for $40K for 4 condos had I NOT worked overtime for years and saved up $40k in my savings I'd not been able to make the purchases. It was luck I stumbled on the listings but it was hard work for years to have had enough money saved up ready to pounce when opportunity strikes.
My brother has been renting since 2008 2 bedroom apartment in Scottsdale paying $1,250 a month, last year he went to renew his lease the only option they gave him was $2,500 for the same apartment or a 1 bedroom for $1,850. This is how government and corporations keep people in perpetual servertude.
That is why I bought off grid unincorporated land and will have to hand build a tiny home now that is self sufficient. No other options. Off grid as a free man or stuck in the cities homeless and danger everywhere.
@@capitalismisdivisionofevil8322 I have designed a house of grid on grid depending on size and cost of land can start at $60,000 for a 1,400 sqft.
With 70% less in energy Bill's.
My dad says it’s immoral for one company to own that many properties. I agree.
the U.S. has had anti-trust (anti monopoly) laws for about 100 years now. its not a boomer-liberal-trump problem. we have a congress problem. we have laws already. liars and thieves like pelosi and mcconnel should be arrested and hanged for selling out
There should be a cap on the amount of housing properties a person or company could own. I understand having up to 4 properties (maybe as vacation homes and/or something to leave to the children of the person), even though I think that 4 houses is already too much (I personally would have 2 if I had the money, one for living and one for vacation) but any more than 4 is completely unreasonable. There is no reason to have more than that other than to profit out of other people's poverty.
Greedy corporate landlords are a symptom not a cause. The only reason these homes are so lucrative for them is because they are scarce. To solve this problem, we need to address the fundamental supply and demand imbalance. We need a fundamental shift in the way we zone land and regulate real estate. We need less parking minimums, less single-family zoning, less minimum apartment sizes, and less of any other regulations that limit housing supply. That is the only way for rent prices to go down.
Just like how price scalpers bought up play stations and sold them for an insane profit, that only worked because the playstations were scarce and people were willing to pay whatever they charged. Nobody does that with iPhones because iPhones are plentiful and can easily meet demand
@@NankitaBR why should there be a limit for how much money someone else can make? That’s ridiculous
@@dcg590 I agree, as long as there aren't people dying because they don't have enough money to live. Which is what is happening today.
Everybody share videos like this and let's start to talk about how we as a generation are losing the opportunity that our parents had in owning a home. There is NO reason that corporate America should be buying up homes to rent to us. This makes me furious!
Pisses me off as well. People try to make money off every basic right real estate should have government controls to prevent this or it will just keep getting worse while they keep getting richer.
"we as a generation are losing the opportunity to own a home"
It's called liberal policies and a Federal Reserve that is out of control.
@@robertw1719 It is Neoliberal, there is a distinction. Neoliberalism is economically cut throat, competative, and emphasizes the individual rather than cooperation.
Liberalism is more egalitarian in nature and fosters concern for your fellow man. Unfortunately it tends to get recuperated by the status quo as it is a step away from centrism.
@@melelconquistador :: Interesting definitions - - Out of curiosity, where do you fall regarding these two - assuming you do?
And zero talk about regulating these purchases from our government. Gee, I wonder whose interests they serve?
Where I live, there are literally ZERO rental homes available except for the corporate owned. Rent starts around $1800 a month for those. That would be right at half of my monthly income. Basically an entire paycheck to nothing but rent. That would have me and my 2 girls living on $1800-$2000 a month. Before you think that’s doable, I have to fill my Jeep up in gas everyday for work. $50 a day. Around $1100 a month. Now take out power bill, water bill, phone and groceries. I make around $4000 a month and we would still be living in poverty 🤨
There is another aspect of this that no one is addressing. The issue of finding labor to build these new homes. I actually work in the industry, I am the 2nd shift foreman of a major truss manufacturing plant. You would not believe the turnover, or lack of employees even though we offer really good pay and benefits. There is a huge generation of people that do not want to work. If builders cannot find workers, it affects the building industry overall. So maybe, the young millennials, and the GenZ kids may want to actually get a job other than some dream of being a social media influencer.
People are stupid. They want socialism and unfortunately they are highly susceptible to ignorant rhetoric like that presented in this video. It will impact the economy as time goes on and it is unfortunate. Socialism has some benefits but for those who want to be productive it's an unfortunate outcome.
Airbnb's and vacation rentals are exacerbating the problem. They say we need to build 4 million new homes to meet demand, while the Census says that we currently have 5.7 million vacation homes in the U.S.
THIS...👏🏼👏🏼👏🏼
Right - short term housing is through the roof cost-wise. Horrible. What’s the solution?
@Local Council Jobsworth the price of wood has went up
The amount of empty homes is astonishing, its a way higher number than we're all being told
Airbnb is the only reason a lot of people are able to hang onto the home they grew up in.
That lady at the end nailed it. The wealth that would've gone to this couple for owning the home is now going to billion dollar companies. The American dream of home ownership will soon only belong to wealthy families. That's the entire point of all this. America is a civil oligarchy.
“Slavery is epic” - The US constitution
That's why only the rich should join the military. The country is only for the rich let the rich fight for it.
Repent to Jesus Christ
“Submit yourselves, then, to God. Resist the devil, and he will flee from you.”
James 4:7 NIV
I believe next will be free public education so they can get workers at a bargain rate. This government is allowing corporations to basically F it's citizens royally ,Hope it backfires on them if you have no dreams to strive for why give it your all
@@theterrestrial3267 Where are all these thousands of people that entering our country everyday living. They have to live somewhere. They're not living on the streets.
This just makes us even more separate from each other. Always strangers moving in and out of neighborhoods this is not going to end well
EZEKIEL 25:17 😔🖤
My parents bought my childhood home for $16,500 in Napa CA. Last year the home a few doors down was featured in an article in the DM as it was being bought by an investment company that wanted to turn it into an Air B&B … the listing price $1,600,000. A 3 bed 2 bath tract home.
I remember my grandparents home in the early 2000s. Prior to my grandmother dying in Michigan. They bought it for less than $45,000 post WW2. It sold for $7,550,000 before the 2008 financial crisis happened.
It’s incredibly difficult to build wealth without owning property, and it’s insulting to hear that CEO say an entire generation is more concerned with a “lifestyle” than ownership
I became wealthy owning stocks.
It's how I was able to pay cash for my rentals later.
@@JBD915
Started early.
I began working,saving, and buying stocks by 10th grade.
Stocks like Walmart,Exxon,Apple,Starbucks,etc.. were under $4 back then.
Also a high paying career.
Living within means,avoiding debt,etc..
@@blackworldtraveler3711 sounds like BS generic lies
@@chrism8180
That would be your issue.
I have moved on.
Already retired in my 40s.
@@blackworldtraveler3711 cool story
This is the reason why people my age are extremely worried we will never be able to afford a home. Absolutely terrible.
@@jasonwalker2150 I’m 40 and terrified of that. I’ve never purposefully not worked and I fear I’ll have to work til I die. I did what I was supposed to but yet here I am looking at being robbed yet again.
Kate, its Not just pple your age. It's down sizers & retirees too. And it is awful
Fed Powell that criminal inflated prices send him to prison!
That's all you care about?
I mean it's no wonder that corporations have taken over our entire world because me st people only care about getting their piece of the pie... They don't care about the world out beyond their lawn and this is why the world sucks so bad and why it's only gonna get worse.
Why are foreign companies or countries even allowed to buy property in the USA??? They should stop that but what do I know. 30000 houses for a place based out of Toronto
Ban corporations from renting homes, there is no sense for that to exist.
Ya renters will be homeless then
I love how the CEO is sitting their with the blank face trying to justify all this 🤬
He's not trying to justify anything. He's giving a boilerplate, bs answer. He knows it's bs and he doesn't care. You should be thankful that he's being nice, because what he could really say is, "I'VE GOT MORE MONEY THAN YOU POOR PEOPLE. SUCKS TO BE YOU!!!!"
@@dontbanmebrodontbanme5403I agree but he is giving bs answers that these big companies only play a small percentage in this inflated market
@@ROCBOYZGURLZ
OF COURSE HE IS! But you do realize he didn't even have to give the interview, right? He could have just done what almost all of them do: don't give the interview, but if they're feeling nice, send a one paragraph response saying how much they want to serve the community with their wonderful renting packages, blah, blah, blah!
Look, at the end of the day, people have to understand this is capitalism. When politicians (almost always republican) tell their voters that guys like Bernie Sanders are socialists and and socialism is the devil...well, this is the alternative.
@@dontbanmebrodontbanme5403 true
@@dontbanmebrodontbanme5403 Why should he care? He's in it to make money for shareholders. As much money as he market will bear. He's as cold as ice, but quite balanced in his telling-it-like-it-is.
Him saying that us millennials don’t want to own bc we grew up in a “share” economy makes me sick. This is what politicians tell themselves so they don’t have to get involved. Rent the American dream as an America 🤢 I want to slap the crap out of that man.
These SOBs justifying their criminal acts of controlling the market to their advantage! Unfortunate government is on their side!
Tax money on each home rented
is huge……the city gets these taxes! Companies providing loans don’t care who gets the loan!
These properties increase in value
and the average buyer then can’t afford to buy one! If the market crashes the government will bail them out, with tax payer dollars!
They are All in it together!
Exactly....you should have been buying a starter home when the 2008 recession and housing crisis happened. So yeah...you "shared" the crumbs for a number of years....only to find THIS horror.
Will smith syle
Rebranding neoliberal economics policy as a "share" economy because the working class doesn't own much anymore is a pretty sick joke, isn't it?
@@hypothalapotamus5293 Yep.
PUT A STOP TO THIS. Call your state representatives and demand that your state outlaw corporate ownership of single-family homes or single units. Corporate home-ownership will destroy lifestyles across the country.
Lmao. Your state representatives, ESPECIALLY the Republicans in many state houses like my state (Florida) are IN FAVOR of free market investors, laws that favor landlords and business owners, and in many cases, those same legislators are landlords themselves.
That man at he end is the epitome of greed in this world.
I love the part where a large corporation tells me what I want. That I would rather pay 30-50% more per month to rent as opposed to owning that exact same property.
And skip the tax breaks from owning. Even worse, these companies are borrowing against the homes they are buying to buy more. Just try and do that with a rental.
@@aikanae1 I had to rent once after owning a home absolutely hated it. I had half the room and still paid more then when I owned. I honestly am not sure if most people realize it's cheaper to own. There are massive apartments and townhouses going up all around me for 1500 a month and there full of people. I don't get it myself I guess if your gone for work maybe it's worth it or only here temporary
That shyster had a smooth answer for everything.
@@midwestmike613 they aren't choosing to rent, they can't get financing to own. "Pay $1,500 in rent but you don't make enough to pay $1,000 to buy"
Yes to all this. Canada even.. can't buy because student loans or medical debt. Seriously? Should've just not had that cancer treatment... That's on you. Too bad your country sucks at this but we HAVE to price according to the market and get the most rent because reasons. Also, what happens when the home I own is too valuable to own? Property taxes and insurance will be priced out of range except for the very wealthy. I see that in the future.
“In the future, you will own nothing. And you’ll like it”- The same dystopian viewpoint as this disgusting man. That last line will forever haunt us.
I sure hope everyone fights this great evil.
In the future you will own nothing and the rich will be extremely happy.
@@finnabinnaconna9836 those people have guns too mr. It could never happen..it would be a lot of bloodshed all around
@@kevinday193 Absolutely the dumbest thing I have seen posted. This would be totalitarian Marxism.
Remember when we used to own music CD's and DVD's? Not anymore because it's all streamed now. We traded ownership for convenience.
Unfortunately, while renting might work for some it’s essentially throwing money down the drain. To come up with $2,000 to $3,000 monthly and build no equity in a home is awful. Plus, a mortgage is generally the same each month, a renter (as we saw) is at the mercy of the landlord.
I make more than double what I did 6 years ago when I bought my house and there’s no way I could afford it today.
This is not normal.
"Rent the American Dream." Wow. That goes on my list for quote of the year.
Yeah, that was very disconcerting to hear.
It’s the globalist agenda! The World Economic Forum says in the future we will “own nothing and be happy”.
I agree
made me want to throw up really
Can't believe he actually said that 😡
This infuriates me that investors are out there trying to buy up as many houses as they can. There really should be a law put in place to stop these vultures. They’re taking away from young families having a chance to purchase their first home. I get multiple calls a week from investors wanting to purchase my home. I’m so angry over this. I wouldn’t sell to an investor if they were the last people on earth. GREED!!!
I was saying the same thing. How is this allowed?
big business getting richer so sad.
You guys scream all the time that you don't want socialism. That is, until you're no longer winning the game of Capitalism. The moment you start losing, then you want socialism, even though you guys ABHOR that word. But make no mistake about it, if you want there to be a law that stops people with the most money buying up everything, that's socialism.
@@lindakincaid4530
No, that's Capitalism. Are you a socialist?
@@finnabinnaconna9836
What I always find funny is how easy the average person can be manipulated into believing garbage. Bernie Sanders FOR DECADES screamed about the very things that are happening now. What did republican politicians do? They called him a "socialist" and trained all of their voters to hate socialism. Yet everyone here that's disgusted by what these companies are doing and want "something to happen" don't realize that they're asking for a socialist solution!
Rent control everywhere now.
At this point the rents have zero justification. The rents in the middle of nowhere are allmost as expensive as New York.
There simply needs to be universal rent limits everywhere in the country.
Rent control will hurt no one and save everyone
You cannot build your way out when of the crisis when you allow corporate to buy all of the sizes glen family homes including new builds.
Lesley does a great job of staying civil, even when talking to the most disgusting bottom-of-the-barrel humans.
Are the corporate real estate speculators the bad guys or are the politicians we voted the bad guys? One thing Stahl failed to mention that a lot of the speculators are foreign companies. The guy she spoke to was from a Canadian company and a friend of mine sold his parents house to an Australian company. The US is for sale to whoever has the cash; most other countries don't do this but we do.
@@lashlarue59 the answer? *_YES_*
@@lashlarue59 and ther really not fixing up the place aka bottom of the barrel flipper style and or carpet bagger not effort in but we want 2+K pre 30 days like a rat wheel now pay up suckers
She sure does 💥
@@lashlarue59 Yes, politicians are too! I didn't even know that.
That corporate representative did a brilliant job exposing the shadiness of the company that he works for. I'm utterly disgusted.
Doesn't help that millions of illegals are being let into the country every year by our illegitimate president!
Here here! He said, "rent the American dream" at the very end- tell his kids that one day
I’m disgusted it isn’t an American company! WTH?? Go back to Toronto - if your real estate there is too expensive - fix it! Stay out of American neighborhoods.🤨
@@amrice62, unfortunately he won't have to. He will have plenty of homes to give his kids.
He is part of a certain religion that has been doing that for a very, very long time. The same religion as Bernie Madoff, who swindled $50 billion out of his victims.
2,000/month to RENT a home. You may as well pay a mortgage. That is crazy especially with current economic crisis we are experiencing
Local governments, county and state prevent construction. You can own land in the middle of nowhere, pay your property taxes, and the government will tell you it's illegal for you to sleep on your land and threaten you with fines.
Only a POS CEO could say that 'Renting is the new American Dream.'
He's typical. Common. The status pro quo.
As a Realtor in the Atlanta area, it's so sad to see this happen. However, there are a lot of sellers who are adamant about not selling to these investors.
Leslie, my daughter & SIL actually sold to another young couple even though the investors made offers in cash with better terms. They wanted to bless a couple expecting their first baby instead of Zillow or some rich guys.
When it comes time to sell, I will only sell to a person not a corporation
Thats the only way to stop this
to build a house on a piece of property YOU OWN but isnt zoned right may cost you the price of or nearly double just to build a house and abiddee by countyy/citty new communnismm age laws. Try building a buisiness or company building on something in housing area to rezone your looking at knowing people in the government and paying 3-4x thew price of the building for even a maybe......
cheinhhhahh and newagedemocrahhts have set it up to where the word "owninggg" means nothing
Let's pass laws making it illegal for corporations to rent single family homes
How do we stop something like this? Make it illegal? What politician will stick up for the little guy? This alarming trend will only get worse.....
"We are making the American dream affordable" -Tricon CEO. What a load of crap. The landlord is making a profit on the ownership of the asset. They charge MORE than what it actually costs to own the house. That does not equate to being more affordable.
Well said
Opendoor Technologies Inc, the largest of the so-called iBuyers, is listing homes for 17% more than it paid, according to data compiled by Mike DelPrete, a scholar-in-residence at the University of Colorado Boulder. In one recent example, the company bought a three-bedroom, three-bathroom house south of downtown Phoenix for $458,700 on March 1, and listed it for $561,000 eight days later -- a 22% increase.
That's kinda how business works. You charge more than cost. That being said it's the volume they're doing it at that makes it worrisome
He said, with a smirk on his face. 🤑
You know what's more affordable than a $2k/mo rent bill?
A $1,500/mo mortage.
This CEO guy is out of touch.
I’m so disgusted when he said “You can RENT the American Dream. SMH
With all the nutjob mass shooters in this country youd think theyd start targeting these parasites...theyd be more popular
He also walked in that example home and called it a product, not a home...
@@l0s78 capitalists arent even human
@@l0s78 Omg…I didn’t even notice that part. That is crazy!
No more American Dream for the last 20 years, and getting worse and worse, now American nightmare. People are moving, running away from California, from USA, a lot crimes, it's getting here a getho, etc.
You know what's not rising at all?? People's wages.
I rented a one bedroom unit 700$ including gas and water for four years in a multi unit building outside of Detroit. Then the building was sold to investors who started up full demo Reno in all the units, telling me needed to pay a 400$ rent increase, w/o updates or move out w family and return to pay a higher rent after renovations.
One thing that would turn this around REAL quick. Pass legislation that allows renters to claim their rental payments on taxes when the property is held by an investment firm INSTEAD of the firm. You would see this situation turn around REAL QUICK!
Did you say politicians should do something to help the ppl?
lol, was thinking the same thing. However that would NEVER happen as most politicians are investors and salesmen. Also, even if you did pass such a law it would leave loop holes that would farther erode the competition
...But they're never going to do that. Why should they when they're making profit off of it like never before! Like really lol 😆
@William Pierce Look at their books then and tell me they are wrong in their comment. It's not speculation, it's a fact. Most politicians are landlords and own multiple properties that they rent.
We need to vote out current parties that are also heading towards extremism
Canada just recently put a ban on out of country companies buying real estate for the next 2 years in an effort to bring down rent prices. We should do the same here. This guy needs a swift kick to the 🥜's.
Yeah good luck with that… especially with the record breaking number of votes President Biden
Please share to family and friends. We need to get the word out.
Yes!
It’s a matter of greed coupled with a lack of compassion and governmental incompetence. I lived in Ecuador for a while and they have a law that landlords can only raise rents 10% a year. Good for you Ecuador !
Tired of this greed
My wife has said that several people who work at her job, have started vetting the people who want to buy the houses that they are selling. If the bid is good, they have started to ask to meet the people who are wanting to move in. They are cutting off investors and property buyers, who want to take the house and rent it out.
that's great but it won't be enough at this point, too much damage already done.
The entire workforce is getting burned out fast. Having no real reason to keep working other than just surviving month to month, it's too bad the elites don't care because they should see how very soon this will lead to an uprising, massive civil unrest.
@@cosmicllama6910 completely agree
@@boosti_alex1428 we're already struggling to pay for the aging boomer population now.
Millennials and gen Z are really gonna be expected to be able to save anything for old age with all this on top of everything else being so debt driven?
OH that's right, we don't get to retire like the boomers did. We're supposed to just work 4 times as hard as they did for a 4th of what they had, accept the fact that we'll be working 2 jobs until we die just to only ever be scraping by, and we're not supposed to be bitter about it!?
This economy has already had the last nail in the coffin it's just gonna take time for the death rattles to really play out.
Good for them, I agree…force out these greedy corporations.
Good, they should discriminate against investors.
This is heartbreaking. I'm a teacher and I have to come to terms of NEVER possibly owning a home because I definitely cannot save up when my rent is 60% of my income AND I have to fund supplies for my classroom
Teachers are worthless leeches in America. Never stop complaining about working and unionizing to get out of working and then turning around and calling yourselves public servants, acting high and mighty..
I would love to know why our elected officials are not doing anything to stop this. This is a crisis that is 100% manufactured by these large corporations and is completely avoidable.
These people the GREEDY CORPORATIONS Are one of the root causes of HOMELESSNESS IN AMERICA.
@@republicforever946 because corporations are your government. The elected officials do corporations biddings
@@babymoon5282 I agree with you. We are no longer a free market capitalist society we are now a corporatist nation where government gets kickbacks from powerful companies so they write laws that benefits them. It's disgusting.
Homeownership offers the benefit of a long term investment. Renting for 30 years offers $0 in equity.
I currently live in Salt Lake City and in the last year a notable builder began to build a small section of new single family homes. They were all sold before they were finished building them. Kinda hard to get ahead of a market like that.
Back in my hometown of KC, I own a very modest little ranch box that’s barely 1,000 sqft. Yet I began to receive blind inquiries from investors asking if I was interested in selling. It is located in a popular county which has a robust market, even for older homes.
I'm the owner of a starter home. I get five calls a day from these companies wanting to buy my house. I've asked them not to call, but they do anyway. They even called during Thanksgiving dinner. They've knocked on the door with offers to buy. There has to be some way to make the harassment stop.
@@cinnamonroll5957 I'm on the do not call list, but there might be a way to hide my information that I'm just not aware of.
Say you'll sell it to them for 10 times its value and not a penny less
From someone who hopes to own a home someday, I hope you never reach a point where you have to say yes to their offer.
There should be a way to make these companies pay 50x the price if they want it that bad.
@@WhatIsThis-zq4hk haha
When I sold my last home I had multiple offers on the first day. I didn’t take the highest offer, I took the offer that had a personal letter included, written by a young couple with small kids. They told me how much they loved the backyard tree swing, and that their daughter loved the the way my daughter had painted her room and she wanted to sleep in there. There was no way I was going to bought by an investor even when they tried to go higher, I wanted someone to love my house like I did. Money isn’t everything, leaving the house I had so many memories with was difficult, but knowing someone else would love it made it easier to move on.
are u in Texas. My son and his wife are looking to adopt a few kids and need a nice size home but there dreams are being crushed. I wish everyone was like you. They have put so many offers in and never win. Im so sad.
@@tjones5399 I'm not in Texas, but that letter worked with me and I recommend a personal letter with your bid because with so many offers it made it stand out from others. There was one other bid that had a letter so I guess it is not unusual. It came down to who sounded like they would love the house the way I did.
@@mrswjr4061 Thanku for the advice. Im praying for a miracle
They don’t allow buyer letters in my region. It’s become so mechanical - the human element is gone out of the market. It’s all numbers now 😔
@@Duwayneismyname what region are you in? That’s crazy! I think the sellers are partly at fault for not thinking this thru and just selling to the highest “best” offer.
There isn’t a lack of inventory. It’s not an issue of not building houses. They have been building houses. When existing homes AND new homes are way overpriced for people to afford, that is the issue. Wall Street is buying the inventory. Stop that from happening. Wall Street was the reason for the last housing crash.
This is terrible. Homebuyers cannot compete against them when attempting to buy a home. These greedy corporations are offering over asking price
It really sucks to be a young person in America at this time.
I would've love to trade all gender bathrooms and first black judge in the supreme court for the traditional old country with a solid middle class.
@@timby2383 yes
@@timby2383 what did Thurgood Marshall ever do to you..? Lol
cry more.
SBYP FPC well sadly for you millennials are HAPPY to trade wage growth in exchange for ethnic food (mexicans). its half the reason i dont feel bad for millennials. they cause half their problems
Wages are stagnant since the 1970s while the cost of living has exploded. This is not sustainable. No longer can a head of household buy a home, two cars, college for the kids... The wealth is going to the conglomerate, not the family.
Selfish greed will be the end of America
Oh, there's no shortage. Just that new homes are around 900k in my area when I have to look into older houses around 450k
My husband and I bought a house in a small north Texas town. A realtor from Dallas was going to buy it but when she learned we are both veterans and I'm a home health nurse and will be living in the home, she let us have it. Her kindness made it possible for us to finally find a home. We kept getting outbid and lost out on so many homes. We needed to find a home fast cuz the one we were renting went into foreclosure. God bless that lady.
Please share to family and friends. We need to get the word out.
Forget the "dream" to own a home. What they are not saying is that owning a home is the most significant way to build wealth for retirement.
Which is why THEY are buying up homes. They know it’s a wealthier builder and protector!
Why do think they are doing this. They don't want people retiring. That hurts their bottom line. More labor = lower wages.
What happened to the American Dream
🏗🏗🧱🧱💯💯
They don't want you to retire
The only people who will survive are the homeowners. Do what you have to do to buy a house you can afford. Commute to work, start out with a roommate, live in a lousy neighborhood (and put up a fence and adopt a big dog)...
Make it illegal for corporations to own homes unless they built the home.
These big corporations don’t realize that they have created and are a big part of the problem. Most people don’t want to rent a house they want to own a home. This is so sad.
They certainly know what they have created. They created it because they want money.
Many of us don't mind renting, tho. As long as it has appeal.
They know. They don't care. They're run by greedy psychopaths.
not sad it's outrageous!
@@Yarrler I can't help but feel the popularity of airbnb contributes as well
“Rent your American Dream” when he said that, I wanted to toss my phone across the phone room
"Rent your American Dream" is a pretty good summary on how disconnected and collapsed this country has become.
Let all of those companies go bank rupt and that will teach them not to mess with the middle and lower case people.
I personally think blaming this on lack of construction is BS. It’s about greed. If your landlord simply chooses not to raise rent, nothing happens. My landlord hasn’t raised rents in almost 4 years.
Some landlords have no choice...my taxes have TRIPLED in the last 3 years and my insurance has gone from 1287.00 a year in 2018 to 6876.00 this year....I can't afford to eat those losses
@@nolongeranurse3369 that’s understandable
They may be forced to raise rent because their property taxes are raising as well. Some I'm sure are just greedy
When all of your costs go up, you no longer choose it's forced on you. But sounds like you live in a fantasy.
I agree💯..my landlord has not raised my rent in 4 years...YET my neighbors pay almost double what I pay for the same size unit owned by a different landlord💯
As a recent young homeowner, I WILL NOT sell my house to a corporation or investor….I refuse. I will make that clear to my realtor. I think it goes against American values. We bought a fixer upper in texas right before this crazy market and it doubled in value. Everyone should do the same.
Now its also time to make it socially unacceptable for people to sell to investors. I mean so that it becomes a societal norm that puts people into scorn or ridicule in their community when they sell to corporate investors.
everyone should have the OPPORTUNITY but these corporate vultures are preventing that
Also recent homeowner here- agreed! I will NOT sell to corporations or even an investor for that matter.
I own my home and 5 rental properties, all will go to my kids, grandkids and great grandkids yet to be born to make their lives better. THAT is generational wealth. Why are young people not provided the same from their parents and grandparents?
I've seen ppl sell their home to a family and the family ended up selling to a corporation to make a profit and buy a bigger home.
Born in 90', i've been in my starter home 10yrs now. When I finally wanted to buy, it was nightmare and I realized I couldn't really afford the home i "wanted". I just keep updating the starter. Win for me
Employers don't get it. They keep giving minimum wage and refuse to pay livable wages. I traded my apartment rent for a mortgage and I'm glad I did. I keep getting downvoted on social media for this but I was paying about 50-70% of my income towards mo apartment rent. That's unreasonable. 10 yrs later I own my own home and only spend about 30% towards my mo income.