"Fighting back." That's cute. These investors need to be tried in a court of law for their price fixing and other financial crimes and any rhetoric that doesn't include that is just talk.
Laws are needed at this point. If you are a company, LLC or corp or not a national citizen, you can't home a SFR. Period. It just makes sense and it is what EVERY other country does. To protect their citizens. Imagine that
They should ban all investors who are not from San Diego, not just corporate investors. What's up with people holding so many houses with loads of debt they got during COVID ?
Don't forget AirBNB is also responsible for taking a large number of homes off the market that could otherwise be sold or rented to residents, thus lowering supply and also contributing to price increases.
Foreigners who own homes on air bnb are a problem too, they take a house off the market and don't even live in the country that's absolutely ridiculous to me
Good call. I am reminded of this classic poem by Lewis Carroll... 'The Jabberwocky' - BY LEWIS CARROLL ’Twas brillig, and the slithy toves Did gyre and gimble in the wabe: All mimsy were the borogoves, And the mome raths outgrabe. “Beware the Jabberwock, my son! The jaws that bite, the claws that catch! Beware the Jubjub bird, and shun The frumious Bandersnatch!”
They let them sit empty, that is the problem. Some cities have been successful in fighting this through significant taxes against these investor owners and second/third/etc homeowners, they only get out of the tax if the property is rented out long term.
Apartment renters are also getting price gouged by these corporate buyers . A modest 2 bedroom apartment is $2400. or higher . Might as well be making a home payment. Oh.... Right.... got No Money Saved up for that cause corporate landlords are stuffing all our hard earned money in their greedy little pockets 😑
Luckily, my spouse and I were able to pay off our mortgage early. We took the money we were spending to accelerate our mortgage repayment and invested it right away while we were both still working. We were able to retire early after accumulating what would have been our home payment for over 7 years and maxing out our 401K/403B plans. Thankfully, both of our parents taught in us the importance of living within our means.
Investing without proper guidance can lead to mistakes and losses. I know this since I've been there myself.Seeking guidance from a professional is preferable if you're new to investing or don't have much time.
Investors can have different investing results even with the best strategy and suitable assets. Understanding how experience plays a critical part in successful investing is key. Since I was aware of this, I consulted a market analyst for advice, which helped me build my account to about a million dollars. Having strategically cashed out just prior to the market correction, I'm now taking advantage of buying opportunities once more.
This is also backed by Chinese interest. This is a trend all across America. In Orange County, the Chinese have been buying up all the property for over 10 years.
@@goshdarnit I do not think you understand that phrase 1973 just stated.. that phrase was quoted by Klaus Schwab from the WEF in Switzerland.. the WEF owns both political parties. they are the ones who stole billions through the pentagon for ukraine, nato, and for themselves.
I lived here for 63 years I know I can't it's ridiculous the prices and my kids will never be able to buy a home raised here school here and now I can't live here
This is why the market so high over the entire country when interest rates doubled, and housing prices did not go down. It was because of this artificial buying from investment funds purposely keeping the inventory low and now we have this major issue each state has to ban this practice until that happens these prices will be artificially High people will not be able to afford homes, etc., etc.. This has been going on for the past four or five years once they realized the pretty much guaranteed rate of return from homes they all jumped in
I live in Valley Center. About 45 mins from San Diego. 5 years ago my parents bought their first house at 600K. It is now doubled in price. In our little town too, they just build a new community. The starting prices for these homes were 450K. Which isn’t bad for them houses. They are super nice. But since corporations bought up all the housing. Apple, google, biotechnology companies. In just 2 years those houses are selling for 750K. So stupid
Good on these representatives for bringing this up. It will be very telling to see which legislators argue against these restrictions. It will say a lot about who represents people and who represents corporations.
Thanks for covering this. This needed to happen sooner and the city is just now at the "research" phase which will cost millions and years? Do they need a million dollar audit to know that this is wrong and that they should just legislate against it?
I get solicitation in the mail offering to buy my home all cash ...and it's not even up for sale. I live in San Bernardino county so this is a state wide issue.
Imagine what it would look like if CA and San Diego had a governor and mayor that cared about its citizens. Here's a big hint, it would not look like what is happening in the video. Remember that next time you vote.
Yup, in 2020 our population went down for the first time in a long time and house prices went way way up. That was a big red flag that we should be investigating who is buying up the homes
commercial property is not just office buildings. Many restaurants, hotels, retail stores, etc. have lost significant value thanks to the soft on crime policies from liberal DAs.
This also happening in Florida. You can't even make an offer on a house as they already have swooped in with cash offers. I can't afford the American dream
@@torsten6777 The economy grew during a period of relative freedom while also having a bunch of huge unrelated factors going for it, and now it is collapsing despite those other advantages under government interference. Try again.
How about sell the houses for what they're worth and not what the corporations will buy them. The real estate agents should stop selling high and stop chasing the high commission checks.
It starts with sellers, they can be selective on who's offer they accept. when we sold out last home I made sure the buyers were families with children. We ignored llc's with all cash offers.
And we wonder why 52,000 people commited suicide in the us last year. R.i.p to the million people who have killed themselves in the last 20 years because of struggleing.
If they have no interest rates to pay, why not profit by building new homes with that free money? Maybe earn even more money while adding homes where they are most needed? The market could use some 2 bedrooms with room for planned add ons later as starter families grow and elderly empty nesters hand them down to their starter family children. It is a niche in the market with long terms gains availible in tax delayed sales or continued rentals. It worked for many 1920s bungalow courts and they are worth more a century later than ever. Help America up not knock it down.
@222aint 'With planned add ons later.' It's right there. They can't afford more now. Later, they might. Tiny homes are too small. Something that can build up to community size can keep values up. Adding one bed and bath when economies are better is not complicated, for most.
the benefit to neighborhoods such as improved aesthetics aren't really worth the drain on the family wealth. yet people keep buying the improved houses since there's such a little supply (rather than buying a fixer upper...which is so hard to get as an individual without a cash offer)... that being said. If home values and cost of living don't go up...then retirees will occupy the homes near the city and jobs. It's in the workers best interest for cost of living and home prices to go up with time so that houses become available. alternatively leave it to the government to imminent domain some houses and build an apartment tower in it's place. But then what's to stop those people from continuing to occupy that place during retirement. unfortunately this is what comes with lack of planning. One makes a car and doesn't exceed the governed speed since bad things may happen. We don't limit the number of jobs or residents in an area and then yell "SHORTAGE!"...just wow. fwiw - the simple law I think is that humans should always have first shot at a house, not an investor. It's shelter. If people cannot prove they lived in the house for at least 6 months after purchase they should forfeit any profit to an affordable housing fund in their local area.
Rent Moritorium was approved my city Councel. That was organized then of private property, yet land still have to pay property tax. Do not be a private landlord.
Exactly. I guess the average person commenting on here does not understand that. Then there's those people that think the "government" actually pays for things. I bet some of the famous people who make millions from the poor ARE those corporate investors.
Difficult issue. Should investors be able to purchase residential property in a free society, likely yes. Should investors be able to gain undue market influence in a residential property market, maybe not. This is a case where wise words in the Declaration of Independence apply. "...That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed..." So, in this case I consent for my government to limit or curtail the right of an aggregation (in any form of business structure) of money to buy residential property for the purpose of speculation with hopes of future profit.
If big companies do this in other states it make financial sense but it doesn't make sense in California especially in San Diego. The return from rent is too low.
Laughable effort. These people don’t realize rent caps are already in place for corporate investors. Mom and pop owned properties have an exemption to raise rents as high as they want. What's stopping them?
Should be a 10 year moratorium making the investors having to hold these homes, and a 30% discount to renting them out. I'm actually more for non ownership for Corp to buy homes. And I am a Realtor as well!
If you are already a property owner, why would want to stop this gold rush? SD property values have long lagged LA and OC. Maybe this will be the catch up, and why PE is so focused on SD right now. Holding out will only increase you equity. So, win, win for owners, not so great for everybody else...
@@torsten6777 because the middle-class shouldn’t be paying other peoples rent. I have a solution for the homeless. Get a job and stop doing drugs. The only people who should be on welfare assistance are those who are disabled or elderly. There are black girls as young as 18 signing up for welfare because their mom showed him how to
The only way for the people to defend themselves against corporations is to sell their property for an extremely high price and also not buy their property.
It should be illegal for corporations to be driving up home prices.
That would mean our state and local leaders would actually have to do something
@@user-qr7ee2cp4y I guess we could all just live on the streets instead
welcome to the free market
House democrats introduced a bill to limit/ban corporations from purchasing homes but it was a non-starter with the Republican majority.
It should be illegal for people to be dumb enough to not own their own homes also unless u r a US citizen you shouldnt be allowed to own
Let’s also block foreign investors to the mix.
Ive said that for years they come in invest in our real estate and enslave USA citizens
Corporations buying single-family homes it should be illegal. What is wrong with our lawmakers?🤦🏻♂️
Then make it illegal, and stop talking about it already !
The politicians get money from the honey .. that’s what happens
OK Stalin
Corporations are people and people need homes
Bribery
Change the tax law to not allow deductions or depreciation for corporations and individuals renting houses out long term or short term like Airbnb.
Agreed, it's an investment and at the least they should carry all the risk/costs of their investment.
That’s actually a better proposal than banning it outright
@jjman533 allow depreciation or do not?
Blackrock, vanguard, blackstone even McDonald’s should all be banned from buying homes.
all have one thing in common.....tiny hat community...but hey since were Christians(goy) we just stay quiet and let them rapey us.
And who owns those companies?
Jews.
@@RollingThunder5880 Capitalists.
@@willieverusethis
More specifically, jews.
"Fighting back." That's cute. These investors need to be tried in a court of law for their price fixing and other financial crimes and any rhetoric that doesn't include that is just talk.
Guillotines
Sadly they use the citizens own 401ks to by the property then rent it back to them….antitrust lawsuits are necessary 🇺🇸☠️
Laws are needed at this point. If you are a company, LLC or corp or not a national citizen, you can't home a SFR. Period. It just makes sense and it is what EVERY other country does. To protect their citizens. Imagine that
Right. And they say “that’s how the market is” 🤦🏻♂️
They should ban all investors who are not from San Diego, not just corporate investors. What's up with people holding so many houses with loads of debt they got during COVID ?
Welcome to unregulated capitalism.
They will all lose money, no one will pay for overpriced houses in this huge bubble.
Why limit it to corps to outside San Diego?
@@kk4649k far from capitalism, more like corporate socialism or straight out fascism
@@AD-ln2xu You don't seem to know what either of those words mean.
I think it should be illegal everywhere for people to buy their homes in troves
Don't forget AirBNB is also responsible for taking a large number of homes off the market that could otherwise be sold or rented to residents, thus lowering supply and also contributing to price increases.
People have asked for years how this is legal. It’s too late now and nothing is probably going to change
Foreigners who own homes on air bnb are a problem too, they take a house off the market and don't even live in the country that's absolutely ridiculous to me
It's DROVES not TROVES
Good call. I am reminded of this classic poem by Lewis Carroll... 'The Jabberwocky' -
BY LEWIS CARROLL
’Twas brillig, and the slithy toves
Did gyre and gimble in the wabe:
All mimsy were the borogoves,
And the mome raths outgrabe.
“Beware the Jabberwock, my son!
The jaws that bite, the claws that catch!
Beware the Jubjub bird, and shun
The frumious Bandersnatch!”
They let them sit empty, that is the problem. Some cities have been successful in fighting this through significant taxes against these investor owners and second/third/etc homeowners, they only get out of the tax if the property is rented out long term.
Apartment renters are also getting price gouged by these corporate buyers . A modest 2 bedroom apartment is $2400. or higher . Might as well be making a home payment. Oh.... Right.... got No Money Saved up for that cause corporate landlords are stuffing all our hard earned money in their greedy little pockets 😑
Luckily, my spouse and I were able to pay off our mortgage early. We took the money we were spending to accelerate our mortgage repayment and invested it right away while we were both still working. We were able to retire early after accumulating what would have been our home payment for over 7 years and maxing out our 401K/403B plans. Thankfully, both of our parents taught in us the importance of living within our means.
Investing without proper guidance can lead to mistakes and losses. I know this since I've been there myself.Seeking guidance from a professional is preferable if you're new to investing or don't have much time.
Investors can have different investing results even with the best strategy and suitable assets. Understanding how experience plays a critical part in successful investing is key. Since I was aware of this, I consulted a market analyst for advice, which helped me build my account to about a million dollars. Having strategically cashed out just prior to the market correction, I'm now taking advantage of buying opportunities once more.
How can one find a verifiable financial planner?
Leah Foster Alderman is the licensed expert I use. Just look up the name online.
She seems to be literate and well educated. Thank you for sharing
The fact that voters don't create laws around this is crazy to me ?
Voters have the power to do anything, don't complain about it take action.
Just remove some tax deductions for those who have over 3 homes. This would be interests, insurance, and property taxes. Trust me. They will all sell.
No, I would not sell
F-Blackstone. End and regulate them and similar out of biz.
Make it illegal for hedge funds to buy homes
Blackrock has its tentacles globally, they sre derp state, hide behind intl, domestic investors globally
Trump supports big business. I will create a trickle-down of cheap rents to the residents.
This is also backed by Chinese interest. This is a trend all across America. In Orange County, the Chinese have been buying up all the property for over 10 years.
Nothing will change. I'm planning on retiring in an RV van.
It’s too late. This has literally been going on for years and there’s no way to recover from this.
they will buy all the RV vans. :p
Because you are a loser. Go ahead, be a bum on the streets with your beat up RV
Too late that's illegal now too...No FREEDOM in the U.S A.
Down by the river?
You will own nothing, and you will be happy
Exactly. The governors are supporting this.
@@goshdarnit I do not think you understand that phrase 1973 just stated.. that phrase was quoted by Klaus Schwab from the WEF in Switzerland.. the WEF owns both political parties. they are the ones who stole billions through the pentagon for ukraine, nato, and for themselves.
@jameshall915 I do understand. Wef has penetrated the cabinets globally. In my state, WA, our governor Jay Inslee is a WEF member.
Many high-level politicians are on board with the WEF's goals.
we definitely need more information on what's going on
These investors are probably going to be writing big checks to people making the decision.
If you live in California, contact your senators and congressmen and urge them to stop the corporations. And then do it again and again.
I lived here for 63 years I know I can't it's ridiculous the prices and my kids will never be able to buy a home raised here school here and now I can't live here
This is why the market so high over the entire country when interest rates doubled, and housing prices did not go down. It was because of this artificial buying from investment funds purposely keeping the inventory low and now we have this major issue each state has to ban this practice until that happens these prices will be artificially High people will not be able to afford homes, etc., etc.. This has been going on for the past four or five years once they realized the pretty much guaranteed rate of return from homes they all jumped in
I live in Valley Center. About 45 mins from San Diego.
5 years ago my parents bought their first house at 600K. It is now doubled in price.
In our little town too, they just build a new community. The starting prices for these homes were 450K. Which isn’t bad for them houses. They are super nice.
But since corporations bought up all the housing. Apple, google, biotechnology companies. In just 2 years those houses are selling for 750K.
So stupid
Good on these representatives for bringing this up. It will be very telling to see which legislators argue against these restrictions. It will say a lot about who represents people and who represents corporations.
What about Airbnbs?
Thanks for covering this. This needed to happen sooner and the city is just now at the "research" phase which will cost millions and years? Do they need a million dollar audit to know that this is wrong and that they should just legislate against it?
I get solicitation in the mail offering to buy my home all cash ...and it's not even up for sale. I live in San Bernardino county so this is a state wide issue.
Just watched your "flashback" to 1980 segment in which the reporter says the exact same thing....exact...check it out.
God bless this woman
And we wonder why prices are staying high....
where is the federal government? america is over
Imagine what it would look like if CA and San Diego had a governor and mayor that cared about its citizens. Here's a big hint, it would not look like what is happening in the video. Remember that next time you vote.
Thank you for making people aware of this national corporations destroying an opportunity for home ownership
I told you 2 years ago there are real state mafia.
Yup, in 2020 our population went down for the first time in a long time and house prices went way way up. That was a big red flag that we should be investigating who is buying up the homes
Home prices skyrocketing and commercial property plummeting have one thing in common, and that’s called the work from home culture.
commercial property is not just office buildings. Many restaurants, hotels, retail stores, etc. have lost significant value thanks to the soft on crime policies from liberal DAs.
@@diggingmystyle This is a business comment. Political comments are a waste of time.
@Scorpio1060- it's a waste of time only if you're a liberal progressive that doesn't care to know what the truth is.
I support her efforts all day
This is a nationwide issue.
This also happening in Florida. You can't even make an offer on a house as they already have swooped in with cash offers. I can't afford the American dream
You’re supposed to buy houses with cash. Smooth brain.
Must be an election year
Go ahead and meddle in the economy, that has worked so well for California so far.
It made California the 5th largest economy in the world
@@torsten6777 The economy grew during a period of relative freedom while also having a bunch of huge unrelated factors going for it, and now it is collapsing despite those other advantages under government interference. Try again.
Neds to stop nationwide or one day owning a home will be impossible just miles of Apts condos
Trove: A large amount of something good, useful, or valuable, or a place where this can be found.
How about sell the houses for what they're worth and not what the corporations will buy them. The real estate agents should stop selling high and stop chasing the high commission checks.
😮wall street is totally out of control. It's time to put them out of the housing market.
why isnt this illegal? when did an investor become a single family?
Thank you Terra Lawson-Reamer! This is a good fight!
1st time 852am pst...have sd property...whats the deal?
It starts with sellers, they can be selective on who's offer they accept. when we sold out last home I made sure the buyers were families with children. We ignored llc's with all cash offers.
And we wonder why 52,000 people commited suicide in the us last year. R.i.p to the million people who have killed themselves in the last 20 years because of struggleing.
Bravo! Thank you!
So, the county is going to try to keep me from selling my house for as much as I can? Who are they to get in between me and my buyer?
False. You’re allowed to sell to anyone, but not everyone is allowed to buy.
@@torsten6777 If I can sell my house to "anyone", how would I manage to sell it to someone who's not allowed to buy?
If they have no interest rates to pay, why not profit by building new homes with that free money? Maybe earn even more money while adding homes where they are most needed? The market could use some 2 bedrooms with room for planned add ons later as starter families grow and elderly empty nesters hand them down to their starter family children. It is a niche in the market with long terms gains availible in tax delayed sales or continued rentals. It worked for many 1920s bungalow courts and they are worth more a century later than ever. Help America up not knock it down.
I like your thoughts on this 👍
2bdr homes have limited demand. Young families want at least 3 bdrms / 2baths to accommodate more children.
@222aint 'With planned add ons later.' It's right there. They can't afford more now. Later, they might. Tiny homes are too small. Something that can build up to community size can keep values up. Adding one bed and bath when economies are better is not complicated, for most.
the benefit to neighborhoods such as improved aesthetics aren't really worth the drain on the family wealth. yet people keep buying the improved houses since there's such a little supply (rather than buying a fixer upper...which is so hard to get as an individual without a cash offer)...
that being said. If home values and cost of living don't go up...then retirees will occupy the homes near the city and jobs. It's in the workers best interest for cost of living and home prices to go up with time so that houses become available.
alternatively leave it to the government to imminent domain some houses and build an apartment tower in it's place. But then what's to stop those people from continuing to occupy that place during retirement.
unfortunately this is what comes with lack of planning. One makes a car and doesn't exceed the governed speed since bad things may happen. We don't limit the number of jobs or residents in an area and then yell "SHORTAGE!"...just wow.
fwiw - the simple law I think is that humans should always have first shot at a house, not an investor. It's shelter. If people cannot prove they lived in the house for at least 6 months after purchase they should forfeit any profit to an affordable housing fund in their local area.
Coporate Investors Buying homes from familes who live here trying to survive to live.Less housing for people who live here.Corporate Greed
Rent Moritorium was approved my city Councel. That was organized then of private property, yet land still have to pay property tax.
Do not be a private landlord.
Mayor Gloria will save us 😂🤡
Corporations are people too and they don't give a flying about you.
Autism is strong with this one
😅
Exactly. I guess the average person commenting on here does not understand that. Then there's those people that think the "government" actually pays for things. I bet some of the famous people who make millions from the poor ARE those corporate investors.
Difficult issue. Should investors be able to purchase residential property in a free society, likely yes. Should investors be able to gain undue market influence in a residential property market, maybe not. This is a case where wise words in the Declaration of Independence apply. "...That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed..."
So, in this case I consent for my government to limit or curtail the right of an aggregation (in any form of business structure) of money to buy residential property for the purpose of speculation with hopes of future profit.
Tax any company that owns more than 5 properties
If big companies do this in other states it make financial sense but it doesn't make sense in California especially in San Diego. The return from rent is too low.
Laughable effort. These people don’t realize rent caps are already in place for corporate investors. Mom and pop owned properties have an exemption to raise rents as high as they want. What's stopping them?
Nothing should stop them, when you have nothing but squatters who refuse to pay rent and cant get evicted.
Should be a 10 year moratorium making the investors having to hold these homes, and a 30% discount to renting them out. I'm actually more for non ownership for Corp to buy homes. And I am a Realtor as well!
SELLERS YOU CHOOSE WHO BUYS - CHOOSE FAMILIES
Happening everywhere! Greed. Are they buying for Airbnb or so they can charge a lot of rent. Ridiculous
If you are already a property owner, why would want to stop this gold rush? SD property values have long lagged LA and OC. Maybe this will be the catch up, and why PE is so focused on SD right now. Holding out will only increase you equity. So, win, win for owners, not so great for everybody else...
Good Reporting CBS 8 San Diego
That might be the stupidest investment I've heard of.
how about we get rid of Section 8 housing
Why increase homelessness?
@@torsten6777 because the middle-class shouldn’t be paying other peoples rent. I have a solution for the homeless. Get a job and stop doing drugs. The only people who should be on welfare assistance are those who are disabled or elderly. There are black girls as young as 18 signing up for welfare because their mom showed him how to
@@gophukyurselvs3621
The wages suck now. This isn't 1960 anymore. Being on welfare is not optional anymore.
@@RollingThunder5880 ok so you are on section 8 lol 😂
@@gophukyurselvs3621
No, I'm not. But keep making assumptions.
Great video Post CBS 8 San Diego
I received an offer in the mail for my house from a corporate investor. Way under what Zillow says my house is worth.
Don’t sell for cheap at a huge discount
The only way for the people to defend themselves against corporations is to sell their property for an extremely high price and also not buy their property.
It’s up to sellers who they sell to.
Plus if they incur interest payments they can write it off and every day Americans cannot anymore. Trump stopped that in 2018.
It’s insane, how corporations can own homes is odd
Or the state and county could loosen up the restrictions on building…
About time.
why do we let foriegn investors buy land in the US? You just can't buy land anywhere else.
Increae taxes and ppl will flee. They're not going to leave the home sitting empty, they will sell to the higest bidder.
Im trying to buy a Winter Yacht. I need those investments
A population that cannot own their home homes, is a population that can be controlled.
Homeowners are even more controlled than renters.
I hope President Trump puts a stop to these conglomerate monopolies.
Air bnb already has over 50%of housing
Rents are obscene
I had to leave san diego
Single-family homes are for families, not greedy sociopathic investors.
There needs to be a housing policy.
Buy my home corporate companies!!!!
The ADU loosening rules only added more value to SFH lots and made this problem worse along with worse home affordabability
No, building more houses+apartments like ADUs is actually the solution to the problem. Only an increased supply can bring prices down.
@@torsten6777 an ADU isnt an apartment. My point is ADUs are half assed rent seeking. Get rid of zoning and build proper high density apartments
Not exactly a growing crises. This happens throughout the usa. The only difference is that corporate media is now highlighting it for some reason.
The ones I feel sorry for are the young
As home prices rise, so will taxes 😅😅😅
😂😂😂 how wide spread this practice is?? They have have been doing this for 5 years NATIONWIDE
Everyone is going to move away...... they can keep the city empty.
Stop Blackstone!!
This needs to stop
Renter’s owner from home and apartments lie so very much nationwide the still rare the rents up so high that homelessness is never going to end
Corporations are people and people need homes.