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(The Atlantic)   When Wall Street is your landlord   (theatlantic.com) divider line
    More: Awkward, Real estate, Renting, single-family rental companies, president of Invitation Homes, empty homes, single-family rentals, new rental companies, Invitation Homes  
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2028 clicks; posted to Business » on 18 Feb 2019 at 7:34 AM (13 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2019-02-18 01:58:44 AM  
This will eventually come to a head when stated start regulating and hammering these guys. Dont expect it to happen in any red states, you know... because those are the places that get hard just thinking about the little guy getting squeezed by a big bank.

These guys are overplaying their hand. Eventually the young people and liberals will be in the white house and Senate and the backlash to these kinds of things are going to be so much worse. All the bullshiat they are doing is accumulating, and one day the chickens will come home to boost.

If the billionaire and plutocrat class had allowed taxes to go up a little bit here and there, they would probably end up with a 50% ish rate. But since they're all demanding it go to zero, one day they'll eventually face 75%, 80% and worse.

I hope I live long enough to see them squeal.
 
2019-02-18 07:40:20 AM  
You remember when Wall Street freaked out because someone put up that statue of a little girl standing up the the chagring bull they worship like a false idol?

Stories like this make me wish someone would put up a guillotine behind the bull so it looks like it's running away.
 
2019-02-18 07:54:18 AM  
You mean people/companies with goals of profit DGAF about anything else?  You don't say?!?!
 
2019-02-18 07:59:31 AM  
....but it's the millenial generation destroying the housing market.

/Most of them were still in high-school/college in 2008.
 
2019-02-18 08:15:01 AM  
Being a Landlord is a pain in the ass.  Investors give up a percentage of their income so someone else can handle maintenance, leases, rent collection, and evictions the headaches.  People think this is new.

The people complaining the most about this, are the people most responsible for mom and pop landlords turning to management companies. You reap what you sow.
 
2019-02-18 08:18:35 AM  

Aar1012: You remember when Wall Street freaked out because someone put up that statue of a little girl standing up the the chagring bull they worship like a false idol?


No.
 
2019-02-18 08:19:25 AM  

Zeb Hesselgresser: Being a Landlord is a pain in the ass.  Investors give up a percentage of their income so someone else can handle maintenance, leases, rent collection, and evictions the headaches.  People think this is new.

The people complaining the most about this, are the people most responsible for mom and pop landlords turning to management companies. You reap what you sow.


How dare anyone question the Job Creators (praise be upon Their Holy Name)? It's always the little people at fault for everything!
 
2019-02-18 09:15:25 AM  
I've never been so glad I bought a house.  I remember management companies and rental units in late 1990s and early 2000s being a bit expensive with generic housing, but nothing like was mentioned in the article.  Then again maybe Seattle real estate hadn't been infected by vulture capital yet.
 
2019-02-18 09:32:03 AM  
I am really amazed at Americans.   With all the guns and jackalopes that pull stunts like these companies do, that we really don't have more shootings.  Preferably if one does, I hope they shoot near the head of the CEOs and not the admin who answers the CEO's phones.

Seems like someone who does eventually snap due to corporations acting like jerks, they seem to target day-to-day folks and not the head of the snake.

Guy who flew a plane into an IRS building instead of a more specific target.
 
2019-02-18 09:43:36 AM  

Hyjamon: I am really amazed at Americans.   With all the guns and jackalopes that pull stunts like these companies do, that we really don't have more shootings.  Preferably if one does, I hope they shoot near the head of the CEOs and not the admin who answers the CEO's phones.

Seems like someone who does eventually snap due to corporations acting like jerks, they seem to target day-to-day folks and not the head of the snake.

Guy who flew a plane into an IRS building instead of a more specific target.


Private security forces.
You know, what every despot has when they ban guns for the normals.
Venezuela is a great example.
 
2019-02-18 10:23:13 AM  

Hyjamon: I am really amazed at Americans.   With all the guns and jackalopes that pull stunts like these companies do, that we really don't have more shootings.  Preferably if one does, I hope they shoot near the head of the CEOs and not the admin who answers the CEO's phones.

Seems like someone who does eventually snap due to corporations acting like jerks, they seem to target day-to-day folks and not the head of the snake.

Guy who flew a plane into an IRS building instead of a more specific target.


There is the little matter of most Americans being painfully stupid, so of course when they're getting screwed they have no idea where to even begin to look to understand what's happening to them.

Hence things like you referenced happen and millions of white people vote in Republicans who blame it all on coastal elites and brown people, and other sundry horribleness.
 
2019-02-18 10:34:22 AM  

Cubansaltyballs: Eventually the young people and liberals will be in the white house and Senate and the backlash to these kinds of things are going to be so much worse.


Eventually the young people become old people and they change. They become more selfish, more greedy, and less connected to what its like to struggle for a living.

This is not something new.
 
2019-02-18 10:38:16 AM  
The middle class is perfectly fine with Wall Street, as long as the markets don't tank.  Institutional investors (e.g., 401Ks, IRAs, ETFs, Mutual Funds) are a massive part of the pie, and when you peel the onion, we are Wall Street.  

So, hurr hurr pitchforks and shiat, but if my IRA loses money, I'm going home.
 
2019-02-18 10:47:07 AM  

Pats_Cloth_Coat: Cubansaltyballs: Eventually the young people and liberals will be in the white house and Senate and the backlash to these kinds of things are going to be so much worse.

Eventually the young people become old people and they change. They become more selfish, more greedy, and less connected to what its like to struggle for a living.

This is not something new.


It's more primal than that.  People who have more are the enemy.  Young people starting out in life have nothing.

Give it a few decades, and they have assets they want to protect.  When boomers finally have their lifestyles catch up with them and millennials start getting distributions from their estates, it's going to flip a switch.

I know, blah blah blah, your parents blew all their money on Eddie Bauer King Ranch F150s and AmWay.  

http://www.bbc.com/capital/story/2018​1​205-with-boomers-wealth-to-inherit-wil​l-millennials-get-rich
 
2019-02-18 11:18:43 AM  
I am still appalled at the people who thought that houses being available for sale at prices normal humans could afford was a dire problem.
 
2019-02-18 11:22:47 AM  

Izunbacol: Pats_Cloth_Coat: Cubansaltyballs: Eventually the young people and liberals will be in the white house and Senate and the backlash to these kinds of things are going to be so much worse.

Eventually the young people become old people and they change. They become more selfish, more greedy, and less connected to what its like to struggle for a living.

This is not something new.

It's more primal than that.  People who have more are the enemy.  Young people starting out in life have nothing.

Give it a few decades, and they have assets they want to protect.  When boomers finally have their lifestyles catch up with them and millennials start getting distributions from their estates, it's going to flip a switch.

I know, blah blah blah, your parents blew all their money on Eddie Bauer King Ranch F150s and AmWay.  

http://www.bbc.com/capital/story/20181​205-with-boomers-wealth-to-inherit-wil​l-millennials-get-rich


Exactly. Thank you for stating the point far better than I did.
 
2019-02-18 11:44:16 AM  

Pats_Cloth_Coat: Izunbacol: Pats_Cloth_Coat: Cubansaltyballs: Eventually the young people and liberals will be in the white house and Senate and the backlash to these kinds of things are going to be so much worse.

Eventually the young people become old people and they change. They become more selfish, more greedy, and less connected to what its like to struggle for a living.

This is not something new.

It's more primal than that.  People who have more are the enemy.  Young people starting out in life have nothing.

Give it a few decades, and they have assets they want to protect.  When boomers finally have their lifestyles catch up with them and millennials start getting distributions from their estates, it's going to flip a switch.

I know, blah blah blah, your parents blew all their money on Eddie Bauer King Ranch F150s and AmWay.  

http://www.bbc.com/capital/story/20181​205-with-boomers-wealth-to-inherit-wil​l-millennials-get-rich

Exactly. Thank you for stating the point far better than I did.


did you read the article? it almost states the complete opposite of the title:

""Normal people - and standard economic models - assume that people save for old age and then use their savings [and] wealth to pay for things when they have no income. At the end of their lives there is some inheritance, but not that much."

" He says that only a minority of baby boomer families will pass on "significant wealth". (June 2018 figures from the US Federal Reserve confirm this: between 1995 and 2016, only 2% of bequests equaled $1,000,000 or more - yet this money comprised upwards of 40% of wealth transferred.)"

""A home and the property it's built on may need to be liquidated in retirement to maintain a standard of living. Therefore, even if those assets don't disappear from the economy, they might not be retained and passed on."

"In the St. Louis Fed's Demographics of Wealth summary, researchers write that American wealth accumulation for households headed by someone born in the 1980s are 34% percent below expectations. "These families are approaching important financial milestones (homeownership, raising children, saving for retirement) with diminished wealth accumulation," says Ricketts. "A windfall in the future won't help these families meet their current financial obligations. In other words, the promise of a transfer in the future won't help meet the down payment required for a mortgage."


I am glad that in 20-30 years (when I am 60-70) I will get my inheritance, but that does squat for me at the moment and the near future.  In reality, such a time-line will skip millennials and really end up supporting Gen Z
 
2019-02-18 11:48:56 AM  

Pats_Cloth_Coat: Cubansaltyballs: Eventually the young people and liberals will be in the white house and Senate and the backlash to these kinds of things are going to be so much worse.

Eventually the young people become old people and they change. They become more selfish, more greedy, and less connected to what its like to struggle for a living.

This is not something new.


while this may be true there is one flaw, we are not talking about young people (as in teens) millenials are entering their 40's.  This isn't a generation that just struggled for a short while in their early 20s; this is a generation that has struggled for their entire adult lives.  Decades of time.  That experience (I hope) will not be easily forgotten.

Millenials are old enough now to run for president and host of other offices while still incurring student loan payments, difficulty climbing the corporate ladders and seeing health costs accumulate, which compounds as they finally decide to start families at a later clip than previous.

...a change gonna come, oh yes it will...
 
2019-02-18 12:46:08 PM  

Hyjamon: Pats_Cloth_Coat: Cubansaltyballs: Eventually the young people and liberals will be in the white house and Senate and the backlash to these kinds of things are going to be so much worse.

Eventually the young people become old people and they change. They become more selfish, more greedy, and less connected to what its like to struggle for a living.

This is not something new.

while this may be true there is one flaw, we are not talking about young people (as in teens) millenials are entering their 40's.  This isn't a generation that just struggled for a short while in their early 20s; this is a generation that has struggled for their entire adult lives.  Decades of time.  That experience (I hope) will not be easily forgotten.

Millenials are old enough now to run for president and host of other offices while still incurring student loan payments, difficulty climbing the corporate ladders and seeing health costs accumulate, which compounds as they finally decide to start families at a later clip than previous.

...a change gonna come, oh yes it will...


This is the problem with "Millennial."  Yeah, the young ones got hit hard... older millennials and "Xennials/Oregon Trailers/whatever you call my cohort*" are in far better shape.  We've got families, crossover SUVs, mortgages, and some of us are on our trade-up homes.  From our perspective, the 2008 crash meant gas got cheaper, our monthly allotments toward investments went further (buy discounted shares and wait for them to explode) and we were able to buy houses. 

It sucks for the younger ones, and I empathize with them... but this Schrodinger's millennial who is simultaneously almost 40 with a family and also 22 and living in mom's basement playing World of Pokemon Craft is absurd.
 
2019-02-18 01:00:40 PM  

Izunbacol: rom our perspective, the 2008 crash meant gas got cheaper, our monthly allotments toward investments went further (buy discounted shares and wait for them to explode) and we were able to buy houses.


So you're saying that you got yours......
 
2019-02-18 01:24:26 PM  
They paid their rent using Waypoint's online platform, impressed by how far technology had progressed from the days of dropping a check in the mail.

You're talking about 1995 right? The 2014 from tfa is some weird typo?

/The only time in my life I consciously paid my rent it was the first month
//The rest goes automatically
 
2019-02-19 12:05:40 AM  
But just think of how mobile those people are now! They can just pack up and move to another rental like the couple in TFA did!
 
2019-02-19 06:47:12 AM  

Aar1012: Izunbacol: rom our perspective, the 2008 crash meant gas got cheaper, our monthly allotments toward investments went further (buy discounted shares and wait for them to explode) and we were able to buy houses.

So you're saying that you got yours......


If that's the takeaway you want, so be it.

It wasn't at all an explanation of why the "everything sucks for millennials" meme isn't as pervasive as the general public believes, and won't lead to the political appetite for revolution that the Le-Lost-Generation brigade envisions just around the corner.  The cohort that has been absolutely screwed is simply a narrower, younger band than they would have us believe - it's absolutely shiatty for the younger guys. For me to sit here and say "oh yeah, life sucks as an early millennial/late X'er" when it really hasn't is insincere pandering.

Late Millennials and Gen Z are facing some pretty dire challenges; since my kids fall into the GenZ bucket, their problems are my problems.
 
2019-02-19 09:08:59 AM  

Cubansaltyballs: This will eventually come to a head when stated start regulating and hammering these guys. Dont expect it to happen in any red states, you know... because those are the places that get hard just thinking about the little guy getting squeezed by a big bank.

These guys are overplaying their hand. Eventually the young people and liberals will be in the white house and Senate and the backlash to these kinds of things are going to be so much worse. All the bullshiat they are doing is accumulating, and one day the chickens will come home to boost.

If the billionaire and plutocrat class had allowed taxes to go up a little bit here and there, they would probably end up with a 50% ish rate. But since they're all demanding it go to zero, one day they'll eventually face 75%, 80% and worse.

I hope I live long enough to see them squeal.


like Pigs.
 
2019-02-19 09:10:51 AM  

Zeb Hesselgresser: Being a Landlord is a pain in the ass.  Investors give up a percentage of their income so someone else can handle maintenance, leases, rent collection, and evictions the headaches.  People think this is new.

The people complaining the most about this, are the people most responsible for mom and pop landlords turning to management companies. You reap what you sow.


the Ownership Society is just confused as to who does the best job of fuking over the tenants for the most money.  Real Estate in 'murca is a Legal Racket.
 
2019-02-19 09:12:13 AM  

Aar1012: Zeb Hesselgresser: Being a Landlord is a pain in the ass.  Investors give up a percentage of their income so someone else can handle maintenance, leases, rent collection, and evictions the headaches.  People think this is new.

The people complaining the most about this, are the people most responsible for mom and pop landlords turning to management companies. You reap what you sow.

How dare anyone question the Job Creators (praise be upon Their Holy Name)? It's always the little people at fault for everything!


We, as a "free" People, should feel blessed every time a 1%er shoves his dick up our asses.
 
2019-02-19 09:15:28 AM  

Cold soup: Hyjamon: I am really amazed at Americans.   With all the guns and jackalopes that pull stunts like these companies do, that we really don't have more shootings.  Preferably if one does, I hope they shoot near the head of the CEOs and not the admin who answers the CEO's phones.

Seems like someone who does eventually snap due to corporations acting like jerks, they seem to target day-to-day folks and not the head of the snake.

Guy who flew a plane into an IRS building instead of a more specific target.

There is the little matter of most Americans being painfully stupid, so of course when they're getting screwed they have no idea where to even begin to look to understand what's happening to them.

Hence things like you referenced happen and millions of white people vote in Republicans who blame it all on coastal elites and brown people, and other sundry horribleness.


alot of it is the fact that Americans get "news" which is actually Corporate Propaganda.  real, honest, investigative Journalism is all but dead.   the 1%ers know exactly what they are doing.  and the  Corporate stock owners keep their mouths shut because they like sitting at home and collecting free money.  90% of corporate stock is owned by 10% of the population.
 
2019-02-19 09:23:44 AM  

Linux_Yes: Zeb Hesselgresser: Being a Landlord is a pain in the ass.  Investors give up a percentage of their income so someone else can handle maintenance, leases, rent collection, and evictions the headaches.  People think this is new.

The people complaining the most about this, are the people most responsible for mom and pop landlords turning to management companies. You reap what you sow.

the Ownership Society is just confused as to who does the best job of fuking over the tenants for the most money.  Real Estate in 'murca is a Legal Racket.


No doubt.  I wouldn't be able to toss people into the street, a Just Doing My Job rep from the Mgnt.Co, not so much.
 
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