BlackRock, the titan of New York City risk management and investment, is one of several big power companies that are pushing working families out of the housing market and into rentals, robbing them of capital and income. the possibility of creating credit and equity.
According to a Wall Street Journal report, BlackRock – led by billionaire Laurence Fink – is buying entire neighborhoods and converting single-family homes into rentals; while in cities like Houston, investors like Fink make up a quarter of home buyers.
On “Tucker Carlson Tonight,” Chronicles reporter and deputy editor Pedro Gonzalez said BlackRock’s actions led 40% of U.S. renters to believe they could never buy a home.
“Homeownership gives people a stake in a society. It is a way to create generational wealth. It’s the foundation of the middle class and part of the American dream, ”he said.
Meanwhile, “permanent capital”, like that of companies like Fink’s, “kills the dream and gives us a nightmare of dispossession.”
The impetus for companies to mass buy homes is to take out pensions and fill their books by raising house prices.
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But, Gonzalez warned that these reckless actions will only accelerate the bursting of the next real estate bubble, as it did ten years ago.
“The same institutions also promote [political] policies like environmental policies that also raise the price of housing – and they push for more immigration, like JPMorgan Asset Management, ”Gonzalez reported.