Posted on 03/21/2022 7:27:58 PM PDT by yesthatjallen
SNIP
Gary Berman is CEO of Tricon Residential, a Toronto-based company that has quietly become one of the largest owners of single-family homes in the United States.
Gary Berman: So today, we own about 30,000 single family rental homes across the U.S., largely in the Sun Belt. And we've got probably about 75,000 people living in our homes.
Lesley Stahl: You are a multi-billion dollar company. You're publicly traded on the New York Stock Exchange.
Gary Berman: Correct.
Lesley Stahl: And the--
Gary Berman: Toronto Stock Exchange.
Lesley Stahl: --Toronto Stock Exchange. I even read in one of your own documents that your revenue went up last year by 67%? Is that correct?
Gary Berman: Yeah-- we're expanding. I mean, when you think about it, we have an incredible amount of demand for what we do. So, Lesley, in any given week, we might have two or 300 homes available.
Lesley Stahl: For renting?
Gary Berman: For renting. And we get about 10,000 leasing inquiries a week.
Tricon is trying to buy 800 houses a month and there are companies even bigger. Invitation Homes owns more than 80,000 rental houses, American Homes 4 Rent close to 60,000. Some of the all stars of finance – Goldman Sachs, JP Morgan, Blackstone - have put hundreds of millions of dollars into these companies. They all offer rental homes online, and all focus on the sunbelt.
Gary Berman: Our largest-- portfolio w-- would be in Atlanta, in Charlotte, in Phoenix, in Tampa.
SNIP
(Excerpt) Read more at cbsnews.com ...
This is forcing people to rent homes instead of buying homes.
'You will own nothing and you will be happy'
If the price is out of reach for more people, wouldn’t that naturally depress prices? Maybe not
Blackrock is your landlord.
Fixer-upper market seems to have dried up. There’s always Detroit. Then there’s the baby boomers dying off. Oldest is 77 youngest is 58.
Happened in 2008, as a consequences of Clinton regulating banks as well.
“You will own nothing. And you will be happy.”
In a HEALTHY housing construction market, they can only price people of owning when there’s no more room to build.
Cars are next.
Again.
We have here a GOP issue that will reach nearly every middle to low income voter.
*Correction, Berman, not Bergman.
You are over the target... Leslie Stahl is projecting the great reset...and likely getting paid very well to project it.
I wonder how the world look like if you don’t own anything. Everything is rented. People may feel less secure. Would it make more people lean to the left politically?
The road to serfdom is paved with evil intentions.
I can tell you for fact that's happening here in HELLINOIS.
I make over $200k/year and at 60 years old I'm effectively priced out of the small to mid-sized home market. Everything that's 1500SF, 3BR, 1.5ba ranch home is approaching $400k. It's ridiculous.
I'm making the decision to stay in the townhome I purchased just over 4 years ago for $220k that's actually LARGER than what I'm looking to buy. Physical issues are pushing me towards single level living which my townhome is not. I'm going to have to find a way to make this work until prices come down and interest rates go up so I can be a cash buyer again.
I’m ready to go back to renting in 3 month periods. It helps to be a senior and well set. Chase the good weather. Doesn’t help the younger folks but capitalism will find a way. Solar and wind could even help someday once batteries are perfected. Pie in the sky but when the capitalist is the boogie man nothing gets built.
65.5% of Americans own their home. That is a high level, though not the highest. The highest happens right before crashes.
I owned 8 rentals, and I sold every one of them. Who says those corporations are going to just own those homes forever? They are going to sell them it fits their plan.
They are affecting no one but bloggers whop write fear-porn daily.
Note to self: don't even THINK about trying to buy a home in any of these areas.
Losertarians: “If you don’t like it, then start your own trillion-dollar hedge fund with sweetheart tax breaks from state and Federal governments!”
With the price of rent sky-rocketing, most people aren’t going to be able to rent a home either. Just a small apartment living on top of another small apartment. You will own nothing and you WILL NOT be happy.
If the economy continues on it’s current path, you will soon see families combining into one household. Not just single older adults moving in with their parents, but entire extended families having to share a home. Then, they will just have to hope they can manage to maintain and pay the taxes on THAT one residence. Homelessness is about to rise and it is not going to be due to drug-addled dead-beats.
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