Posted on 01/07/2024 8:10:14 AM PST by dennisw
Sin City has nation's worst housing shortage
Dallas-based Invitation Homes shelled out $98 million to buy 264 homes in Clark County, where a chronic housing shortage has led to a rise in eviction rates
A Wall Street-backed corporate landlord snapped up hundreds of homes in Las Vegas in a mammoth one-off residential sale last summer.
Dallas-based Invitation Homes shelled out $98 million to buy 264 homes in Clark County, property records show.
The deal forms part of a $650 million swap of a portfolio of close to 1,900 single-family rental homes between billionaire Barry Sternlicht's private equity fund Starwood Capital and Invitation Homes.
Invitation Homes now owns 3,500 homes in Clark County, making it the second-largest owner of single-family rental homes, according to data from the Las Vegas Review Journal.
It comes as the Nevada city struggles with an acute shortage of housing, with evictions on the rise. Las Vegas has the worst shortage of affordable housing of any US city.
The huge property purchase came months after disturbing new statistics suggest corporate sharks could own up to 40 percent of all US homes by 2030. Millennials now ageing into middle age are struggling to get a foothold on the property ladder due to low inventory and soaring prices.
Nevada has the highest percentage in the United States of extremely low-income renters that are severely cost burdened, meaning the renter pays more than 50 percent of income on rent and housing expenses.
Eviction filings in LAs Vegas increased from 3,931 cases in fiscal year 2019 to 5,328 in fiscal year 2022, around 35 percent.
Las Vegas’ affordable housing crisis could spiral into a deeper homelessness crisis, Princeton's Eviction Lab has warned.
(Excerpt) Read more at msn.com ...
Struggling Americans kicked out, and new section 8 subsidies for illegal aliens and “refugees” to move right on in
Y’all need to peek at a series of YouTube videos named something like “Honest gov’mtAds”. Some Aussies put them out on regular basis. Hotties go on about how Aussie gov’mt officials say one thing — and in reality it is all a lie and you are repeatedly stupid enough to go along with it — year after year after year.....
The one I am remembering is about housing and rentals. Gov’mt twisted laws such that buying property was made hideously expensive — deliberately. Then, politicians started buying up rental property. Then, laws were twisted again making rentals expensive.
Politicians get rich(er).
“Additionally, the reach of the specific plan also extends to side streets, where blocks of duplexes, triplexes, and single-family homes would be rezoned to allow for larger apartment buildings and townhome-style projects.”
Government can change the rules of the housing game on a whim.
They think it's easy money being a landlord. They're in for a shock.
“Laing and Simmons chief executive officer Leanne Pilkington said there was a trend towards investors selling out of Sydney and people offloading second homes[because of higher mortgage rates].”
https://www.realestate.com.au/news/best-sydney-suburbs-to-buy-a-home-in-2024/
Never said it was their cash.
Canada is another place with crazy housing prices.
Canada might seek to acquire Erie County since Buffalo real estate is far cheaper than Toronto real estate.
Right, putting that in the headline makes no sense. In fact, a shortage may be the reason they did this. Journalism is dead.
What these big investors are missing is that it is hard to make a profit on rentals unless you are actively managing them. It only takes one bad renter to lose a lot of money. Ask me how I know.
They bought because of the shortage not in spite of it. The shortage is a feature of the deal not a flake.
When will that skank azz bxtch drop dead?
This makes perfect sense. Housing shortages lead to rents going up. Existing tenants can’t pay. Evict them to get higher-paying tenants.
Yes spam caller are a pain I don’t answer them have caller ID thankfully.
It says that the “housing shortage” is actually being manufactured. and those who are manufacturing it are “hoarding” what they own to keep the housing market tight - for their benefit.
One the one hand we favor free enterprise, but on the other hand home ownership has been an ingrained part of “the American dream” and corporate takeover of those holdings suggests a long term keeping individual home ownership out of reach for the majority of indivuiduals at some point.
You REALLY want a government THAT powerful?
Possibly; but one doesn’t necessarily cause the other.
I’ve a 3 AC piece of wooded near swampland with a high tension power line slicing it diagonally that I’ve been offered a crazy high price to sell it.
Wouldn't this necessitate more apartments, trailer parks, etc, rather than single family homes??
Inexpensive buffets?
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