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Wall Street-backed landlord buys 264 Las Vegas homes in $98M deal - even though Sin City has nation's worst housing shortage
MSN---UK Daily Mail ^ | 1-7 | Alice Wright

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 ...


TOPICS: Business/Economy; Constitution/Conservatism; Front Page News; News/Current Events; Politics/Elections
KEYWORDS: nevada
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To: dennisw

Struggling Americans kicked out, and new section 8 subsidies for illegal aliens and “refugees” to move right on in


41 posted on 01/07/2024 9:43:10 AM PST by montag813
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To: dennisw

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).


42 posted on 01/07/2024 9:48:18 AM PST by bobbo666 (Baizuo, )
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To: dennisw

“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.”

https://www.planetizen.com/news/2023/02/121651-new-plans-transit-oriented-development-south-central-la

Government can change the rules of the housing game on a whim.


43 posted on 01/07/2024 9:49:53 AM PST by Brian Griffin
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To: usurper
Wait until their renters stop paying the rent and destroy the properties. Good luck getting them out in less than six months and watch the home insurance rates rise on these rentals after enough houses have been vandalize.

They think it's easy money being a landlord. They're in for a shock.

44 posted on 01/07/2024 9:57:37 AM PST by CaptainK ("If life's really hard, at least its short")
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To: bobbo666

“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/


45 posted on 01/07/2024 9:58:29 AM PST by Brian Griffin
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To: PeterPrinciple
No, they bought with OPM (other peoples money) They buyers have no risk.

Never said it was their cash.

46 posted on 01/07/2024 10:03:18 AM PST by politicket
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To: bobbo666

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.


47 posted on 01/07/2024 10:04:09 AM PST by Brian Griffin
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To: BenLurkin

Right, putting that in the headline makes no sense. In fact, a shortage may be the reason they did this. Journalism is dead.


48 posted on 01/07/2024 10:09:52 AM PST by gibsonguy
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To: Blurb2350

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.


49 posted on 01/07/2024 10:15:08 AM PST by fini
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To: dennisw

They bought because of the shortage not in spite of it. The shortage is a feature of the deal not a flake.


50 posted on 01/07/2024 10:47:10 AM PST by FreedomNotSafety
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To: dennisw

When will that skank azz bxtch drop dead?


51 posted on 01/07/2024 10:49:33 AM PST by maddog55 (The only thing systemic in America is the left's hatred of it!)
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To: Savage Rider

This makes perfect sense. Housing shortages lead to rents going up. Existing tenants can’t pay. Evict them to get higher-paying tenants.


52 posted on 01/07/2024 10:56:48 AM PST by bigdaddy45
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To: ridesthemiles

Yes spam caller are a pain I don’t answer them have caller ID thankfully.


53 posted on 01/07/2024 11:55:29 AM PST by Vaduz
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To: dennisw

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.


54 posted on 01/07/2024 3:13:22 PM PST by Wuli
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To: BenLurkin
Yeah...



55 posted on 01/07/2024 3:41:41 PM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: jimwatx
If Congress actually worked for the people instead of their donors they would forbid/limit these investment companies from taking over the housing stock.

You REALLY want a government THAT powerful?

56 posted on 01/07/2024 3:42:35 PM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: babble-on

Possibly; but one doesn’t necessarily cause the other.


57 posted on 01/07/2024 3:44:26 PM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: discostu

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.


58 posted on 01/07/2024 3:48:34 PM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: dennisw
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.


Wouldn't this necessitate more apartments, trailer parks, etc, rather than single family homes??

59 posted on 01/07/2024 3:48:53 PM PST by Jane Long (What we were told was a conspiracy theory in ‘20 is now fact. Land of the sheep, home of the knaves)
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To: Brian Griffin

Inexpensive buffets?


60 posted on 01/07/2024 3:48:59 PM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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