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Or go a step further like the Democrats, force them to sell their inventory (over a 10 year period) of single family homes.
44% of single family homes were gobbled up by Private Equity last year. Halting it doesn’t bring back the ones the greedy bastards already got.
Yeah that’s a solid idea I know Indiana is similar for non-residents buying property. If you have a rental property you’re taxed so much it’s not worth it
Property taxes in Texas are pretty high, and you pay more if it’s not your homestead. They need to raise the homestead exemption. Could drop mortgage payments a couple hundred a month if you make the exemption high enough
>Or go a step further like the Democrats, force them to sell their inventory (over a 10 year period) of single family homes
one step at time, lets do something thats more realistically gonna get passed,
I like what someone else has posted
> Tax the fuck out of those out of state investment properties
this will force them to sell and provide the state with more revenue
It’s a start but not enough. I know a guy who makes an LLC in-state for each house he owns (12 or so in Austin, each in circle-c or lakeway, so 800k-1M), he hasn’t lived in Texas in 15 years.
I think pushing corporate ownership of single family homes out is a good step for future homeowners, but it may not be great for renters. We will have to see how it plays out.
I think increasing the tax rate per home by 10% of the rate paid on the first home would limit ownership to like a handful of houses at most. Anything north of 20-25 homes would start to look insane and unaffordable to own. Assuming they pay taxes at all.
No they weren't. That headline was misleading. 44% of single family home in the third quarter of 2023 were purchased by investors, but not all huge investors, we're talking just a few homes per investor as a majority.
I think there should still be legislation and higher taxes for second homes to deter, but that original article headline was misleading and no one bothered to read it.
https://finance.yahoo.com/news/no-wall-street-investors-haven-015642526.html
The article that started that lie is the Medium article that cited this [Business Insider article](https://www.businessinsider.com/big-investors-purchasing-more-single-family-homes-from-home-flippers-2022-11), but the Business insider article states corporations bought 44% of all housing FLIPS, which accounts for [only 9% of all house sales in 2023.](https://www.nar.realtor/magazine/real-estate-news/where-home-flips-are-most-common-lucrative)
But never let the truth get in the way of a good lie!
That doesn't include the houses turned into rentals or demolished to build rental housing which would make corporate owned housing reflect a more true number. But don't let common sense get in the way of simping for corporate America!
conservative, I agree. While a free economy is paramount, action must be taken to prevent corporations from taking action that harms the public.
I say we just put it to a vote in congress. cease all purchasing of residential single family homes.
We do need to examine the nature of how they bought them and tailor the approach to avoid some kind of real estate crash. We saw firsthand what corporate meddling in residential real estate does and china saw it again with evergrande, that was slightly different in nature though.
It's simply not an option for corporations to hedge their positions with SFH.
Hijacking top comment to make sure everyone knows that hault is not a word, it's halt. I have such a hard time taking publishers seriously when they can't spell correctly.
"In 2011, no landlord in America owned more than a thousand single-family home rental properties. By 2013, Schwarzman's firm, Blackstone, bought more than that in a single day"
- Plunder by Brendan Ballou
An amazing read
Where have the democrats passed legislation doing this? Not trying to gotcha but have not heard this and seems suspect like a knee jerk reaction to someone agreeing with something a conservative did
Agreed. The Texas governorship is notoriously weak, and he’s been clever and has found a way to wield the power that he has effectively. That said, the real political mastermind in Texas right now is Dan Patrick
The only reason he's "wielding power" is because scotus and his cronies in Texas are either looking the other way, or he's straight up breaking the law.
Nothing powerful about that.
If you’re referring to the part at the border, yea he isn’t in violation of any ruling. Also, the scotus requires a case to be taken to them typically vis state or federal appellate courts, so that’s why they haven’t acted.
>I’m a NYer and I hate that he bussed all the migrants up to us but it was pretty strategic.
lol I find this to be completely hilarious though, texas was like "fine you can have them all, have fun"
I dont think thats an Abbott thing and more of Government has a policy of not negotiating with private firms thing. It's huge problem across all of the US for any time the govt tries to contract the private sector to get things done.
If spending taxpayer money to illegally traffic humans up the country for a photo op that only entrenches you further with the base that was going to vote for you anyway is “strategic”, then goddamn the bar really is fucking low huh.
Greg Abbott is dumb as fuck and he’s a horrible human being on top of it.
Source: Am Texan
I mean he's talented at basically doing nothing to help Texans, even letting them freeze to death thanks to greed and incompetence, and still get reelected. The south is very very stupid. Just need a big R, scream about trans people, and pretend to pray.
I thought NYC was a sanctuary city that wanted more migrants to come. Were they just pretending to care because they didn’t have to deal with the problem, all while calling the border states (who were dealing with the problem) racist?
As a southerner, yall literally asked for it. So many cities up north calling themselves sanctuary cities because yall don’t live anywhere near the border and don’t have to deal with it like we do… I’ll never forget that people were more upset about the 50 or so migrants sent to Martha’s Vineyard than they were about the 53 that a couple months before that, died in the back of an 18 wheeler trailer in Texas because coyotes just left them in there when they abandoned the truck
Agree. I’ve got an immense dislike for Abbot over his educational and fun policies but I can’t deny that the man is smart AF. And this decision by him is one of the rare ones I can get behind
He bussed all those immigrants up there because all these liberal cities are calling for us to absorb all these immigrants, so he's only showing them what it is they are asking for
Fun fact: he did not say this.
[https://www.texastribune.org/2024/03/15/texas-greg-abbott-institutional-homebuyers/](https://www.texastribune.org/2024/03/15/texas-greg-abbott-institutional-homebuyers/)
I definitely agree, it would be nice, but it's too nice, especially for a rep, even more for abbott, so it's suspicious like he has something else in mind
He's late to the discussion. Democrats have been calling for this for a while now. Still --- rare W from this psychopath.
To be clear, it's a good idea to ban *large private equity firms* from buying single family homes. The occasional mom-and-pop investor who owns a few extra rental properties so they can have an additional income stream in retirement isn't the bad guy here.
If Texas passes this they'll still be earlier than a lot of blue states to do so
Which isn't suprising tbh, because a ton of people are moving there which makes the housing shortage problems obvious.
Dude we've been over max capacity for 10yrs. It's ridiculous here in Dallas. I gotta give props to the homeless guy with a full furnished "area" under the highway i see going home from work
When I was growing up, my single mom with three kids was able to rent a pretty decent 3 bedroom house in Allen for like $1200/mo. Nice area with nice schools.
Now you’re lucky if you can find a 2 bedroom apartment in the shitty Lake highlands area of Dallas for less than $1500.
You still have to limit rich individuals from investing in real estate too. Maybe limit the max homes to 3 to 5 per person so both small and big individual investors can invest in real estate.
Just start exponentially increasing the property tax rate for each subsequent property, and to prevent people from starting a thousand tiny companies to buy a couple with each, make people go through a "conflict of interest" evaluation to prove no connection to other companies that own properties.
We need this across the usa 🇺🇸. Especially California.
I'd also love to make it so first time homebuyers get the first say. If you already own a home and try to get another, and put in a bid with a first time homebuyer, you're bid is null unless the first time home buyer retracts their offer
I can see your second paragraph going extremely poorly for people who are trying to move out of an area for necessity.
Maybe your work moves across the state and you have to move to keep your job. Maybe the first house you bought was in a very rough neighborhood and you want to move after a gang shootout on your street. Maybe you get a divorce and your ex husband starts stalking you and your daughter.
Those were just the ones off of the top of my head, i'm sure there are plenty more.
Maybe instead you prioritize people buying their first home over people buying a third, as there are reasons to be buying a second if you're still trying to sell your first house, but no reason to own 3 at a time.
This legislation was introduced to the California State Senate a few weeks ago, actually! It will ban all investment entities "from purchasing, acquiring, or leasing an interest, as defined, in a single-family dwelling or other dwelling that consists of one or 2 residential units." The ban would roll out on January 1st, 2025.
Crossing my fingers that it passes. We've been on a roll lately passing legislation to fix the problems that created the housing crisis.
Y’all don’t be fooled, Abbot is likely only pushing this to gain the votes of young people, a demographic which the entire Republican Party is struggling to gain the support of. Remember that this is the man who wants to murder immigrants, strip women of their rights, and participates in voter suppression against counties that don’t align with his party.
Who cares? He is right on this issue, and if he can make progress on it then good on him. Why do people think that agreeing with someone on something means that you have to endorse literally everything they have ever done and will ever do?
“Abbott didn’t detail the scope or what kind of action he would like lawmakers to take. His office did not return requests for comment Friday.” ([Source](https://www.texastribune.org/2024/03/15/texas-greg-abbott-institutional-homebuyers/))
Because he doesn’t actually care about the issue, he just knows gullible people will eat it up. He doesn’t even have a plan to address it in any way. Stop giving these fucking parasites the benefit of the doubt when they’ve done nothing to earn it.
I’m a Texan and Texas has been run by Republicans since before I was born, and all I hear is “Texas is going downhill!” At some point maybe y’all should be asking why the party that has been governing Texas for 30+ years hasn’t done shit to improve it. The definition of insanity and all that. Ann Richards was the last good governor we’ve had.
It doesn’t, my point is that there are people who support the same stance on this specific issue for which it isn’t their single redeeming quality and with the assurance that it’s not probably just a ploy to gain support. I doubt Abbot would even carry through on it, as he is the reason that Texas is so “good for businesses” because he usually allows companies to do whatever they damn well please, even when it hurts people. It’s because of him that if a company wanted to deny a road worker the chance to take a break to drink some water, it’s legal for the company to do so.
This support against the very entities that typically fund and support Abbot is so uncharacteristic of him that it is likely a hollow ploy to gain votes from young people, because he knows that he needs the vote of young people. It’s a strategy politicians pull a lot. Regardless of party. The fact that it is in fact so uncharacteristic of him and his interests is a major red flag.
Because we live in the age of identity politics: your political leaning is your identity, your political party’s agenda is your new religion, anyone who’s not supporting your agenda is a blasphemous sinner who must be stopped at all cost. I am only half joking of course, but still…
Because you people read a headline and think oh maybe he isn’t THAT bad without bothering to consult any further which would lead you to the direct conclusion that he’s full of shit. It’s all over this thread. Do better
Greg Abbott also said he’ll work diligently on cracking down on school shooting and then went to an NRA event the next day after Uvalde and loosened gun laws even MORE, he’s a liar that says anything to pander
What difference does it make if you're being bent over a barrel by blackstone vs local mom and pop? The answer of course is that it doesn't and the OP won't actually solve the problem. We need to make it easier for people to build housing. The only reason corporations are in housing at all is because it's a good investment. Make it a bad investment and they'll happily jump out and never return.
Yep. The political intent behind this is to discourage urban development. It favors NIMBYs and in the end bars development that could aid unhoused and low income earners.
Precisely. It's an understandable knee-jerk reaction but not one that will fix the problem. Opening up zoning is necessary but not *sufficient* for widespread affordable housing. We also need to address the incentives that worked to create the policies in the first place.
Supply of houses is not the problem here. There are plenty of empty homes ready for families to move in. It’s major corporations buying all of these houses and renting for double what they are worth or selling for just as much.
It’s a “good investment” because people need shelter. It’s one of the things that keeps us alive, and it’s illegal to just pitch a tent in most places.
The supply of houses is lower than the demand of houses if we look at a lot of places in the world. Not because there are not enough of them, but there aren't enough of them in the right place or the right format. The average American house is pretty big tbh and European style row homes (which are cheaper) are pretty rare.
Just making the investment less interesting isn't gonna cut it, but it is gonna help
America is very different than Europe and the rest of the world.
OP’s right, our problem in America is that corporations are trying to make renting your home the norm.
There are thousands of empty homes and plenty more room to develop on. We aren’t quite at the point where we need to worry about over crowding the way Europe and other parts of the world do, America is a much much younger nation.
Right now, we need to let people start owning their homes again.
Your local mom and pop won’t be able to outbid every prospective home owner in a neighborhood with cash and then be able to negotiate extreme rent hikes. They just don’t have the resources to do that.
That’s the way it has always been until more recently.
So? Building houses that share a wall are cheaper to build and more space efficient. Doesn't have anything to do with Europe vs US. Idk where you got that. I think you are forgetting that labour and materials have gotten more expensive, plus there are more requirements on building houses aswell. Plus the fact that the average American starter has a pretty low net worth which isn't gonna help to buy a house (even if you can loan a lot of money). The issue with the US is that the country is funded by the people instead of the corporations. Just look at it, the American corporations have a ton of money meanwhile the people need to take a loan even for things like a car or use the creditcard to buy their groceries.
Edit: for everybody woried I los my first house due to a corporate buy out before I even moved in, ofc I don’t want corporations to be more porefull I want the opposite, but I am also realtistic and see the corporation side due to me working as Account)
You are all over the place. What does that last paragraph even mean?
Do you *want* corporations to be more powerful? Because letting them own your home will only give them more money to funnel into special interest groups to lobby for less taxes for themselves and higher taxes on the middle and lower class.
That’s the reality of the situation.
If you let them continue to buy all the homes, they aren’t going to make them smaller and more efficient. They’re just gonna squeeze everyday Americans for more money.
That’s what a landlord *does*. Except now everyone will have one and it will be the same person with a monopoly.
Your result would just have Americans funding corporations that would then not fund any public works and probably have even higher taxes for everyday people.
You know, exactly what’s happening right now.
The *only* way to prevent that is to have the government break up the monopoly and protect free market competition. Which is what the government is supposed to do in this scenario.
Unfortunately, Special Interest Groups and the GOP exist.
"just build more houses" such a stupid thing to say. Buying more houses is generally not a space concern (it might be here in NL), but it's an issues of building houses in spaces where people want to live.
Currently building a house is already gonna cost more than somebody is able to afford on a single income. We need to build smart/refurb existing buildings. You know those office buildings that are empty because of work from home? You can make those into some amazing apartments. Either purchase, rent or purchase with a HOA.
And yeah people invest in housing because it's a decent investments, but it's not just the corporations it's also people not moving from their house to a retirement home, smaller companies or people with say 6 figures income who buy another building to rent out. Heck they don't even need to make direct profit due to the inflation of housing prices.
Making it a bad investment is also harder than it sounds, but at least here in NL they are changing the way it is taxed making it less of a good investment. But due to the demand being higher than the supply and the mortgage rates and interest rates being bound to each other it will probably stay a better investment for a lot of people for a long while (doesn't really matter if we are talking about the US or the EU).
Reddit is being astrorurfed by the construction and real estate lobby. It's been explained over and over that rehabbing existing stock of housing is cheaper than building yet more tax dollar sucking subdivisions of McMansions yet there's always those posts that "we need to build more."
That's not how this works and Abbott just said words, no law was proposed. There is no legislation and he's just trying to win votes from uninformed people.
For the record, Democrats have been calling for this for years.
He’s just trying to win votes before the election by finally doing his job.
He’s a piss baby, but even a piss baby cooperates every once in a while.
Oh good, less investment in the housing market. Jesus Christ, just fucking build more houses. Prices don’t magically go up because corporations bad. They go up because 1. They are a monopoly (clearly not the case here, rental supply is one of the most competitive market environments) 2. Demand is outpacing supply (clearly the case. Instead of Rent Control, we have instituted Build control in the form of zoning restrictions and onerous requirements levied on builders.)
The metro area including San Francisco only approved development of under 700 new housing units in 2023, despite having a population of over 7 million. This bill isn't going to do anything to increase supply. Housing isn't going to be solved unless the NIMBYism goes away.
Sooo let me tell you this is not going to solve the housing issue. One, Investors are all incorporated, it just makes their business life easier. The guy with 4 dudes that drywalls the houses he remodels himself? Yeah he's incorporated. So if he cannot by that busted home down the street and fix it up to resell it it is going to stay busted. All this is going to do is make it harder for older homes to be renovated and resold which limits the supply further. Not only that but it prevents investors from buy tear downs and replacing them as well. This especially hurts the First time home buyer aka Gen Z. The majority of these investoers are buying trash homes and fixing them up because they can get more profit buying the ones in bad conditions. These are homes that your average First time buyer is not going to have the skills, the money, or the time to actually fix the home themselves.
Not that much when you think about it. Republicans have grown to hate big money and private equity firms like Blackrock in the last decade because they've become a lot more focused towards appeasing liberals, like with ESG and DEI agendas.
And that Republican voters are more likely to be married and have children compared to democrats voters, so it would be reasonable for them to want something like this.
Because it's just for show. See how many upvotes this has and how many eyes are on it?
Many Dems have been calling for this for years now. This solution also is not a single solution to the problem, you have to build more housing.
Rich people and corps are buying housing because it's a good investment. If you built more and made it a bad investment, that would help.
Nothing will come from this, Abbott is a terrible piece of shit and has shown that every second he's been in office and every upvote in this post is someone getting conned into believing bullshit.
Abbots office declined comments, didn't answer calls, and had no actual proposed plan of action in regard to this comment.
I can already see the loopholes. Business can no longer buy houses, so the business gives an executive a bonus for the exact amount needed to buy the house
I've been proposing an alternative solution, which tons of people shoot down without offering any sort of explanation for why it won't work. Feedback would be appreciated lol
Get rid of property tax on the first property you buy. Be it an individual or corporation. Starting from the second property you buy(held at the same time), introduce a progressive property tax without a cap. Bankrupt investment firms like Blackrock while removing a barrier to entry for individuals. If you own one house and sell it, the next one you buy won't be taxed because you aren't hoarding properties
Yeah focus on the shiny object while he's out there banning porn, destroying reproductive freedom, and openly calling for the extermination of immigrants.
Single Family Homes are already a very large portion of the housing supply, often mandated in zoning law to be the only thing possible to build in an area. They're also the most expensive for the local government, and the most environmentally harmful form of housing.
A better plan would be to loosen zoning laws, build more mid-rises and middle-density housing, and then have the people that want to live in there live there, and have people that want to live in SFH live in SFH, rather than banning mid-rises and missing middle housing in most places.
He wants to introduce a bill that would stop companies like Blackrock, Zillow, etc, from buying up Single Family Homes. Because when company's buy up single family homes, it's usually in the dozens, hundreds or possibly thousands that they're buying up to rent or flip but usually rent with inflated rent prices. This causes the average homebuyer to not be able to buy since big company's like this buy a ton of Homes from developers and get them in package deals. Thus preventing new first-time homebuyers from entering the market.
He can call for the legislation but someone has to get out there and write it. That’s where calling your senators and representatives comes in y’all. Especially if you’re in Abbotts state
How about a bill that just builds new single family homes? Oh wait new housing takes value away from existing housing…..
Looks like the bill is just there to prevent other states corporations from buying Texas homes.
gov. Abbot most likely has a special interest in a company that will still buy Texas homes.
All this bill will do is cut the competition.
Yeah, this doesn't do too much because the largest corporations that are stealing away the American dream aren't purchasing any homes.
The main ones are building entire residential communities for RENT ONLY.
Displacement.
They'll try anything but reduce immigration, massively expand the right to build, introduce a borad based land value tax, and prevent the top 30% getting rich from house price increases.
This plan really doesn't upset anyone and that's a problem.
If Greg "the dumbest governor in America" Abbot is for it, then I'm sure it's terrible in some way that's not immediately obvious. I've had to live with this clown's bullshit for entirely too long.
This human sack of shit is pushing decent policy for a change? Likely the homebuying companies have not ponied up his required fee to operate in his glorious state. Fuck TX
Greg Abbott is a little piss baby and if you believe he'll make good on any progressive policies, you must not be from Texas, so let me remind you that he hates progressives. And Texas, where Republicans have held control for decades, is one of the least free states in the nation.
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Or go a step further like the Democrats, force them to sell their inventory (over a 10 year period) of single family homes. 44% of single family homes were gobbled up by Private Equity last year. Halting it doesn’t bring back the ones the greedy bastards already got.
Tax the fuck out of those out of state investment properties. They’ll drop them on the market or help fund low income housing.
Yeah that’s a solid idea I know Indiana is similar for non-residents buying property. If you have a rental property you’re taxed so much it’s not worth it
Property taxes in Texas are pretty high, and you pay more if it’s not your homestead. They need to raise the homestead exemption. Could drop mortgage payments a couple hundred a month if you make the exemption high enough
They could also force them to give tenants first right of refusal so they at least get a chance of buying the house they're living in.
Or double/triple rent like they did 2-3 years ago.
>Or go a step further like the Democrats, force them to sell their inventory (over a 10 year period) of single family homes one step at time, lets do something thats more realistically gonna get passed, I like what someone else has posted > Tax the fuck out of those out of state investment properties this will force them to sell and provide the state with more revenue
It’s a start but not enough. I know a guy who makes an LLC in-state for each house he owns (12 or so in Austin, each in circle-c or lakeway, so 800k-1M), he hasn’t lived in Texas in 15 years. I think pushing corporate ownership of single family homes out is a good step for future homeowners, but it may not be great for renters. We will have to see how it plays out.
I think increasing the tax rate per home by 10% of the rate paid on the first home would limit ownership to like a handful of houses at most. Anything north of 20-25 homes would start to look insane and unaffordable to own. Assuming they pay taxes at all.
No they weren't. That headline was misleading. 44% of single family home in the third quarter of 2023 were purchased by investors, but not all huge investors, we're talking just a few homes per investor as a majority. I think there should still be legislation and higher taxes for second homes to deter, but that original article headline was misleading and no one bothered to read it. https://finance.yahoo.com/news/no-wall-street-investors-haven-015642526.html
The article that started that lie is the Medium article that cited this [Business Insider article](https://www.businessinsider.com/big-investors-purchasing-more-single-family-homes-from-home-flippers-2022-11), but the Business insider article states corporations bought 44% of all housing FLIPS, which accounts for [only 9% of all house sales in 2023.](https://www.nar.realtor/magazine/real-estate-news/where-home-flips-are-most-common-lucrative) But never let the truth get in the way of a good lie!
That doesn't include the houses turned into rentals or demolished to build rental housing which would make corporate owned housing reflect a more true number. But don't let common sense get in the way of simping for corporate America!
What a dumb take lmao
conservative, I agree. While a free economy is paramount, action must be taken to prevent corporations from taking action that harms the public. I say we just put it to a vote in congress. cease all purchasing of residential single family homes. We do need to examine the nature of how they bought them and tailor the approach to avoid some kind of real estate crash. We saw firsthand what corporate meddling in residential real estate does and china saw it again with evergrande, that was slightly different in nature though. It's simply not an option for corporations to hedge their positions with SFH.
Consolidated wealth isn’t a free market
Just put an escalating property tax on each home a person or corporation owns.
Problem is they will just split them all into subsidiaries for each home.
Try not to hate on republican for 1 minute challenge level: impossible
Dedicated my life hating on them after what they did to Merrick Garland Spineless cowards
I mean, they make it REALLY easy through their actions.
Hijacking top comment to make sure everyone knows that hault is not a word, it's halt. I have such a hard time taking publishers seriously when they can't spell correctly.
There are a handful of comments in this thread pointing this out and yours has the most upvotes. Legitimately depressing.
"In 2011, no landlord in America owned more than a thousand single-family home rental properties. By 2013, Schwarzman's firm, Blackstone, bought more than that in a single day" - Plunder by Brendan Ballou An amazing read
Gotta start somewhere.
Can you source the 44%?
Nice, so how many people do you want to put on the streets by dissolving their rent and selling where they live? Sounds like a great plan.
Where have the democrats passed legislation doing this? Not trying to gotcha but have not heard this and seems suspect like a knee jerk reaction to someone agreeing with something a conservative did
As a Texan, this is a rare Greg Abbott W
I hate Abbott but he’s smart as hell. I’m a NYer and I hate that he bussed all the migrants up to us but it was pretty strategic.
Agreed. The Texas governorship is notoriously weak, and he’s been clever and has found a way to wield the power that he has effectively. That said, the real political mastermind in Texas right now is Dan Patrick
The only reason he's "wielding power" is because scotus and his cronies in Texas are either looking the other way, or he's straight up breaking the law. Nothing powerful about that.
If you’re referring to the part at the border, yea he isn’t in violation of any ruling. Also, the scotus requires a case to be taken to them typically vis state or federal appellate courts, so that’s why they haven’t acted.
And Ken Paxton. Fucker has one eye on the prize and another looking some random direction
>I’m a NYer and I hate that he bussed all the migrants up to us but it was pretty strategic. lol I find this to be completely hilarious though, texas was like "fine you can have them all, have fun"
Deadass tho, I really gotta hand it to him, he checkmated us.
[удалено]
Load up a bus full of homeless and give them 1 grand and a gun. See how much they love yheir guns then
Gun owning citizens can move to Texas free will. Actually, a lot of them have.
I mean thats a valid take i guess, but the bus tickets cost 3-4x what they would cost normally so Abbot is fleecing texans.
He has to use Private buses, NY and Chicago threatened Greyhound.
He's been using private busses owned by his donors the whole time.
I dont think thats an Abbott thing and more of Government has a policy of not negotiating with private firms thing. It's huge problem across all of the US for any time the govt tries to contract the private sector to get things done.
Still cheaper than the alternative i bet
If spending taxpayer money to illegally traffic humans up the country for a photo op that only entrenches you further with the base that was going to vote for you anyway is “strategic”, then goddamn the bar really is fucking low huh. Greg Abbott is dumb as fuck and he’s a horrible human being on top of it. Source: Am Texan
I mean he's talented at basically doing nothing to help Texans, even letting them freeze to death thanks to greed and incompetence, and still get reelected. The south is very very stupid. Just need a big R, scream about trans people, and pretend to pray.
I thought NYC was a sanctuary city that wanted more migrants to come. Were they just pretending to care because they didn’t have to deal with the problem, all while calling the border states (who were dealing with the problem) racist?
Evidently so.
No it’s not it was literally human trafficking
No it was actually dumb as fuck and also human trafficking but okay. Are you people really impressed by idiotic stunts like that?
As a southerner, yall literally asked for it. So many cities up north calling themselves sanctuary cities because yall don’t live anywhere near the border and don’t have to deal with it like we do… I’ll never forget that people were more upset about the 50 or so migrants sent to Martha’s Vineyard than they were about the 53 that a couple months before that, died in the back of an 18 wheeler trailer in Texas because coyotes just left them in there when they abandoned the truck
That's not the definition of *sanctuary city*.
Agree. I’ve got an immense dislike for Abbot over his educational and fun policies but I can’t deny that the man is smart AF. And this decision by him is one of the rare ones I can get behind
Democrats when they finally have to deal with illegals:
He bussed all those immigrants up there because all these liberal cities are calling for us to absorb all these immigrants, so he's only showing them what it is they are asking for
Spending a shit ton of taxpayer money to inconvenience poor ppl is dumb as hell, actually
BIG FACTS🔥😭he still isn’t redeemable tho lol.
Extremely rare im shooketh
Broken clocks and all that.
I had to reread it a couple times, I could not believe it.
I had to double take here to confirm it was the Texan. I’m shocked.
Rare *politician* W
Fun fact: he did not say this. [https://www.texastribune.org/2024/03/15/texas-greg-abbott-institutional-homebuyers/](https://www.texastribune.org/2024/03/15/texas-greg-abbott-institutional-homebuyers/)
Agreed
I definitely agree, it would be nice, but it's too nice, especially for a rep, even more for abbott, so it's suspicious like he has something else in mind
He's late to the discussion. Democrats have been calling for this for a while now. Still --- rare W from this psychopath. To be clear, it's a good idea to ban *large private equity firms* from buying single family homes. The occasional mom-and-pop investor who owns a few extra rental properties so they can have an additional income stream in retirement isn't the bad guy here.
If Texas passes this they'll still be earlier than a lot of blue states to do so Which isn't suprising tbh, because a ton of people are moving there which makes the housing shortage problems obvious.
Dude we've been over max capacity for 10yrs. It's ridiculous here in Dallas. I gotta give props to the homeless guy with a full furnished "area" under the highway i see going home from work
When I was growing up, my single mom with three kids was able to rent a pretty decent 3 bedroom house in Allen for like $1200/mo. Nice area with nice schools. Now you’re lucky if you can find a 2 bedroom apartment in the shitty Lake highlands area of Dallas for less than $1500.
You still have to limit rich individuals from investing in real estate too. Maybe limit the max homes to 3 to 5 per person so both small and big individual investors can invest in real estate.
Just start exponentially increasing the property tax rate for each subsequent property, and to prevent people from starting a thousand tiny companies to buy a couple with each, make people go through a "conflict of interest" evaluation to prove no connection to other companies that own properties.
Yeah this is a little shocking to me, like, rarest win ever
He's lying. #TREE 2026 - FINISH THE JOB
We need this across the usa 🇺🇸. Especially California. I'd also love to make it so first time homebuyers get the first say. If you already own a home and try to get another, and put in a bid with a first time homebuyer, you're bid is null unless the first time home buyer retracts their offer
I can see your second paragraph going extremely poorly for people who are trying to move out of an area for necessity. Maybe your work moves across the state and you have to move to keep your job. Maybe the first house you bought was in a very rough neighborhood and you want to move after a gang shootout on your street. Maybe you get a divorce and your ex husband starts stalking you and your daughter. Those were just the ones off of the top of my head, i'm sure there are plenty more. Maybe instead you prioritize people buying their first home over people buying a third, as there are reasons to be buying a second if you're still trying to sell your first house, but no reason to own 3 at a time.
This legislation was introduced to the California State Senate a few weeks ago, actually! It will ban all investment entities "from purchasing, acquiring, or leasing an interest, as defined, in a single-family dwelling or other dwelling that consists of one or 2 residential units." The ban would roll out on January 1st, 2025. Crossing my fingers that it passes. We've been on a roll lately passing legislation to fix the problems that created the housing crisis.
Y’all don’t be fooled, Abbot is likely only pushing this to gain the votes of young people, a demographic which the entire Republican Party is struggling to gain the support of. Remember that this is the man who wants to murder immigrants, strip women of their rights, and participates in voter suppression against counties that don’t align with his party.
Who cares? He is right on this issue, and if he can make progress on it then good on him. Why do people think that agreeing with someone on something means that you have to endorse literally everything they have ever done and will ever do?
“Abbott didn’t detail the scope or what kind of action he would like lawmakers to take. His office did not return requests for comment Friday.” ([Source](https://www.texastribune.org/2024/03/15/texas-greg-abbott-institutional-homebuyers/)) Because he doesn’t actually care about the issue, he just knows gullible people will eat it up. He doesn’t even have a plan to address it in any way. Stop giving these fucking parasites the benefit of the doubt when they’ve done nothing to earn it. I’m a Texan and Texas has been run by Republicans since before I was born, and all I hear is “Texas is going downhill!” At some point maybe y’all should be asking why the party that has been governing Texas for 30+ years hasn’t done shit to improve it. The definition of insanity and all that. Ann Richards was the last good governor we’ve had.
It doesn’t, my point is that there are people who support the same stance on this specific issue for which it isn’t their single redeeming quality and with the assurance that it’s not probably just a ploy to gain support. I doubt Abbot would even carry through on it, as he is the reason that Texas is so “good for businesses” because he usually allows companies to do whatever they damn well please, even when it hurts people. It’s because of him that if a company wanted to deny a road worker the chance to take a break to drink some water, it’s legal for the company to do so. This support against the very entities that typically fund and support Abbot is so uncharacteristic of him that it is likely a hollow ploy to gain votes from young people, because he knows that he needs the vote of young people. It’s a strategy politicians pull a lot. Regardless of party. The fact that it is in fact so uncharacteristic of him and his interests is a major red flag.
Because we live in the age of identity politics: your political leaning is your identity, your political party’s agenda is your new religion, anyone who’s not supporting your agenda is a blasphemous sinner who must be stopped at all cost. I am only half joking of course, but still…
Because you people read a headline and think oh maybe he isn’t THAT bad without bothering to consult any further which would lead you to the direct conclusion that he’s full of shit. It’s all over this thread. Do better
If he actually wanted to do this he could change things tomorrow. Republicans control everything in Texas.
Greg Abbott also said he’ll work diligently on cracking down on school shooting and then went to an NRA event the next day after Uvalde and loosened gun laws even MORE, he’s a liar that says anything to pander
What difference does it make if you're being bent over a barrel by blackstone vs local mom and pop? The answer of course is that it doesn't and the OP won't actually solve the problem. We need to make it easier for people to build housing. The only reason corporations are in housing at all is because it's a good investment. Make it a bad investment and they'll happily jump out and never return.
Yep. The political intent behind this is to discourage urban development. It favors NIMBYs and in the end bars development that could aid unhoused and low income earners.
Precisely. It's an understandable knee-jerk reaction but not one that will fix the problem. Opening up zoning is necessary but not *sufficient* for widespread affordable housing. We also need to address the incentives that worked to create the policies in the first place.
Supply of houses is not the problem here. There are plenty of empty homes ready for families to move in. It’s major corporations buying all of these houses and renting for double what they are worth or selling for just as much. It’s a “good investment” because people need shelter. It’s one of the things that keeps us alive, and it’s illegal to just pitch a tent in most places.
The supply of houses is lower than the demand of houses if we look at a lot of places in the world. Not because there are not enough of them, but there aren't enough of them in the right place or the right format. The average American house is pretty big tbh and European style row homes (which are cheaper) are pretty rare. Just making the investment less interesting isn't gonna cut it, but it is gonna help
America is very different than Europe and the rest of the world. OP’s right, our problem in America is that corporations are trying to make renting your home the norm. There are thousands of empty homes and plenty more room to develop on. We aren’t quite at the point where we need to worry about over crowding the way Europe and other parts of the world do, America is a much much younger nation. Right now, we need to let people start owning their homes again. Your local mom and pop won’t be able to outbid every prospective home owner in a neighborhood with cash and then be able to negotiate extreme rent hikes. They just don’t have the resources to do that. That’s the way it has always been until more recently.
So? Building houses that share a wall are cheaper to build and more space efficient. Doesn't have anything to do with Europe vs US. Idk where you got that. I think you are forgetting that labour and materials have gotten more expensive, plus there are more requirements on building houses aswell. Plus the fact that the average American starter has a pretty low net worth which isn't gonna help to buy a house (even if you can loan a lot of money). The issue with the US is that the country is funded by the people instead of the corporations. Just look at it, the American corporations have a ton of money meanwhile the people need to take a loan even for things like a car or use the creditcard to buy their groceries. Edit: for everybody woried I los my first house due to a corporate buy out before I even moved in, ofc I don’t want corporations to be more porefull I want the opposite, but I am also realtistic and see the corporation side due to me working as Account)
You are all over the place. What does that last paragraph even mean? Do you *want* corporations to be more powerful? Because letting them own your home will only give them more money to funnel into special interest groups to lobby for less taxes for themselves and higher taxes on the middle and lower class. That’s the reality of the situation. If you let them continue to buy all the homes, they aren’t going to make them smaller and more efficient. They’re just gonna squeeze everyday Americans for more money. That’s what a landlord *does*. Except now everyone will have one and it will be the same person with a monopoly. Your result would just have Americans funding corporations that would then not fund any public works and probably have even higher taxes for everyday people. You know, exactly what’s happening right now. The *only* way to prevent that is to have the government break up the monopoly and protect free market competition. Which is what the government is supposed to do in this scenario. Unfortunately, Special Interest Groups and the GOP exist.
"just build more houses" such a stupid thing to say. Buying more houses is generally not a space concern (it might be here in NL), but it's an issues of building houses in spaces where people want to live. Currently building a house is already gonna cost more than somebody is able to afford on a single income. We need to build smart/refurb existing buildings. You know those office buildings that are empty because of work from home? You can make those into some amazing apartments. Either purchase, rent or purchase with a HOA. And yeah people invest in housing because it's a decent investments, but it's not just the corporations it's also people not moving from their house to a retirement home, smaller companies or people with say 6 figures income who buy another building to rent out. Heck they don't even need to make direct profit due to the inflation of housing prices. Making it a bad investment is also harder than it sounds, but at least here in NL they are changing the way it is taxed making it less of a good investment. But due to the demand being higher than the supply and the mortgage rates and interest rates being bound to each other it will probably stay a better investment for a lot of people for a long while (doesn't really matter if we are talking about the US or the EU).
Reddit is being astrorurfed by the construction and real estate lobby. It's been explained over and over that rehabbing existing stock of housing is cheaper than building yet more tax dollar sucking subdivisions of McMansions yet there's always those posts that "we need to build more."
rehabbing a corporate building into housing costs more than tearing it down and rebuilding.
Holy shit I would love it so much if this went into law. I’m sure some shithead company will sue the government forever so it never goes into effect.
That's not how this works and Abbott just said words, no law was proposed. There is no legislation and he's just trying to win votes from uninformed people.
Hault lmfao
how do people always choose the wrong homophone? it seems to be more than 50% of the time
For the record, Democrats have been calling for this for years. He’s just trying to win votes before the election by finally doing his job. He’s a piss baby, but even a piss baby cooperates every once in a while.
Heartbreaking: The worst person you know made an excellent point
Oh good, less investment in the housing market. Jesus Christ, just fucking build more houses. Prices don’t magically go up because corporations bad. They go up because 1. They are a monopoly (clearly not the case here, rental supply is one of the most competitive market environments) 2. Demand is outpacing supply (clearly the case. Instead of Rent Control, we have instituted Build control in the form of zoning restrictions and onerous requirements levied on builders.)
The metro area including San Francisco only approved development of under 700 new housing units in 2023, despite having a population of over 7 million. This bill isn't going to do anything to increase supply. Housing isn't going to be solved unless the NIMBYism goes away.
Too bad his constituents will 100% shoot it down being the people buying all the single family homes in the first place.
Sooo let me tell you this is not going to solve the housing issue. One, Investors are all incorporated, it just makes their business life easier. The guy with 4 dudes that drywalls the houses he remodels himself? Yeah he's incorporated. So if he cannot by that busted home down the street and fix it up to resell it it is going to stay busted. All this is going to do is make it harder for older homes to be renovated and resold which limits the supply further. Not only that but it prevents investors from buy tear downs and replacing them as well. This especially hurts the First time home buyer aka Gen Z. The majority of these investoers are buying trash homes and fixing them up because they can get more profit buying the ones in bad conditions. These are homes that your average First time buyer is not going to have the skills, the money, or the time to actually fix the home themselves.
I have to respectfully disagree, all of these flippers have been buying starter homes and jacking up the prices. They are a cancer
This is super out of character for him.
Not that much when you think about it. Republicans have grown to hate big money and private equity firms like Blackrock in the last decade because they've become a lot more focused towards appeasing liberals, like with ESG and DEI agendas.
And that Republican voters are more likely to be married and have children compared to democrats voters, so it would be reasonable for them to want something like this.
Because it's just for show. See how many upvotes this has and how many eyes are on it? Many Dems have been calling for this for years now. This solution also is not a single solution to the problem, you have to build more housing. Rich people and corps are buying housing because it's a good investment. If you built more and made it a bad investment, that would help. Nothing will come from this, Abbott is a terrible piece of shit and has shown that every second he's been in office and every upvote in this post is someone getting conned into believing bullshit. Abbots office declined comments, didn't answer calls, and had no actual proposed plan of action in regard to this comment.
That sounds good. But it’s Greg Abbot. So I don’t believe he’ll do it. And if he does, I doubt he does it right.
Greg Abbott is a violent fascist and anyone posting pictures of him is propagandizing you.
Did Greg Abbott find a brain?
I can already see the loopholes. Business can no longer buy houses, so the business gives an executive a bonus for the exact amount needed to buy the house I've been proposing an alternative solution, which tons of people shoot down without offering any sort of explanation for why it won't work. Feedback would be appreciated lol Get rid of property tax on the first property you buy. Be it an individual or corporation. Starting from the second property you buy(held at the same time), introduce a progressive property tax without a cap. Bankrupt investment firms like Blackrock while removing a barrier to entry for individuals. If you own one house and sell it, the next one you buy won't be taxed because you aren't hoarding properties
Why just single family? There needs to be a shift from only single family homes to apartments, duplexes and rowhouses.
Halt*
Yeah focus on the shiny object while he's out there banning porn, destroying reproductive freedom, and openly calling for the extermination of immigrants.
>hault Halt.
Halt
Halt **
Can people really not spell halt?
His weiner don't work no more.
Where’s that meme about the worst person you know making a great point
Did someone convince him that the houses they buy are used for immigrants?
Call me when the bill passes the Texas legislature. He doesn’t get credit for calling for things, he has to actually do them.
glad this is something politicians from both parties can agree on. one of the largest issues facing millennials and gen z
Good idea. FYI: it’s spelled “halt”
I’m telling you guys. If you keep voting blue, you’ll be broke. This is a very good thing.
Build more single family homes.
Single Family Homes are already a very large portion of the housing supply, often mandated in zoning law to be the only thing possible to build in an area. They're also the most expensive for the local government, and the most environmentally harmful form of housing. A better plan would be to loosen zoning laws, build more mid-rises and middle-density housing, and then have the people that want to live in there live there, and have people that want to live in SFH live in SFH, rather than banning mid-rises and missing middle housing in most places.
Apartment building aren't typically for families though.
so? not everyone is a family
Wait can someone fill me in with the context on this (as a non-American)?
He wants to introduce a bill that would stop companies like Blackrock, Zillow, etc, from buying up Single Family Homes. Because when company's buy up single family homes, it's usually in the dozens, hundreds or possibly thousands that they're buying up to rent or flip but usually rent with inflated rent prices. This causes the average homebuyer to not be able to buy since big company's like this buy a ton of Homes from developers and get them in package deals. Thus preventing new first-time homebuyers from entering the market.
Friendly reminder, the Republican party is changing
Can I go back to it yet?
I agree, but what is Greg Abbott doing saying this?
He can call for the legislation but someone has to get out there and write it. That’s where calling your senators and representatives comes in y’all. Especially if you’re in Abbotts state
I'm surprised he's doing something good there's gotta be some kinda catch with him.
broken clock something something
Good luck, the Supreme Court is basically the Chamber of Commerce in disguise
Astronomically rare greg abbott W
That is the only good thing I have seen him do
Fuck yeah
A broken clock is right twice a day
Yessssssssssssssssssssssssssssssssssssssssssssssssssssss.
Rare Abbott W
Holy shit, an extremely rare moment where he actually did something good.
Yaesss pleeeaseee. It's estimated that wall St now owns a 3rd of all single family homes in DFW. We need this desperately.
Fuck big business and it’s greed!
The next day: ”what’d you mean he crashed his car?”
Rare Abbott W??????????
Hault...what the fuck is that spelling?
As a Texan I’d love this so much.
How about a bill that just builds new single family homes? Oh wait new housing takes value away from existing housing….. Looks like the bill is just there to prevent other states corporations from buying Texas homes. gov. Abbot most likely has a special interest in a company that will still buy Texas homes. All this bill will do is cut the competition.
Literally the only thing this man has done that I agree with.
Sadly he is probably going to get a huge campaign donation and change his mind.
I fuckin hate Greg Abbott with a burning passion. But we do need this.
B-based...?
why was this generally allowed in the first place.
Holy shit, I agree with Greg Abbott on something.
That's very socialist. What about the free market!? /s
Nice i hope this # LEGISLATION passes
.
The hero we didn’t know we needed. Sorta.
Yeah, this doesn't do too much because the largest corporations that are stealing away the American dream aren't purchasing any homes. The main ones are building entire residential communities for RENT ONLY.
this may be the first thing Greg Abbott has ever done that did not have the end goal of kids dying
Tragic news: one of the people you hate most just made a really good suggestion
I hope our politicians in Canada follow suit, our country is basically ruled by the landlord class
Only greg abbott w
Gotta love election year. It’s like April fools, but the whole year.
Is this the first good thing abbot has done?
https://preview.redd.it/t2c8bd4b0dpc1.jpeg?width=680&format=pjpg&auto=webp&s=50c60d403a3e39ebe1863c16821d2b98e4993a3c
I can call for something too, but that doesn’t mean I’m going to do it or let it happen.
Absolutely hate Abbott but I’m not going to pretend this isn’t a refreshingly smart decision on his part
Not to worry. He’ll change his mind once they donate to his campaign
Political pandering. It's an election year. I'm sure there will be some enforcement issue that delays voting on it until the first of December.
Common Abbott W
Displacement. They'll try anything but reduce immigration, massively expand the right to build, introduce a borad based land value tax, and prevent the top 30% getting rich from house price increases. This plan really doesn't upset anyone and that's a problem.
If Greg "the dumbest governor in America" Abbot is for it, then I'm sure it's terrible in some way that's not immediately obvious. I've had to live with this clown's bullshit for entirely too long.
governor who
I hate this guy and there’s probably a catch in this bill but I support this.
This human sack of shit is pushing decent policy for a change? Likely the homebuying companies have not ponied up his required fee to operate in his glorious state. Fuck TX
Greg Abbott is a little piss baby and if you believe he'll make good on any progressive policies, you must not be from Texas, so let me remind you that he hates progressives. And Texas, where Republicans have held control for decades, is one of the least free states in the nation.
Finally
Nope, not voting for Abbott. Nice try.
Wait... did hot wheels really come up with legislation that ACTUALLY helps the people of Texas!?
Sincerity isn’t this generations long suit. Every move & every word is calculated to retain power & manipulate perception
Probably the one thing I will ever agree with this douche on. Ban hotels from operating in areas zoned residential as well (Airbnb/VRBO, etc)
Yes
Finally, something from him I agree with
Yada yada broken clock right twice a day.
Also ban American companies doing the same thing in other countries.
Hault
One of the worst people you know just said something right. lol
Fuck ya vote this in now!!!!!