Landlords of Wall Street

While renting out houses has typically been the province of mom-and-pop landlords, it should come as no surprise that Wall Street wants in. For years, a glut of foreclosures has suppressed home prices even as tighter lending standards and a sluggish economy have kept many buyers away. Banks, meanwhile, still sit on huge “shadow” inventories of foreclosed and abandoned properties, which means fewer places for people to live. The result of all this is a red-hot rental market—primed for speculation.

MJ’s Josh Harkinson reports that some of the folks who created the subprime mortgage debacle are now scheming to be all of our landlords, whichhhhhhhhhh … will probably not end well, for us. It might end well for them. Things don’t seem to not end well for them.

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6 Comments / Post A Comment

MuffyStJohn (#280)

Nothing ever ends well for “us,” Logan! Unless we’re That Guy who paid off the loan debt with his white penis.

In general, I really wish there was more attention being paid to the heinous state of the rental market (particularly in large cities, which is where the jobs/people are), and it’s only getting worse. Much, much worse. At an alarming pace. I kind of wish the government would slow down on throwing money at homeowners and start tossing a little cash to those of us paying obscene proportions of our income on rent (47% post tax over here – just enough that it REALLY hurts but not enough to bump me to the top of the Section 8 list). But since renting isn’t the American Dream (just the reality), then rent assistance is socialism and there’s no chance anyone is even going to pretend to care.

@MuffyStJohn …or the government could even BUILD houses. But then you might end up forcing people to live in architectural atrocities like this:

Quelle horreur!

MuffyStJohn (#280)

@stuffisthings My eyes! The horrors, the horrors! I’ll bet there are people getting gay-married inside before they go get their teeth cleaned on the government’s dime too. And in the process, making Baby Jesus cry.

Related: HOW YOU DO THAT MAGIC THING WITH THE IMAGES? Are you a unicorn?

@MuffyStJohn Well, to be fair I cherry-picked that image from a Wikipedia article about how ugly and alienating French social housing is… but hey, it works for 1/5 of the French population.

Also, I believe the correct term is HTMLicorn.

chic noir (#713)

@MuffyStJohn – Unless we’re That Guy who paid off the loan debt with his white penis.

OMG are you talking about a guy from that Showtime series Gigolos?

chic noir (#713)

@stuffisthings Those houses look so elegant to my eyes.

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