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US will ban Wall Street investors from buying single-family homes

reuters.com

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Re: US will ban Wall Street investors from buying single-family homes

#21

Post by nerdjon »

codyb wrote: post #7

Seems reasonable to me, a very anti Trump individual. Now deliver. And which of his buddies does this benefit? I'm trying to think if there will be ramifications to this... - Obviously forced divestment of all Wall St owned single family homes could impact housing prices which is both the point, but of course... also hurts many families borrowing power and net worth - I guess that crash could potentially have people…

I am also trying to think of what else could actually be fueling this, since it sounds very... not republican. Quite literally the opposite.

Like you said that also assumes it actually happens and isn't another incoherent ramble that is conveniently forgotten about or claimed he never said.

I mean if its legit I will cheer it on... but I remain skeptical.

Re: US will ban Wall Street investors from buying single-family homes

#22

Post by kingstnap »

> "People live in homes, not corporations," Trump said.

Very surprisingly progressive opinions from Trump.

I do completely agree though, the consumer surplus of housing should be captured by people. Not investors looking to profit.

It's extremely toxic to society when investors get to eat the utility of housing.

Re: US will ban Wall Street investors from buying single-family homes

#23

Post by JoshTriplett »

One additional important detail: if this gets implemented at all, hopefully it does not affect the common practice of having a self-owned LLC owning your home. This is common for the purposes of keeping your personal name out of public records; it is far too easy to link someone's name and address, and people at risk of doxing can do this to protect themselves.

Re: US will ban Wall Street investors from buying single-family homes

#24

Post by exe34 »

Goronmon wrote: post #13

It was not immediately clear what legal authority Trump would draw upon to impose such a ban on the private market purchases of houses. Trump did not detail the policy, the form it would take or the legal changes he was seeking from Congress. The White House did not immediately respond to a request for comment. The U.S. president was due to sign unspecified executive orders later on Wednesday. Anyways, I thought that…

because he doesn't run mid-terms - states do. He's desperate.

Re: US will ban Wall Street investors from buying single-family homes

#25

Post by cyberax »

It might help in the long term, as it can force cities to stop densifying. And as we all know by now, densification is the leading cause of unaffordability. The US has more houses than households, but people are forced by economic forces to move into denser and denser areas.

But short-term it'll hurt availability. One of the most common ways to enshittify cities is buying an SFH, demolishing it, and plopping a 3-4 apartment complex in its place.

Re: US will ban Wall Street investors from buying single-family homes

#26

Post by EA-3167 »

delecti wrote: post #6

I get that title length is limited, but the "Trump Says" in the title is a pretty significant detail. He "says" things all the time.

What baffles me is why people still take it all seriously, we've had well over a decade to examine his patterns of behavior and the takeaway is that fully 99.999% of his utterances are worthless. In the rare case that his promises are turned into some shambling semblance of reality there's always plenty of warning; in the case of VZ and Maduro you had significant troop movements for months for example.

Unfortunately by treating his every utterance as requiring attention he gets what he wants, the media gets clicks, bloggers get clicks, and people get to use it as part of an eternal argument over "what comes next".

People here at least should be more adept at recognizing and responding to patterns.

Re: US will ban Wall Street investors from buying single-family homes

#27

Post by donkey_brains »

Simulacra wrote: post #19
delecti wrote: post #6

I get that title length is limited, but the "Trump Says" in the title is a pretty significant detail. He "says" things all the time.

That's true, but to play devils advocate for a second, just because he says something doesn't make it wrong or bad. Banning Wall Street from buying single-family homes is a great thing that I completely support, and I don't really care which president makes it happen.

The point is that leaving off “Trump says” makes it sound like something that will actually happen.

Re: US will ban Wall Street investors from buying single-family homes

#28

Post by shadowgovt »

Simulacra wrote: post #19
delecti wrote: post #6

I get that title length is limited, but the "Trump Says" in the title is a pretty significant detail. He "says" things all the time.

That's true, but to play devils advocate for a second, just because he says something doesn't make it wrong or bad. Banning Wall Street from buying single-family homes is a great thing that I completely support, and I don't really care which president makes it happen.

It also doesn't mean he can actually do it. There's no obvious mechanism by which this can be enforced without a law from Congress, and it's not entirely clear such a law would be Constitutional (they'd have to base it in the right of the federal government to regulate interstate commerce if they're going to base it in anything, which presupposes an interstate market for shelter, and there's a reasonable argument to be made that maybe that's not a thing; housing is a local concern, and home prices in Topeka don't impact me, a buyer in Boston, if I want to live in Boston).

Re: US will ban Wall Street investors from buying single-family homes

#29

Post by anonymars »

codyb wrote: post #7

Seems reasonable to me, a very anti Trump individual. Now deliver. And which of his buddies does this benefit? I'm trying to think if there will be ramifications to this... - Obviously forced divestment of all Wall St owned single family homes could impact housing prices which is both the point, but of course... also hurts many families borrowing power and net worth - I guess that crash could potentially have people…

> also hurts many families borrowing power and net worth

This is part of the crux, isn't it? It's a backbone of families' wealth and positioned as an investment. So there seems to be no winning: either choke off the young trying to buy or crack the nest egg of the old

See also: Bitcoin and the like (wild value fluctuations are the hallmark of a good currency)

Related article of interest: https://archinect.com/news/article/150496266/is-this-swiss-h...

Re: US will ban Wall Street investors from buying single-family homes

#30

Post by causal »

Simulacra wrote: post #15
lif wrote: post #4

What about the many, many thousands of homes that have already been bought up?

I'm not sure if they could be forced to sell those, the government could, but then that would fall under just compensation seizure. I'm not a lawyer, but it would seem under basic legal theory that you couldn't take those homes.

The Comrade Trump memes would go crazy
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