The Hartmann Report Daily Take: Property Pirates: How Billionaires Are Hijacking Affordable Housing
Oct 23, 2024
The podcast tackles the housing affordability crisis in America, emphasizing how billionaire investors are turning homes into mere assets. It reveals that over 100 markets are struggling under unsustainable rent burdens. The discussion highlights alarming data linking high rents to homelessness while showcasing a family's fight against corporate competition in their pursuit of homeownership. Amidst these challenges, the need for rethinking housing as a fundamental right is urgently addressed, questioning the future of affordable living.
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Billionaires and the Housing Crisis
- Billionaires are treating housing as an investment commodity, driving up prices and increasing homelessness.
- This is a primary cause of the current housing crisis, impacting affordability and availability.
Impact of Billionaire Investors
- Billionaire investors are acquiring vast amounts of property, often leaving units vacant, driving up rents, and targeting low-income communities.
- They exploit tax breaks and public benefits while contributing to the housing crisis.
The 32% Threshold
- When rent exceeds 32% of neighborhood income, homelessness increases significantly.
- This threshold is being crossed in many areas due to rising rents driven by billionaire investors.