Re:California Spent $17B on Homelessness. It’s Not Working
by Brainfood on Friday June 02, 2023 @07:25PM
(#36172115)
I don’t get into a lot of conspiracy theory scenarios. I also don’t think it’s even much of a conspiracy - when the recession hits and people can’t afford housing they default on mortgages. Corporations buy them and turn back into renters. I’ve seen stats that say that happened to 5% of the population during the last 10-15 years.
Also there’s stuff like this:
Over Two Thirds of All Los Angeles Rentals Are Now Owned by Speculative Investment Vehicles https://knock-la.com/los-angeles-rental-speculation-4022d16a...
What’s left when you account for all of that is apartment buildings. Individual people can own apartment buildings, but only if they’re significantly wealthy, and even then they’ll want to outsource the actual management of the building. Theoretically you can convert apartment buildings to condo buildings, but there are still a lot of people who want to rent rather than buy at any particular point in time so it might not make sense to do that.
Furthermore, I don’t think theres any corporate conspiracy to turn us all into renters in the first place.