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this post was submitted on 17 Jan 2024
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In support of your argument.
Report: 44% of all Single-Family Home Purchases were from Private Investors in 2023
edit: see corrections below
If you click through to the Business Insider article you can see that it's a misquote. Private investors accounted for 44% of the flips in 2023, not 44% of all single family home purchases total. That's still a problem, but it's a huuuuuge difference. Flips are a small minority of home sales.
Thanks for the correction. I remembered seeing that number but didn't analyze it in any depth. A more detailed analysis of the market, by Freddie Mac, concluded that there were four main drivers for the recent surge in prices, and investors weren't on the list.
Institutional investors apparently even reduced their purchases in 23 - some of them were even net sellers - because of prices and interest rates. That doesn't mean they aren't still villians in this scenario. I don't think big investors should own single family homes at all. But still they aren't as big a force as my previous comment indicated.
Fucking hell that's shocking
It’s not even close to true. Here’s an article about it