The incipient “Great Reset” is a multi-faceted beast. We talk a lot about vaccine passports and lockdowns and the Covid-realated aspects – and we should – but there’s more to it than that.
Remember, they want you to “own nothing and be happy”. And right at the top of the list of things you definitely shouldn’t own, is your own home.
The headlines about this have been steady for the last few years, but it has picked up pace in the wake of the “pandemic” (as has so much else). An agenda hidden on back pages, behind by Covid’s meaningless big red numbers, but perhaps no less sinister.
You can find articles all over the net talking up renting over owning.
Last month, for example, Bloomberg ran an article headlined:
America Should Become a Nation of Renters”
Which praises what they call “the liquefaction of the housing market” and gleefully expounds on the idea that “The very features that made home buying an affordable and stable investment are coming to an end.”
The Atlantic published “Why Its Better To Rent Than Own” in March.
Other publications go more personal with it, with anecdotal columns about ignoring financial advice and refusing to buy your home. Vox, never one to sell their agenda with any kind of subtlety, have a piece titled:
Homeownership can bring out the worst in you
Which literally argues that buying a house can make you a bad person:
It’s the biggest thing you might ever buy. And it could be turning you into a bad person.
So what exactly is the narrative here? What’s the story behind the story?
The short answer is fairly simple: It’s about greed, and it’s about control.
It almost always is, in the end.
The longer answer is rather more complicated. Major investment firms such as Vanguard and Blackrock, along with rental companies such as American Homes 4 Rent, are buying up single-family homes in record numbers – sometimes entire neighbourhoods at a time.
They pay well over market value, pricing families who want to own those homes out of the market, which forces the housing market up whilst the Lockdown-created recession is lowering wages and creating millions of newly unemployed.
Of course, this is motivating people to sell the houses they already own.
People all across America have been saddled with houses worth less than they bought them for since the 2008 economic crash, and are eager to take the cash from private investment firms paying 10-20% over market value. Combine an economic recession with a created housing boom and you have a huge population of motivated sellers.
Of course, many of these sellers don’t realise, until it’s too late, that even if they attempt to downsize or move to a cheaper area, they may be priced out of the market completely, and forced to rent.
As such, in the last year, the private investment share of single-family home purchases is estimated to have increased ten-fold, going from 2% in 2018 to over 20% this year.
As more and more people are forced to rent, of course, rental properties will be in higher and higher demand. This in turn will drive the cost of renting up.
Market Watch has already reported that, in the last year, rent has increased over 3x faster than the government predicted.
This problem is likely to get worse in the near future.
Last night, Congress “accidentally failed” to extend the Covid-related eviction ban.
Which means, this weekend, while Senators adjourn to the summer homes they probably don’t rent, the ban will officially end and a lot of people are likely to have their houses foreclosed or their landlords kick them out.
The newly empty buildings will be a feeding frenzy for the massive corporate landlords. Who will descend on the banks like starving hyenas to snap up the foreclosed properties for pennies on the dollar. Just like they did in 2008.
The Wall Street Journal headlined, back in April, “If You Sell a House These Days, the Buyer Might Be a Pension Fund”, and reported:
Yield-chasing investors are snapping up single-family homes, competing with ordinary Americans and driving up prices
However, since then, something has clearly changed. The propaganda machine has kicked into gear to defend Wall Street from any backlash.
No better example of this shift can be found than The Atlantic, which ran this story in 2019:
WHEN WALL STREET IS YOUR LANDLORD
With help from the federal government, institutional investors became major players in the rental market. They promised to return profits to their investors and convenience to their tenants. Investors are happy. Tenants are not.
…and this story last month:
BLACKROCK IS NOT RUINING THE US HOUSING MARKET
The real villain isn’t a faceless Wall Street Goliath; it’s your neighbors and local governments stopping the construction of new units….