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New York risk and investment management titan BlackRock is one of several high-profile companies that are pushing working families off the housing market into rental apartments, robbing them of capital and the ability to build credit and equity.
BlackRock – led by billionaire Laurence Fink – is buying entire neighborhoods and converting single-family homes into rental apartments, according to a report in the Wall Street Journal; In cities like Houston, investors like Fink make up a quarter of home buyers.
In “Tucker Carlson Tonight,” Chronicles journalist and associate editor Pedro Gonzalez said BlackRock’s actions made 40% of American renters believe they can never buy a home.
“Owning a home gives people a stake in a society. It’s a way of building generational wealth. It’s the foundation of the middle class and part of the American dream, ”he said.
“Permanent capital”, like that of companies like Fink, “kills the dream and gives us a nightmare of expropriation”.
The impetus for companies to bulk buy homes is to take on pensions and fill their books with soaring house prices.
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Gonzalez warned, however, that these reckless measures will only accelerate the bursting of the next housing bubble – just like a decade ago.
“The same institutions also promote progressive ones [political] Policies like environmental policies that also raise house prices – and they push for more immigration, like JPMorgan Asset Management, “Gonzalez reported.