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It’s no secret that the housing market in the U.S. is a giant disaster. Interest rates have skyrocketed, prices have quadrupled, and these mysterious entities seem to swoop in with cash offers and buy up many of the available homes on the market.
What’s going on?
Democratic candidate RFK Jr. recently addressed these issues on the "Tim Dillon Show."
“Not only are we, you know, suffering inflation from the constant wars,” but “also you have these three giant companies – BlackRock, State Street, and Vanguard,” who “ already own everything, and now they've decided they're going to buy every single-family home in America.”
“They're on track now to control, to own … 60% of the single-family homes in America within six years,” he explains.
It’s no wonder young people feel so discouraged these days. This is a death sentence to many people’s dreams of owning a home.
“Think about this for a second,” says Dave Rubin. “They're telling us and have been telling us for years: ‘You will owe nothing and be happy.”’
“Now the banks have gone from 2.5%-3% interest rates” to “around 9%, so the average person now if every month you have to pay 9% on that mortgage, now you're paying an awful lot,” Dave explains, “and suddenly you can't get that mortgage, you can't buy that house, and then what happens?”
“You have to end up renting,” which means “you're getting no equity, you're not building wealth over time,” and most importantly, you’re not owning anything, which is exactly what these mega corporations want.
“You can see the connection,” Dave says. “If the banks raise interest rates high enough, the average person is like, ‘I can't take out the loan’…and then BlackRock and Vanguard and these other companies come in … and they just buy the house for cash.”
Once they acquire the house, “they let it be empty … or they then allow it to be rented,” meaning they own everything, while people own nothing, which is exactly what they’ve said their plan is.
“So you see how the banks are connected to exactly what BlackRock is doing,” Dave concludes.
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