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The New York titan of risk and investment management black rock is one of several high-powered ventures pushing working families out of the housing market and into renting, depriving them of capital and the ability to build credit and equity.
According to a Wall Street Journal report, BlackRock — led by billionaire Laurence Fink — is buying up entire neighborhoods and converting single-family homes to rentals; while in cities like Houston, investors like Fink make up a quarter of homebuyers.
On “Tucker Carlson Tonight,” Chronicles reporter and associate editor Pedro Gonzalez said BlackRock’s actions lead 40% of American renters to believe they will never be able to buy a home.
“Home ownership gives people a stake in a society. It’s a way to build generational wealth. It’s the foundation of the middle class and part of the American dream,” he said. declared.
Meanwhile, “permanent capital”, like that of companies like Fink’s, “kills the dream and gives us a nightmare of dispossession”.
The incentive for corporations to massively buy homes is to secure pensions and inflate their books by driving up house prices.
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But, Gonzalez warned that such reckless actions will only hasten the bursting of the next real estate bubble – as it did a decade ago.
“The same institutions also promote progress [political] policies like environmental policies that also raise the price of housing — and they push for more immigration, like JPMorgan Asset Management,” Gonzalez reported.