BlackRock, other investment firms, buying up homes, forcing rental boom
'Chronicles' associate editor Pedro Gonzalez reacts on 'Tucker Carlson Tonight'
The New York City risk and investment management titan BlackRock is among several high-powered firms pushing working families out of the housing market and into rentals, therefore depriving them of capital and the opportunity to build credit and equity.
According to a Wall Street Journal report, BlackRock – led by billionaire Laurence Fink – is purchasing entire neighborhoods and converting single-family homes into rentals; while in cities like Houston, investors like Fink account for one-quarter of the home purchasers.
On "Tucker Carlson Tonight," Chronicles journalist and associate editor Pedro Gonzalez said that BlackRock's actions are leading 40% of American renters to believe they will never be able to purchase a home.
"Homeownership 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.
Meanwhile, "permanent capital," like that from firms like Fink's are "killing the dream and giving us a nightmare of dispossession."
The impetus for firms to mass-purchase housing is to underwrite pensions and pad their books by spiking housing prices.
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But, Gonzalez warned that these reckless actions will only accelerate the next housing bubble to burst – as it did a decade ago.
"The same institutions also promote progressive [political] policies like environmental policies that also raise the price of housing – and they push for more immigration, like JPMorgan Asset Management," Gonzalez reported.
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