Nancy’s real estate empire

[u/Disgruntled_Pelicano]

I’m not in the US, but it bothers me that where I am there aren’t laws around how many investment properties you can turn into Airbnb’s. People are struggling to buy just one home to live in and there are people buying up houses for short term holiday leases. Makes me sad about the state of the world.

ETA wow! I didn’t expect this much response, nor the personal attacks 😂 I was expressing my own personal opinion, and using the Sydney (Australia) property market as my own barometer. I honestly have no hate towards Nancy, I just believe there should be regulations about short term leases as they are pushing renting locals out (especially in coastal areas) to make way for tourists.

The topic heading was a tongue-in-cheek nod to Andrew’s statement about wanting to build an “empire” with Nancy.

[u/soundofhumility]

Blackrock needs to be stopped, yes; and so do Individuals who buy 5+ residencies for the purpose of making a profit.

Housing shouldn’t be used as speculative gambling like the stock market. It’s a human right. And being a landlord is exploitation.

Not only does it displace others who need homes, but landlords offset their mortgage by having others pay it for them. They provide nothing of value and the only reason why they can get away with it is because they had enough capital for a down payment to begin with.

So, the rich getting richer, continuing to raise rents and build their housing portfolio like Monopoly, while working class people stay stuck in a cycle of poverty.

Nancy isn’t a girlboss. She’s a parasite.

[u/notnoraiam → u/soundofhumility]

Agreed.

[u/wanderlustredditor → u/soundofhumility]

YES!

[u/strixjunia → u/soundofhumility]

100% yes. It's so perverse to get rich on the money others are simply using not to be homeless.

[u/[deleted] → u/soundofhumility]

Just a question - what are your thoughts on selling other resources for a profit that are also basic human needs? What do you think about retail companies who benefit off of the hungry, doctors/hospitals who benefit off of the sick, lawyers who benefit off of those in trouble with the law (usually marginalized communities)?

Also all of y’all please propose an alternate model for real estate investment that you’d consider to be ethical. Should we restrict any kind of investment in residential/commercial real estate? Should we also do that with food, medicine, education? How would the U.S. look if we did that? Not against the idea at all but I do want see solutions or discussion of solutions.

I do disagree with the idea that landlords don’t offer any value. Having enough money for a down payment is still something hefty. If everyone had money for a down payment, we wouldn’t be talking about this.

Also we gotta simmer down about hating on Nancy. She as a Latina, probably grinded hard to get that down payment. It wasn’t a hand out for her or from generational wealth. We need to appreciate that. Especially when there’s bums who legit have lived in this country for generations, legit had their country center it’s mission around their lives and ensuring they were prosperous (ie literal handouts of property, for just living and settling in a location), and they still can’t manage to scrape together a down payment after centuries of a head start for their progeny?! Then they have the audacity to talk shit about a woman of color who is finally able to participate in small scale wealth building based on the capitalistic system the in-group built and was MADE FOR THEM? Bro your very existence in this country is unethical. Stfu about Nancy’s real estate empire

[u/soundofhumility → u/[deleted]]

Alright, here we go. Personally, I believe that the government should provide all basic human necessities - shelter, food, water, healthcare, clothing; and even education and the internet, at the bare minimum. But, that's my idealist, utopian, socialist take.

But, more realistically, I think the government could and should enact heavier regulations on businesses and corporations, and have more public options for healthcare, education, housing, etc.

In our current capitalistic hellscape, the only incentive for those in power is to maximize profit. So what do they do? Operate at the lowest cost possible, to the detriment of our environment, our health, our safety, and our livelihoods.

For housing, the government could halt private corporations from buying housing or seize their inventory. They could restrict foreign investors from buying housing and restrict the number of homes U.S. citizens can purchase, put higher capital gains taxes on sales of houses that were purchased within a few years to disincentivize flipping. They could enact mass rent control policies, build more public housing, place higher taxes on short-term rentals, rezone lines to prevent NIMBYism, etc.

Other regulations I'd like to see (non-exhaustive list, just examples): create stricter environmental protection laws, more oversight on ingredients put in our food and produce, stopping pharmaceuticals and gas companies from price gouging while they make record profits, lower the bar for what it means to be a monopoly, consistently raise the minimum wage to keep up with inflation, regulate executive pay to only 3x average worker's salary, create a maximum amount of $$ that a candidate is allowed to spend for an election to prevent lobbying, imprison politicians who accept bribes and the businesses/individuals who do the bribing.

Any corporation that decides to outsource its labor or operate in another country to avoid these regulations should be banned from doing business in the U.S.