This isn’t the rich, that’s what makes it so sad. These funds are managed by vultures, yes, but these portfolios are quickly bundled and turned into financial instruments, which in turn portions of them are rolled into other funds, which in turn are sold to groups like teachers pension funds, or fractions sold on Robinhood using fancy names that disguise what is in them. These funds are sold not to the rich but to those trying to stay ahead of the meat grinder that is the American capitalist economy. The rich get fees that are completely divorced from how well the funds perform, meanwhile working folk are inadvertently funding and fueling the machine that is making it impossible for them to afford to buy a home.
Should 10x property taxes on non-primary-residences, and split the proceeds between subsidizing construction of new housing and being distributed as a UBI. Would be better than trying to ban speculative investment in housing outright, because it would be attacking the underlying market factors instead of telling investors they can’t try to make a profit.
Eat the rich
This isn’t the rich, that’s what makes it so sad. These funds are managed by vultures, yes, but these portfolios are quickly bundled and turned into financial instruments, which in turn portions of them are rolled into other funds, which in turn are sold to groups like teachers pension funds, or fractions sold on Robinhood using fancy names that disguise what is in them. These funds are sold not to the rich but to those trying to stay ahead of the meat grinder that is the American capitalist economy. The rich get fees that are completely divorced from how well the funds perform, meanwhile working folk are inadvertently funding and fueling the machine that is making it impossible for them to afford to buy a home.
Should 10x property taxes on non-primary-residences, and split the proceeds between subsidizing construction of new housing and being distributed as a UBI. Would be better than trying to ban speculative investment in housing outright, because it would be attacking the underlying market factors instead of telling investors they can’t try to make a profit.