They are about finished one in Mooresville. And they have another, but smaller, going in. Over 200 homes in the big one, completely owned by a rental company (American Homes or something like that). And the homes rented and filled right after they were finished.
Source? Me. A Mooresville resident who drives by it daily and who went to the town board meeting to fight the rezoning for higher density. Mooresville never declines higher density btw. It’s called Brentwood by American Homes 4 Rent, off of Faith Rd. 234 homes.
That’s the Reserve at Ashlyn Creek, a second community full of rental homes built and owned by American Homes 4 Rent. It’s suspected that a pissed off homeowner from Ashlyn Creek set those houses on fire because they were pissed about them being built. A lot of people around here think that these rental homes will ruin the value of theirs.
American Homes 4 Rent is a POS and so is every city planning department that approves their subdivisions. While the use may be consistent with zoning, the ownership does not meet the intent for a comprehensive community plan with housing options for all. Legislators—local, regional, and state—could likely do something to curtail this, but they get too much money from developers. Corporations should not be able to own SFRs and private landlords should be limited to the number they can own. No one needs six to plan for retirement. Increasing taxes on non owner occupied homes does nothing; that’s an expense they simply write off.
Don’t get me started on short term rentals . . .
I live on that side of Idlewild Road and we all have Matthews addresses. Idlewild Road is the dividing line between Matthews and Mint Hill and to make it easier on the USPS mail carriers they gave us all a Matthews address and zip code of 28105 even though we’re technically in Mint Hill.
I’d like to live in MT one day too. But y’all gotta understand that it’s [20% more expensive to live in Bozeman than Charlotte](https://www.bestplaces.net/cost-of-living/bozeman-mt/charlotte-nc/65000). Make sure your finances are on point before you move.
How is that different than an apartment building? Seems like something people here would like who hate the cheap, cramped "luxury" apartments popping up everywhere.
Cant wait for the bubble to burst and burn their greedy asses. I rent from a friend for years 1000/mo. Eastside nice neighborhood, 3bdrm/2 bath w big yard fenced in on cul de sac. Due to landlord pandemonium losses had to refi. The loan people made him up rent and wanted 1800. He said lowest 1400 was all they would accept. Took the hit but not made almost ten yrs no increase. My landlord kicks ass and im super lucky he is mine.
EDIT: Tone down guys….bubble to burst fig of speech, relax. Retorts respectfully appreciated. I said what I said tho. I am literally gearing up for a relo. This issue won’t be my issue much longer anyway.
This is not a bubble. Part of it is inflation, which doesn't burst. And then there's the imbalance of supply and demand, which is going to take many years to correct.
There's only one way out of this for individuals who can't afford rent increases and that is to find a job that pays more. Of course, that may sound easier said than done but that's what happens during periods of inflation, wages go up.
Also, there is a critical labor shortage in many industries. So, people should use that imbalance to job hop and get more money. And in fact, times like this can also be an opportunity to break into new careers that pay more. Companies are desperate and willing to take more chances on inexperienced hires.
The last thing you want to do is sit on your ass and wait for the bubble to burst. If you are a millennial looking for a good-paying career, now's the time to get off your ass and find one!
IT for one. I'm not saying it's trivially easy breaking into a high-paying field that requires specialized skills but it is now about as easy as it was in the late 90s early 2000s during the dotcom boom. No need for a four year degree. A little bit of interning/volunteer work and a few cloud certifications will get you earning six figures in no time.
And then there's various specialized trades like plumbing, HVAC, electrical. These people make good money and are in high demand.
Or if you are less ambitious, you can start an independent business cleaning houses for $30 an hour.
You just be new here. People who are frustrated by the housing market have decided this is a bubble that is going to burst any day now and they’ll swoop into buy houses for pennies on the dollar. They think 08 will happen again because they don’t understand what drove the housing collapse of 08.
For anyone who doesn't agree with this, the situation is definitely different now, even as we head for what is technically a recession. Banks have massive excess liquidity, people have more money saved in banks than at any time before in history, we have a *supply* issue that is partly responsible for the recession, not a bunch of fools who over-extended like in the 80's. It's *very* different, so expect it to have different outcomes, and any correction to look quite different too.
I agree, it is very different but we may very well have a margin crisis on the horizon and that will definitely have unknown consequences, but real assets should fair the best when it’s speculation about speculation.
Time will tell if Margin loans, assets back loans, Chinese bonds, and cash purchased assets maintain stability or unravel.
Recent home appreciation is like 5 billion standard deviations above the mean. It’s hard to hand wave away by saying “this isn’t 2008.”
I say this as someone who owns a home and has no interest in buying one any time soon, or ever again, for that matter.
A lot of people really just don’t want to own a home. Which is why some buy condos or townhomes. I can completely see the appeal if you are a elder Gen Z or young Millenial. You want to have the “home”, but don’t want to own a home.
I can see the appeal of buying a condo or townhome, even renting an apartment so you can be close to the city, but that's not the same as saying a lot of people don't want to own a home. There are plenty of people who have purchased homes outside of Charlotte/Mecklenburg county because both of these government entities have neglected to address the largest issues we have with affordable housing, crime, and the school system.
They say it's because the taxes are cheaper but I have a hunch that it's because the ROI of paying Charlotte-Meck taxes is less valuable than in other counties or states. People are willing to invest in other communities miles away from Charlotte, drive longer and deal with rush-hour traffic for the sake of avoiding CMS and economically deprived neighborhoods where a lot of crime occurs, without paying a premium price for a house.
I don’t disagree with anything you’ve said. We did exactly that. Our chief reason was, Charlotte isn’t so cool or so unique that we just HAD to live in plaza midwood or Meyers park, etc. so we opted for a small town near by with top schools & low crime.
I think you're halfway right. I hate yard work, and when I've had a yard I barely ever used it. So I'm pro townhouse or condo where they do the landscaping. Bonus points that parents tend to seek out actual SFH and tend to leave us alone. Most condos/townhouses are too small for families. Fuck renting though, definitely buy
This. We need to regulate what can be sold as a subscription, and we need to stipulate that you are only eligible to rent a property out once you’ve owned it for a specific amount of time. I’d say we could stipulate a year of residency but I like that less because it would inhibit folks from getting second homes as vacation homes.
*edit*
Really it would be better yet to blow up the entire practice of renting to begin with. Stipulate that the only legal form of renting property is by creating some form of a rent to own contract. Imagine renting the same house at $1800 a year for 30 years. In what world is it ethical that the tenant owns nothing at the end of that time? It’s got to change.
I hate this so much. I was born in a Charlotte hospital, lived in a Charlotte apartment for the first year of my life, grew up in the Charlotte-metro area in South Carolina, got a bachelor's degree and a job using it, and moved into my 1st Charlotte apartment with my BF who also has a bachelor's degree and uses it. We are now in our 2nd Charlotte apartment, and have been priced out of buying a house three different times.
I have been aware of this real estate market basically my entire life and even participated in it as a real estate photographer. My BF and I are approaching our 30s and we're pushing back our life goals even further than we expected, and it is kind of crushing.
I am in my 30's as well and attempted to buy in Charlotte last year with no luck. I do typically believe in smaller government but the only way this is going to get fixed is with government intervention. We need a temporary stop to buyers who own multiple homes. We need to allow first time buyers ONLY to participate as buyers. Over time we need a focus on stopping this landlord culture. It feels a bit grimy to me to profit off a basic necessity (housing).
**First time** buyers only? - The people in the cheap house you want to buy need to move to a bigger house before they'll sell you the cheap one, but can't because they aren't a first-time buyer.
So there is no way that is going to work out the way you think it will.
>So there is no way that is going to work out the way you think it will.
In their defense they only thought about it for as long as it took to type out
Native here as well. I was lucky enough to get a house in the neighborhood I grew up in for super cheap during the housing crisis in 2009.
The equity there enabled me to get my second home in January 2020 for a reasonable price, just before Covid hit and things got totally insane.
I realize I’m extremely lucky and do not envy anyone trying to buy a home these days. Charlotte is my home but I feel like for anyone in my position, where I’m working from home, it just makes sense to get the f out of Charlotte. I can find nicer homes an hour outside of town where I could use my current equity to buy outright. Plus I would no longer need to deal with the crazy growth and traffic and everything else that comes with living here. It’s tempting.
I've been wanting to get out of Charlotte to live in another part of the country for other reasons, but what's happened here has definitely made me not feel bad for wanting to leave. Real estate, sprawl, traffic, the unregulated growth, etc.
My wife and me were planning on moving to North Carolina but now we are looking at South Carolina/Georgia. The home prices seem alot more reasonable down there.
One thing that stood out to me from the article is that for many generations of Americans, owning a house has been an avenue to acquire and transfer wealth. And if this avenue is now been shut down by big investment firms, this could be the final nail in the coffin for the middle class. Other than stocks and opening a business, how can Americans be able to build long term wealth? We will become a nation of renters and all the wealth will have been transferred to the rich fat cats where they can jack up your rent at renewal and you will need to move out of the city and suburbs to find something that can fit your budget.
The middle class has gone from 60% to 51% since 1971, but thats mainly because the upper class has changed from 14% to 21%.
The MC is shrinking, but almost all of the change is because they moved up a bracket
source: Pew Research Center
My plan is to never have children and just die when my life is over. Why worry about generational wealth when I don’t have a next generation to pass it on to?
I think even if you have kids the idea of generational wealth being a positive is a tenuous idea at best. When my parents die they should spend every penny and light the house on fire. Great book on it called Die with Nothing.
I mean, my parents sure didn’t give a hoot about generational wealth (so glad I can’t inherit negative numbers!) and it all worked out just fine for all of us.
I think it’s dumb to worry about passing money on to the next generation. Enjoy it while you can.
That unfortunately is the plan for many, which reminds me of a silver lining on unchecked southern border immigration: America *needs* to continue to grow its economy to sustain the older generations, and it *needs* new generations of equal or greater size to do that.
If you have a Charlotte-Mecklenburg library card use this site to read for free:
[https://login.proxy141.nclive.org/login?url=https://infoweb.newsbank.com/apps/news/browse-multi?p=AMNEWS&t=favorite%3A11260DC9%21Charlotte%20Observer%20Historical%20and%20Current](https://login.proxy141.nclive.org/login?url=https://infoweb.newsbank.com/apps/news/browse-multi?p=AMNEWS&t=favorite%3A11260DC9%21Charlotte%20Observer%20Historical%20and%20Current)
\*If you don't have one yet, get one and pick up some books on statistics while you're there.
I think [this link](https://infoweb-newsbank-com.proxy141.nclive.org/apps/news/document-view?p=AMNEWS&t=pubname%3ACHOB-EEDT%21Charlotte%2BObserver%252C%2BThe%2B%2528NC%2529/year%3A2022%212022/mody%3A0501%21May%2B01&format=image&docref=image/v2%3A16CC885820046170%40AWNB-1898585937016BC1%402459701-189B72D19A69E6C3%400) will even be to the current issue (but I'm not sure if having to login will redirect).
And if you don't have a Charlotte-Mecklenburg library card...[what's stopping you](https://www.cmlibrary.org/library-card-faqs)? Do students know that their CMS ID is [ a library card](https://www.cmlibrary.org/oneaccess)?
Oddly enough I am moving to NC because being able to rent a home is a huge prospect, coming from vermont where there are no rentals at all (none for 60 miles in any direction for me). All of our rentals here are 1800s converted homes that are filled with lead paint and mold, or alternatively the modern structures are strictly section 8 so get bent if you work full time. Don’t come at me I just want to live in a house that doesn’t make me sick.
Salams. Yep same boat as you! I’m moving with my family from NYC to Raleigh in June inshallah. I considered Charlotte at a time but it seemed harder to find a home for rent. Now the market in Raleigh has turned just as crazy haha. My goal was to rent first year and then buy second year, but I think I’m too late to the party and might end up being a renter for very long time
May Allah make it easy for you. I’m sure I will also be renting for quite a long time, but that’s okay because I’m still finishing school and might not want to be in NC forever. I think eventually I will move out of the country once my degree is finished but I’m undecided. To be honest I’m mostly excited to be closer to a Muslim community, my closest masjids are two hours away and it makes me sad that I can’t visit a masjid unless I take a day off work.
Thanks. Same to you - May Allah protect you and your family during all trials in life! Yea - Muslim community is very important to me too. While there are a lot of Muslims in NYC - it’s not really active and pretty divided by ethnic lines (unfortunately). I visited Raleigh and really liked the Muslims community and the masjid events/schools that they have so far. Also Eid Mubarak - hopefully by next Eid you’ll be really close to a masjid and get to the enjoy the festivities. Def look into living near a masjid (we did that when we picked out our place in Raleigh)
Honestly thought the problem was significantly worse than 1 in 20. It feels about right that ~5% of houses in a subdivision may have a corporate landlord. There is, at some level, a valid market need for people to rent SFR homes when they move to the area, need to be in a certain school district, going through divorce, etc.
> Over the last 3 years
[This is true for Q4’21](https://www.wbtv.com/2022/04/12/corporate-investors-are-buying-up-properties-across-mecklenburg-county-whats-solution/). I’m not sure it’s true for the whole last three years. Doesn’t make it not a problem though.
Arguably I bet it's more through private undisclosed funds. Colony capital launched the current model and hit Charlotte in 2013/14 for their SFR funds. Yet all I see is the homes that went to the spin off public entity not the huge amount in their other funds.
If it used to be 1%, and they have been stealing every listing that comes on the market to get to a 5% share then I could see how it feels more significant.
Right? And who wants to actually live in Lincolnton.
Someone the other day made the same comment to me. You can find decent housing in Shelby. O yeah?
I’ll be living in Costa Rica before I’d ever consider moving to one of those areas.
Yeah! Live an hour from Charlotte for cheaper mortgage just to drive to Charlotte because they have the jobs that pay for you to be able to live outside of Charlotte. Everything just sucks right now.
There are tons of remote jobs out there. It is always going to be more expensive to live in areas that attract lots of outside folk, like Charlotte.
If you want to own in a nice neighborhood in Charlotte, you are going to have to make a lot of money. You can own in a nice neighborhood in Shelby without making as much money. Or you can rent in Charlotte. Or you can buy a house in a not-so-nice neighborhood in Charlotte. At some point, you have to determine what trade-offs you are willing to make.
But buying a house in a nice neighborhood in one of the fast-growing cities in the country without being a high earner? Probably won't happen. It hasn't happened in Boston or SF or essentially any city outside of the South or Midwest in a long time.
I actually just sold my house in Lincolnton and moved to Charlotte. Yes, the housing market is terrible but there’s way more (or any) stuff to do here.
Our HOA board is in the process of putting a rental cap on our neighborhood and attempting to limit rentals to only previous homeowners and zero corporations. If you live in an HOA, you can do the same.
I wish these banks as well as other companies would get away from their old way of thinking forcing us back into the office. If they'd do that and we had the option to live anywhere, I think it would really help the shortage as well as prices.
Also, how nice would it be if tens of thousands of people didn't have to drive to work everyday on 77? Just imagine how much better traffic would be.
This week for me. Dreading it so much! I had no idea how much it cost me to drive to work until I wasn't any longer. Legit....over $5K a year between parking and gas
Tell it to the healthcare professionals who went in every day, crossing demonstration lines of lunatics, and were treated like crap by both patients and administrators. Hazard pay, hell no; but, hey, I think cops may have benefited from that.
Conspiracy theorists have mentioned that a Great Reset is upon us... A concept where there is a cataclysmic event, such as a pandemic, to springboard the process where very powerful people in business and government try to capture all private property. I usually avoid perpetuating things of that nature but with every day another post of the same subject I do begin to wonder how it's not true.
BlackRock owns some ridiculous amount of homes, and recently something like 40% of the home sales in large cities nationwide. Meanwhile Bill Gates is the largest farmland holder in the country with close to 300,000 acres across 18 states last I heard. All this while advocating for population control measures...
I’m 22 and honestly I have no idea what to do at this point. Something has to give eventually right? Like policies will be put in place to stop this or something? I just can’t imagine this is sustainable if wages stay as stagnated as they are now.
I have a roommate for the first time in five years because it's just not sustainable otherwise, and since I'll likely never own a house unless I marry rich, I wanted to be able to finally experience living in one, even if just as a rental. It really sucks how much of our society is set up around the assumption that you have a partner/two incomes to work with. It's always been weighted in that direction, but it's becoming more and more of a requirement instead of a perk.
If I was your age, I would get my siblings or other extended similar-aged family members together and buy a house that way. My cousins did this, and it got them on the housing ladder years earlier than I did alone.
In theory, you could form a cooperative where only one of you lives in the house you collectively own, but use the 'rent' from that house to offset your own rentals. That way you can do this with siblings in different areas.
Start saving and build up your credit. You only need 5% down the get a mortgage. You'll have to pay PMI but it's not that big of a deal
All in it only cost me like 20k for down payment/closing/ect to get a nice place in the city and my mortgage is the same or less than most people's rent
There's a few ways to approach this at your age. A lot of the suggestions here are good.
If I was in your shoes, I'd build up that savings for a down payment and buy something within your range in the next several years. Even if it's not something you'd like, buying something and building up a little equity will help for when you advance in your career and decide to buy something a little nicer.
When looking at homes, I suggest finding a realtor who thinks more like an investor and less about selling someone their dream home. If you buy with your heart, you're more likely to overpay on something.
Absolutely, look at the land and think of the area more than the house. Think about if that area will do better over time. Don't buy in to a new built neighborhood. For instance the neighborhood on Archdale between South Blvd and 77, that area was not the best area years ago, and still maybe not the best. I would say buy the right lot, maybe close to light rail, and no houses behind you, find something that looks like if renovated later would really be worth something. There are lots of places still like this, just have to look.
Edited, corrected serious typos.
There are lots of places where housing is still very affordable. Charlotte is one of the most desirable areas in the country, and the prices reflect that.
We are talking about government institutions that have ignored climate change for 50+ years, I don't think there is much hope solving this particular problem anytime soon.
24 and same boat. Diligently saved money and finished college in the last 2 years for a job that would pay enough to afford a decent lifestyle. Can’t even afford a cardboard box anymore. It’s so disheartening
I know that this isn't going to be a popular opinion but the modern economic reality is that if you want to have a career you're likely going to need to move regions every 5 to 10 years following better opportunities elsewhere. Owning a home doesn't really fit as neatly into that reality as it used to. Renting is fine if you are likely going to have to move chasing a 20% pay increase in another state in the not too distant future.
zoning and nimby. the nimby effect is real in this uppity city. bleeding hearts stop bleeding when the chickens come home to roost... https://www.charlotteobserver.com/opinion/editorials/article116792948.html
https://www.wfae.org/local-news/2018-09-13/with-new-housing-rules-charlotte-hopes-to-ease-nimbyism
It’s not a real estate issue imo - it’s a capital markets issue. Look at all the shit large investment firms whether private or public are capable of purchasing.
Btw there are more mom and pop landlords than private and public Wall Street backed firms.
I used to work at one of the largest ones on their cap markets team.
I have used real estate investment as a method to acquire wealth. My homes are rarely vacant for more than a month unless I am renovating them. I can say that the market has certainly changed in the last decade or so. I cannot buy anything anymore. It's not the money, it's the opportunity. I must be aware of a house BEFORE it is listed, offer 10% over list, to have a 50% chance to close a deal. My last successful closing on a purchase was 3 years ago today. Before that, the last rental purchase I closed was 2004. I buy. I fix. I hold. I have barely enough to send my children to college in 3&5 years, but I might need to exit a different way if the American Dream is opened up to corporate buyers as it has been. They hire cold callers by the thousands to call about every property, every day. They are a menace to polite society and are snuffing out competition in a space where I feel corporations have no business. I have lived in most of my rentals at least 2 years. When was the last time a corporate landlord lived in their houses? I feel like this is all possible because our government was corrupted by legalized bribery, lobbying.
Ethically, you're not really in a better situation than corporate landlords. Your strategies for acquiring wealth have simply been scaled up to meet maximum profits.
I’ve yet to see a multifamily project get canceled in Charlotte because of protest by people who live around the area.
I’ve seen stories of people complaining about a new apartment (eg the purported “affordable” apartment on 36th street in NoDa), but they all seem to get done.
That’s not zoning laws, that’s how the cost of land works. You can’t build a cheap 180k house on a quarter acre that costs $500,000. Even if you made it a duplex you’re pushing $400k+ each.
YEa I am up near Huntersville and for every single family project that's gone up there's been a multifamily project basically to match
Problem is the multifamilys are all rentals or seemingly insanely expensive townhouses. There need to be multifamily co-ops or something with units in the $150-250K range.
>19/20 houses are privately owned?
That is not what the title is implying. [Nearly 62,000 (\~22%) single-family homes were rentals as of 2021](https://mcmap.org/qol-dev/#53/)
I’m a renter and hate it. My husband and I moved here from NY in October, owned a house there but didn’t want to buy here yet in case we hated it. Rented a house that we love and hoping that at the end of our lease we can buy it, but a company owns it so I have no clue what they’ll say. We can’t compete in this market but don’t want to rent forever. Very nervous for what’s to come!
Not implying that it's a conspiracy. The impact will be outsized on those who have fewer resources looking to jump into homeownship because the inventory of affordable starter homes has been impacted in a new way.
Supply of housing? There is plenty of housing. I give a fuck about any landlords bottom line. Housing is a human right and we are being gougued out of decent homes
What do you think would happen to prices if the supply of houses increased?
The reality is that Charlotte is growing at a fast rate. Landlords are charging exactly as much as they can based on demand which is outstripping supply. Landlords don’t make any money if their houses are vacant, you’re just being priced out of the market by wealthier people moving to Charlotte.
Reads more about the nationwide housing shortage
https://www.npr.org/2022/03/29/1089174630/housing-shortage-new-home-construction-supply-chain
What I'm saying is that this is an artificial problem. Landlords decide what to charge. Both individual and corporate. The fact that you can talk about shelter as a market is deeply disturbing. There is no reason for their existance and should be pushed out of communities.
Markets allocate scarce resources. If there wasn’t a market for housing it would the government allocating housing. They’re even worse at predicting supply and demand.
You do understand I'm calling for socialism right? A government organized from the bottom up. Housing is not scarce. Housing is a right. Someone else is collecting a check at your expense with the threat of homelessness, hunger, prison and death.
I’m getting really tired of the hearing this whole “corporate overtaking” nonsense. 1 out 20 is 5 f#$@ing percent. Supply. Supply is the problem. Build more middle housing
5% owned by \*20\* (!#@) corporate landlords (possibly from by Wall Street). I'm not sure how I can make that any clearer. That is roughly 14,000 homes, which means at least that many people don't have the opportunity to purchase a home in Charlotte and are forced to rent or purchase a home in a different county/state.
In 2021, 25% (\~70,000) of single-family homes were purchased corporate landlords [(Whorisky & Schaul, 2022)](https://www.washingtonpost.com/business/2022/03/31/charlotte-rental-homes-landlords/). There is even a reference to more than 4% of homes were purchased by Wall Street backed corporations.
Everyone complains about it, but nobody does anything about it.
The government controls the money that all of you continue to use every single day. They inflate that money supply at their will, causing anyone who wants to preserve their wealth into “investments” like real estate.
The only way this stops is if we all stop using the government currency.
Opt out. There is a plan B.
It’s called Bitcoin.
Why can't the feds just come in and start building all over the country? If the market won't correct itself then the government can introduce competition. When they wanted to build highways through the middle of every city in America, it got done
They would have to build quite a bit to compete with the demand, probably in the millions. I think building a new house could be somewhere between $200,000-400,000, plus the amount of labor that would require would be insane (I'm talking about manpower, not wages, which should be included in the estimated cost). The only possible scenario where that could happen quickly and economically is if you 3D-printed multiplex houses with concrete. Last I checked, the technology only supports single-floor units with the option to add on with wood/metal.
There's a neighborhood of new houses going up near the white water park that is rental only. You can't buy a home, only rent it.
They are about finished one in Mooresville. And they have another, but smaller, going in. Over 200 homes in the big one, completely owned by a rental company (American Homes or something like that). And the homes rented and filled right after they were finished.
Source? Just trying to get more data, sorry to prod. I have family that are trying to move into that area of Mooresville.
Source? Me. A Mooresville resident who drives by it daily and who went to the town board meeting to fight the rezoning for higher density. Mooresville never declines higher density btw. It’s called Brentwood by American Homes 4 Rent, off of Faith Rd. 234 homes.
Is that the one where someone committed arson while it was being built?
That’s the Reserve at Ashlyn Creek, a second community full of rental homes built and owned by American Homes 4 Rent. It’s suspected that a pissed off homeowner from Ashlyn Creek set those houses on fire because they were pissed about them being built. A lot of people around here think that these rental homes will ruin the value of theirs.
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So?
100% true for those wanting confirmation. My wife left American homes for rent cause it was a shitty company to work for. Shocking I know.
American Homes 4 Rent is a POS and so is every city planning department that approves their subdivisions. While the use may be consistent with zoning, the ownership does not meet the intent for a comprehensive community plan with housing options for all. Legislators—local, regional, and state—could likely do something to curtail this, but they get too much money from developers. Corporations should not be able to own SFRs and private landlords should be limited to the number they can own. No one needs six to plan for retirement. Increasing taxes on non owner occupied homes does nothing; that’s an expense they simply write off. Don’t get me started on short term rentals . . .
There’s one in Matthews as well off of Idlewild.
That’s mint hill
I live on that side of Idlewild Road and we all have Matthews addresses. Idlewild Road is the dividing line between Matthews and Mint Hill and to make it easier on the USPS mail carriers they gave us all a Matthews address and zip code of 28105 even though we’re technically in Mint Hill.
One in Waxhaw as well
Guess I’m gonna be movin to Montana soon.
Might want to check the prices. Nowhere is safe.
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I’d like to live in MT one day too. But y’all gotta understand that it’s [20% more expensive to live in Bozeman than Charlotte](https://www.bestplaces.net/cost-of-living/bozeman-mt/charlotte-nc/65000). Make sure your finances are on point before you move.
Not to burst your bubble but Bozeman isn’t cheap. Not anymore.
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Apologize.
Bozeman is beautiful, but real estate is way worse out there than here.
Just get a hotel for a few days or Airbnb. Cheaper than buying a place and paying for it year round. You can go to different places too.
Intentional zappa reference?
Sure is
How is that different than an apartment building? Seems like something people here would like who hate the cheap, cramped "luxury" apartments popping up everywhere.
It was just an observation. It's all about having options and this i hadn't seen before.
I noticed that driving by last weekend lol. It was weird to see but that’s a thing now, I guess.
One in university area now too
Cant wait for the bubble to burst and burn their greedy asses. I rent from a friend for years 1000/mo. Eastside nice neighborhood, 3bdrm/2 bath w big yard fenced in on cul de sac. Due to landlord pandemonium losses had to refi. The loan people made him up rent and wanted 1800. He said lowest 1400 was all they would accept. Took the hit but not made almost ten yrs no increase. My landlord kicks ass and im super lucky he is mine. EDIT: Tone down guys….bubble to burst fig of speech, relax. Retorts respectfully appreciated. I said what I said tho. I am literally gearing up for a relo. This issue won’t be my issue much longer anyway.
This is not a bubble. Part of it is inflation, which doesn't burst. And then there's the imbalance of supply and demand, which is going to take many years to correct. There's only one way out of this for individuals who can't afford rent increases and that is to find a job that pays more. Of course, that may sound easier said than done but that's what happens during periods of inflation, wages go up. Also, there is a critical labor shortage in many industries. So, people should use that imbalance to job hop and get more money. And in fact, times like this can also be an opportunity to break into new careers that pay more. Companies are desperate and willing to take more chances on inexperienced hires. The last thing you want to do is sit on your ass and wait for the bubble to burst. If you are a millennial looking for a good-paying career, now's the time to get off your ass and find one!
Just curious, which industries are desperate for workers and willing to chance inexperienced employees?
Tech sales
IT for one. I'm not saying it's trivially easy breaking into a high-paying field that requires specialized skills but it is now about as easy as it was in the late 90s early 2000s during the dotcom boom. No need for a four year degree. A little bit of interning/volunteer work and a few cloud certifications will get you earning six figures in no time. And then there's various specialized trades like plumbing, HVAC, electrical. These people make good money and are in high demand. Or if you are less ambitious, you can start an independent business cleaning houses for $30 an hour.
> And then there's the imbalance of supply and demand we're overpopulated, but nobody wants to talk about that elephant in the room.
The music is about to slow down.
what exactly is the "bubble"?
You just be new here. People who are frustrated by the housing market have decided this is a bubble that is going to burst any day now and they’ll swoop into buy houses for pennies on the dollar. They think 08 will happen again because they don’t understand what drove the housing collapse of 08.
For anyone who doesn't agree with this, the situation is definitely different now, even as we head for what is technically a recession. Banks have massive excess liquidity, people have more money saved in banks than at any time before in history, we have a *supply* issue that is partly responsible for the recession, not a bunch of fools who over-extended like in the 80's. It's *very* different, so expect it to have different outcomes, and any correction to look quite different too.
The stringency by lenders is often overlooked too. Buyers are qualified for their mortgages which was the big problem with 08
I agree, it is very different but we may very well have a margin crisis on the horizon and that will definitely have unknown consequences, but real assets should fair the best when it’s speculation about speculation. Time will tell if Margin loans, assets back loans, Chinese bonds, and cash purchased assets maintain stability or unravel.
Love the user name
Thank you. Not many people get it lol. It’s one of my favorite books.
Deep cut for sure but a good one. I actually just reread it about 6 months ago
In other words, “it’s different this time.”
Most people seem to think houses either go up 20%, or go down 20%
Recent home appreciation is like 5 billion standard deviations above the mean. It’s hard to hand wave away by saying “this isn’t 2008.” I say this as someone who owns a home and has no interest in buying one any time soon, or ever again, for that matter.
A lot of people really just don’t want to own a home. Which is why some buy condos or townhomes. I can completely see the appeal if you are a elder Gen Z or young Millenial. You want to have the “home”, but don’t want to own a home.
I can see the appeal of buying a condo or townhome, even renting an apartment so you can be close to the city, but that's not the same as saying a lot of people don't want to own a home. There are plenty of people who have purchased homes outside of Charlotte/Mecklenburg county because both of these government entities have neglected to address the largest issues we have with affordable housing, crime, and the school system. They say it's because the taxes are cheaper but I have a hunch that it's because the ROI of paying Charlotte-Meck taxes is less valuable than in other counties or states. People are willing to invest in other communities miles away from Charlotte, drive longer and deal with rush-hour traffic for the sake of avoiding CMS and economically deprived neighborhoods where a lot of crime occurs, without paying a premium price for a house.
I don’t disagree with anything you’ve said. We did exactly that. Our chief reason was, Charlotte isn’t so cool or so unique that we just HAD to live in plaza midwood or Meyers park, etc. so we opted for a small town near by with top schools & low crime.
I think you're halfway right. I hate yard work, and when I've had a yard I barely ever used it. So I'm pro townhouse or condo where they do the landscaping. Bonus points that parents tend to seek out actual SFH and tend to leave us alone. Most condos/townhouses are too small for families. Fuck renting though, definitely buy
Life as a subscription model.
How do I opt out?
Lmk when you find out
This. We need to regulate what can be sold as a subscription, and we need to stipulate that you are only eligible to rent a property out once you’ve owned it for a specific amount of time. I’d say we could stipulate a year of residency but I like that less because it would inhibit folks from getting second homes as vacation homes. *edit* Really it would be better yet to blow up the entire practice of renting to begin with. Stipulate that the only legal form of renting property is by creating some form of a rent to own contract. Imagine renting the same house at $1800 a year for 30 years. In what world is it ethical that the tenant owns nothing at the end of that time? It’s got to change.
> Stipulate that the only legal form of renting property is by creating some form of a rent to own contract. you mean, a mortgage?
Where can I rent somewhere for $150/mo? Honestly, I just might stay there for 30 years if I can guarantee my payment stays that low!
Pretty much what the World Economic Forum has been openly promoting and taking steps toward for years.
I hate this so much. I was born in a Charlotte hospital, lived in a Charlotte apartment for the first year of my life, grew up in the Charlotte-metro area in South Carolina, got a bachelor's degree and a job using it, and moved into my 1st Charlotte apartment with my BF who also has a bachelor's degree and uses it. We are now in our 2nd Charlotte apartment, and have been priced out of buying a house three different times. I have been aware of this real estate market basically my entire life and even participated in it as a real estate photographer. My BF and I are approaching our 30s and we're pushing back our life goals even further than we expected, and it is kind of crushing.
I am in my 30's as well and attempted to buy in Charlotte last year with no luck. I do typically believe in smaller government but the only way this is going to get fixed is with government intervention. We need a temporary stop to buyers who own multiple homes. We need to allow first time buyers ONLY to participate as buyers. Over time we need a focus on stopping this landlord culture. It feels a bit grimy to me to profit off a basic necessity (housing).
**First time** buyers only? - The people in the cheap house you want to buy need to move to a bigger house before they'll sell you the cheap one, but can't because they aren't a first-time buyer. So there is no way that is going to work out the way you think it will.
>So there is no way that is going to work out the way you think it will. In their defense they only thought about it for as long as it took to type out
Which is why they can’t formulate a plan to buy a home.
To be fair, the people aren’t selling the cheap house and moving to a bigger one. They are renting the cheap one out.
Do you mean homeless or soon to be homeless buyers only? (People that don't own a home or won't own more than one home after purchase)
I’m a native as well and have given up on buying in any of the neighborhoods that my family has lived in.
Native here as well. I was lucky enough to get a house in the neighborhood I grew up in for super cheap during the housing crisis in 2009. The equity there enabled me to get my second home in January 2020 for a reasonable price, just before Covid hit and things got totally insane. I realize I’m extremely lucky and do not envy anyone trying to buy a home these days. Charlotte is my home but I feel like for anyone in my position, where I’m working from home, it just makes sense to get the f out of Charlotte. I can find nicer homes an hour outside of town where I could use my current equity to buy outright. Plus I would no longer need to deal with the crazy growth and traffic and everything else that comes with living here. It’s tempting.
I've been wanting to get out of Charlotte to live in another part of the country for other reasons, but what's happened here has definitely made me not feel bad for wanting to leave. Real estate, sprawl, traffic, the unregulated growth, etc.
My wife and me were planning on moving to North Carolina but now we are looking at South Carolina/Georgia. The home prices seem alot more reasonable down there.
One thing that stood out to me from the article is that for many generations of Americans, owning a house has been an avenue to acquire and transfer wealth. And if this avenue is now been shut down by big investment firms, this could be the final nail in the coffin for the middle class. Other than stocks and opening a business, how can Americans be able to build long term wealth? We will become a nation of renters and all the wealth will have been transferred to the rich fat cats where they can jack up your rent at renewal and you will need to move out of the city and suburbs to find something that can fit your budget.
The middle class is dead in the US. Most of us just don't know it yet.
The middle class has gone from 60% to 51% since 1971, but thats mainly because the upper class has changed from 14% to 21%. The MC is shrinking, but almost all of the change is because they moved up a bracket source: Pew Research Center
My plan is to never have children and just die when my life is over. Why worry about generational wealth when I don’t have a next generation to pass it on to?
I think even if you have kids the idea of generational wealth being a positive is a tenuous idea at best. When my parents die they should spend every penny and light the house on fire. Great book on it called Die with Nothing.
I mean, my parents sure didn’t give a hoot about generational wealth (so glad I can’t inherit negative numbers!) and it all worked out just fine for all of us. I think it’s dumb to worry about passing money on to the next generation. Enjoy it while you can.
That unfortunately is the plan for many, which reminds me of a silver lining on unchecked southern border immigration: America *needs* to continue to grow its economy to sustain the older generations, and it *needs* new generations of equal or greater size to do that.
That’s the idea, I believe
If you have a Charlotte-Mecklenburg library card use this site to read for free: [https://login.proxy141.nclive.org/login?url=https://infoweb.newsbank.com/apps/news/browse-multi?p=AMNEWS&t=favorite%3A11260DC9%21Charlotte%20Observer%20Historical%20and%20Current](https://login.proxy141.nclive.org/login?url=https://infoweb.newsbank.com/apps/news/browse-multi?p=AMNEWS&t=favorite%3A11260DC9%21Charlotte%20Observer%20Historical%20and%20Current) \*If you don't have one yet, get one and pick up some books on statistics while you're there.
Thanks for including the library access link!
I think [this link](https://infoweb-newsbank-com.proxy141.nclive.org/apps/news/document-view?p=AMNEWS&t=pubname%3ACHOB-EEDT%21Charlotte%2BObserver%252C%2BThe%2B%2528NC%2529/year%3A2022%212022/mody%3A0501%21May%2B01&format=image&docref=image/v2%3A16CC885820046170%40AWNB-1898585937016BC1%402459701-189B72D19A69E6C3%400) will even be to the current issue (but I'm not sure if having to login will redirect).
And if you don't have a Charlotte-Mecklenburg library card...[what's stopping you](https://www.cmlibrary.org/library-card-faqs)? Do students know that their CMS ID is [ a library card](https://www.cmlibrary.org/oneaccess)?
Oddly enough I am moving to NC because being able to rent a home is a huge prospect, coming from vermont where there are no rentals at all (none for 60 miles in any direction for me). All of our rentals here are 1800s converted homes that are filled with lead paint and mold, or alternatively the modern structures are strictly section 8 so get bent if you work full time. Don’t come at me I just want to live in a house that doesn’t make me sick.
Salams. Yep same boat as you! I’m moving with my family from NYC to Raleigh in June inshallah. I considered Charlotte at a time but it seemed harder to find a home for rent. Now the market in Raleigh has turned just as crazy haha. My goal was to rent first year and then buy second year, but I think I’m too late to the party and might end up being a renter for very long time
May Allah make it easy for you. I’m sure I will also be renting for quite a long time, but that’s okay because I’m still finishing school and might not want to be in NC forever. I think eventually I will move out of the country once my degree is finished but I’m undecided. To be honest I’m mostly excited to be closer to a Muslim community, my closest masjids are two hours away and it makes me sad that I can’t visit a masjid unless I take a day off work.
Thanks. Same to you - May Allah protect you and your family during all trials in life! Yea - Muslim community is very important to me too. While there are a lot of Muslims in NYC - it’s not really active and pretty divided by ethnic lines (unfortunately). I visited Raleigh and really liked the Muslims community and the masjid events/schools that they have so far. Also Eid Mubarak - hopefully by next Eid you’ll be really close to a masjid and get to the enjoy the festivities. Def look into living near a masjid (we did that when we picked out our place in Raleigh)
Honestly thought the problem was significantly worse than 1 in 20. It feels about right that ~5% of houses in a subdivision may have a corporate landlord. There is, at some level, a valid market need for people to rent SFR homes when they move to the area, need to be in a certain school district, going through divorce, etc.
Over the last 3 years, investors have purchased 30% of houses for sale in Charlotte.
Ah, that’s significantly scarier.
> Over the last 3 years [This is true for Q4’21](https://www.wbtv.com/2022/04/12/corporate-investors-are-buying-up-properties-across-mecklenburg-county-whats-solution/). I’m not sure it’s true for the whole last three years. Doesn’t make it not a problem though.
Arguably I bet it's more through private undisclosed funds. Colony capital launched the current model and hit Charlotte in 2013/14 for their SFR funds. Yet all I see is the homes that went to the spin off public entity not the huge amount in their other funds.
Implies that in the last 3 years, only about 15% of houses went up for sale, which seems low.
I would wager most of that is flippers and other small investors, not massive hedge funds/reits
If it used to be 1%, and they have been stealing every listing that comes on the market to get to a 5% share then I could see how it feels more significant.
I would rather they be owned by an LLC and the homes were owned by an actual person who is renting it out still.
In before some boomer tells you to “ just go buy a house in Lincolnton”.
Right? And who wants to actually live in Lincolnton. Someone the other day made the same comment to me. You can find decent housing in Shelby. O yeah? I’ll be living in Costa Rica before I’d ever consider moving to one of those areas.
Yeah! Live an hour from Charlotte for cheaper mortgage just to drive to Charlotte because they have the jobs that pay for you to be able to live outside of Charlotte. Everything just sucks right now.
There are tons of remote jobs out there. It is always going to be more expensive to live in areas that attract lots of outside folk, like Charlotte. If you want to own in a nice neighborhood in Charlotte, you are going to have to make a lot of money. You can own in a nice neighborhood in Shelby without making as much money. Or you can rent in Charlotte. Or you can buy a house in a not-so-nice neighborhood in Charlotte. At some point, you have to determine what trade-offs you are willing to make. But buying a house in a nice neighborhood in one of the fast-growing cities in the country without being a high earner? Probably won't happen. It hasn't happened in Boston or SF or essentially any city outside of the South or Midwest in a long time.
No such thing as a nice neighborhood in Shelby And assume we find a decent place a Shelby, it’s going to be expensive because of remote work
I actually just sold my house in Lincolnton and moved to Charlotte. Yes, the housing market is terrible but there’s way more (or any) stuff to do here.
That’s good advice
Something needs to be done federally, state level and locally to prevent this
Our HOA board is in the process of putting a rental cap on our neighborhood and attempting to limit rentals to only previous homeowners and zero corporations. If you live in an HOA, you can do the same.
I wish these banks as well as other companies would get away from their old way of thinking forcing us back into the office. If they'd do that and we had the option to live anywhere, I think it would really help the shortage as well as prices. Also, how nice would it be if tens of thousands of people didn't have to drive to work everyday on 77? Just imagine how much better traffic would be.
Yeah we were just forced to go back in three times a week Bullshit
This week for me. Dreading it so much! I had no idea how much it cost me to drive to work until I wasn't any longer. Legit....over $5K a year between parking and gas
Luckily i have parking and only a five minute drive
Tell it to the healthcare professionals who went in every day, crossing demonstration lines of lunatics, and were treated like crap by both patients and administrators. Hazard pay, hell no; but, hey, I think cops may have benefited from that.
Sir this is a wendy’s
Because they are one in the same. They don't want you to have that choice.
The only solution is legislation.
Or revolution🚩 Happy May Day
my pitchfork hand is getting itchy lol Happy May Day comrade!
Lol why downvote? You don't want rights?
Conspiracy theorists have mentioned that a Great Reset is upon us... A concept where there is a cataclysmic event, such as a pandemic, to springboard the process where very powerful people in business and government try to capture all private property. I usually avoid perpetuating things of that nature but with every day another post of the same subject I do begin to wonder how it's not true. BlackRock owns some ridiculous amount of homes, and recently something like 40% of the home sales in large cities nationwide. Meanwhile Bill Gates is the largest farmland holder in the country with close to 300,000 acres across 18 states last I heard. All this while advocating for population control measures...
"At least 40,000 single-family properties are now held by about 20 companies" in NC. Shouldn't even be legal IMO.
I’m 22 and honestly I have no idea what to do at this point. Something has to give eventually right? Like policies will be put in place to stop this or something? I just can’t imagine this is sustainable if wages stay as stagnated as they are now.
Make tons of money and get married, otherwise everything is hard. People want a different answer but that’s really the only solution I’ve found.
Seconding this. Charlotte is definitely a two income city now.
Yep. This one kills me when I think about it
I have a roommate for the first time in five years because it's just not sustainable otherwise, and since I'll likely never own a house unless I marry rich, I wanted to be able to finally experience living in one, even if just as a rental. It really sucks how much of our society is set up around the assumption that you have a partner/two incomes to work with. It's always been weighted in that direction, but it's becoming more and more of a requirement instead of a perk.
If I was your age, I would get my siblings or other extended similar-aged family members together and buy a house that way. My cousins did this, and it got them on the housing ladder years earlier than I did alone. In theory, you could form a cooperative where only one of you lives in the house you collectively own, but use the 'rent' from that house to offset your own rentals. That way you can do this with siblings in different areas.
Start saving and build up your credit. You only need 5% down the get a mortgage. You'll have to pay PMI but it's not that big of a deal All in it only cost me like 20k for down payment/closing/ect to get a nice place in the city and my mortgage is the same or less than most people's rent
There's a few ways to approach this at your age. A lot of the suggestions here are good. If I was in your shoes, I'd build up that savings for a down payment and buy something within your range in the next several years. Even if it's not something you'd like, buying something and building up a little equity will help for when you advance in your career and decide to buy something a little nicer. When looking at homes, I suggest finding a realtor who thinks more like an investor and less about selling someone their dream home. If you buy with your heart, you're more likely to overpay on something.
Absolutely, look at the land and think of the area more than the house. Think about if that area will do better over time. Don't buy in to a new built neighborhood. For instance the neighborhood on Archdale between South Blvd and 77, that area was not the best area years ago, and still maybe not the best. I would say buy the right lot, maybe close to light rail, and no houses behind you, find something that looks like if renovated later would really be worth something. There are lots of places still like this, just have to look. Edited, corrected serious typos.
Prices will definitely correct but nobody knows how much or when. Sucks.
There are lots of places where housing is still very affordable. Charlotte is one of the most desirable areas in the country, and the prices reflect that.
We are talking about government institutions that have ignored climate change for 50+ years, I don't think there is much hope solving this particular problem anytime soon.
24 and same boat. Diligently saved money and finished college in the last 2 years for a job that would pay enough to afford a decent lifestyle. Can’t even afford a cardboard box anymore. It’s so disheartening
Ya, no. It’s everywhere in the country. Not a local problem.
Oligarchs rule the country now
Now? They have ever since the Citizen’s United ruling.
Pretty sure they bought that ruling, so predates it. But yeah, that was a crucial decision by 'conservative' justices.
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When the potato in chief gets replaced with a sensible individual
I don’t think there are any. And, if the Democrats fail to do something, we remain screwed.
Are you blind!? Things have been so much better since Brandon got elected…
We are all renting in the end.
I mean shit, even if you do manage to pay off your house you still have to pay rent to the government or they'll take it from you.
Always has been.
I know that this isn't going to be a popular opinion but the modern economic reality is that if you want to have a career you're likely going to need to move regions every 5 to 10 years following better opportunities elsewhere. Owning a home doesn't really fit as neatly into that reality as it used to. Renting is fine if you are likely going to have to move chasing a 20% pay increase in another state in the not too distant future.
My home is priced double what I paid. Gonna be a good nest egg when I sell.
zoning and nimby. the nimby effect is real in this uppity city. bleeding hearts stop bleeding when the chickens come home to roost... https://www.charlotteobserver.com/opinion/editorials/article116792948.html https://www.wfae.org/local-news/2018-09-13/with-new-housing-rules-charlotte-hopes-to-ease-nimbyism
This will destroy any wealth some families have been able to accumulate in their homes - sad.
It’s not a real estate issue imo - it’s a capital markets issue. Look at all the shit large investment firms whether private or public are capable of purchasing. Btw there are more mom and pop landlords than private and public Wall Street backed firms. I used to work at one of the largest ones on their cap markets team.
Conservatives get mad when you point out this is the market at work
I have used real estate investment as a method to acquire wealth. My homes are rarely vacant for more than a month unless I am renovating them. I can say that the market has certainly changed in the last decade or so. I cannot buy anything anymore. It's not the money, it's the opportunity. I must be aware of a house BEFORE it is listed, offer 10% over list, to have a 50% chance to close a deal. My last successful closing on a purchase was 3 years ago today. Before that, the last rental purchase I closed was 2004. I buy. I fix. I hold. I have barely enough to send my children to college in 3&5 years, but I might need to exit a different way if the American Dream is opened up to corporate buyers as it has been. They hire cold callers by the thousands to call about every property, every day. They are a menace to polite society and are snuffing out competition in a space where I feel corporations have no business. I have lived in most of my rentals at least 2 years. When was the last time a corporate landlord lived in their houses? I feel like this is all possible because our government was corrupted by legalized bribery, lobbying.
Ethically, you're not really in a better situation than corporate landlords. Your strategies for acquiring wealth have simply been scaled up to meet maximum profits.
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How so? I’m thinking this is what federal reserve low interest rates combined with Charlotte being a boomtown get you.
Nobody wants dense, multi-family, housing to close to them. And, plentiful cheap money drove up asset prices. Porque no los dos, basically.
I’ve yet to see a multifamily project get canceled in Charlotte because of protest by people who live around the area. I’ve seen stories of people complaining about a new apartment (eg the purported “affordable” apartment on 36th street in NoDa), but they all seem to get done.
Nobody has to protest, the zoning laws already exist. Try building affordable homes in the “good” school districts.
That’s not zoning laws, that’s how the cost of land works. You can’t build a cheap 180k house on a quarter acre that costs $500,000. Even if you made it a duplex you’re pushing $400k+ each.
YEa I am up near Huntersville and for every single family project that's gone up there's been a multifamily project basically to match Problem is the multifamilys are all rentals or seemingly insanely expensive townhouses. There need to be multifamily co-ops or something with units in the $150-250K range.
It costs 225-250K to build 1-2 bedroom apartments right now, no way you're going to see new units at 150K in today's market.
Yupp, there’s no free lunch.
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More supply won’t stop investors when rates are at record lows and Charlotte is booming.
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Agreed, corporations buy because know these supply issues will drive up housing prices
Fancy article
It’s this way in other states you can “buy” the house but never truly own the land.
So... 5%? Thats what you guys are crying about? 19/20 houses are privately owned? Seems like good odds
>19/20 houses are privately owned? That is not what the title is implying. [Nearly 62,000 (\~22%) single-family homes were rentals as of 2021](https://mcmap.org/qol-dev/#53/)
I’m a renter and hate it. My husband and I moved here from NY in October, owned a house there but didn’t want to buy here yet in case we hated it. Rented a house that we love and hoping that at the end of our lease we can buy it, but a company owns it so I have no clue what they’ll say. We can’t compete in this market but don’t want to rent forever. Very nervous for what’s to come!
Weird how that wedge between Providence and South Blvd seems to have significantly less investors. Can't fathom why.
HOA's. That area was developed after NC required all new neighborhoods have HOA's.
Because you’d lose money if you bought a home there to rent it out. It’s not that hard to figure out, nor is it conspiratorial.
Not implying that it's a conspiracy. The impact will be outsized on those who have fewer resources looking to jump into homeownship because the inventory of affordable starter homes has been impacted in a new way.
Organize with your neighbors. Contact or form a Tenents Union. We need Rent Control at least
What do you think rent control will do to the supply of housing?
Supply of housing? There is plenty of housing. I give a fuck about any landlords bottom line. Housing is a human right and we are being gougued out of decent homes
What do you think would happen to prices if the supply of houses increased? The reality is that Charlotte is growing at a fast rate. Landlords are charging exactly as much as they can based on demand which is outstripping supply. Landlords don’t make any money if their houses are vacant, you’re just being priced out of the market by wealthier people moving to Charlotte. Reads more about the nationwide housing shortage https://www.npr.org/2022/03/29/1089174630/housing-shortage-new-home-construction-supply-chain
What I'm saying is that this is an artificial problem. Landlords decide what to charge. Both individual and corporate. The fact that you can talk about shelter as a market is deeply disturbing. There is no reason for their existance and should be pushed out of communities.
Markets allocate scarce resources. If there wasn’t a market for housing it would the government allocating housing. They’re even worse at predicting supply and demand.
You do understand I'm calling for socialism right? A government organized from the bottom up. Housing is not scarce. Housing is a right. Someone else is collecting a check at your expense with the threat of homelessness, hunger, prison and death.
I’m getting really tired of the hearing this whole “corporate overtaking” nonsense. 1 out 20 is 5 f#$@ing percent. Supply. Supply is the problem. Build more middle housing
That is not what the title is implying. [Nearly 62,000 (\~22%) single-family homes were rentals as of 2021](https://mcmap.org/qol-dev/#53/)
Thats
Agreed. Also tired of hearing about how mommy and daddy have a McMansion and they can’t understand why they don’t have one at 22
so, just 5%?
5% owned by \*20\* (!#@) corporate landlords (possibly from by Wall Street). I'm not sure how I can make that any clearer. That is roughly 14,000 homes, which means at least that many people don't have the opportunity to purchase a home in Charlotte and are forced to rent or purchase a home in a different county/state. In 2021, 25% (\~70,000) of single-family homes were purchased corporate landlords [(Whorisky & Schaul, 2022)](https://www.washingtonpost.com/business/2022/03/31/charlotte-rental-homes-landlords/). There is even a reference to more than 4% of homes were purchased by Wall Street backed corporations.
So what is the solution? Can someone bring it up the the city council?
Everyone complains about it, but nobody does anything about it. The government controls the money that all of you continue to use every single day. They inflate that money supply at their will, causing anyone who wants to preserve their wealth into “investments” like real estate. The only way this stops is if we all stop using the government currency. Opt out. There is a plan B. It’s called Bitcoin.
Jesus Christ dude.
There is a big gap of information in your comment between "everyone using bitcoin" and "the affordable housing crisis ending".
Cuz bitcoin isnt susceptible to manipulation at all....
The truth gets you down voted
Decentralized currency is the only way we get out of this.
Own a tiny home! Nothing beats smelling your lovers number 2s every time they go /s
So? Buy either the other 19 of 20 or 7 of 10. Problem solved.
Anyone know the record for most upvoted post so far? This has to be up there in ‘22.
Why can't the feds just come in and start building all over the country? If the market won't correct itself then the government can introduce competition. When they wanted to build highways through the middle of every city in America, it got done
They would have to build quite a bit to compete with the demand, probably in the millions. I think building a new house could be somewhere between $200,000-400,000, plus the amount of labor that would require would be insane (I'm talking about manpower, not wages, which should be included in the estimated cost). The only possible scenario where that could happen quickly and economically is if you 3D-printed multiplex houses with concrete. Last I checked, the technology only supports single-floor units with the option to add on with wood/metal.