Remarkable that investor-owned multi-family housing is left out of these analyses. Surely that contributes to housing supply and should factor into any such analysis of pricing power among investors. For example, about 44% of California households rent.
Additionally looking at national averages is misleading. Investor pricing power can exist in individual markets without being ubiquitous across the nation. The allegations made against RealPage are a notable example, if true.
A more insidious issue besides just pricing power among investors is the direction of cash flow. When you rent, cash is paid to the owner. When you take out a mortgage, interest is paid to the bank. These are both mechanisms for rentier capitalists to extract cash from those with less - by paying for a basic need - essentially wealth redistribution in the wrong direction.
Constrained/inelastic supply of housing in the face of growing demand. Either the demand gets moderated (lower influx of people in cities) or you have to build more. The constraints are exacerbated by zoning and regulations.
The weaponization of zoning laws. It's literally illegal to build the housing people want and need thanks to them. Every US city needs zoning reform, to get rid of height maximums, parking minimums, and Single Family Only zoning.
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> [Proceeds to do nothing but knock down political strawmen]
Additionally looking at national averages is misleading. Investor pricing power can exist in individual markets without being ubiquitous across the nation. The allegations made against RealPage are a notable example, if true.
A more insidious issue besides just pricing power among investors is the direction of cash flow. When you rent, cash is paid to the owner. When you take out a mortgage, interest is paid to the bank. These are both mechanisms for rentier capitalists to extract cash from those with less - by paying for a basic need - essentially wealth redistribution in the wrong direction.