What foreign investors are doing to poor neighborhoods
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- เผยแพร่เมื่อ 30 ก.ย. 2024
- They're pursuing the American dream - the out-of-state and foreign investors who have gobbled up real estate in Cleveland over the last decade. But more than a decade after the foreclosure crisis, local leaders, renters, and housing experts said this is the new way money is siphoned from Cleveland's poorest communities and the people who live in them. More: www.news5cleve...
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I seen this coming a long time. America selling itself short once again
Out other countries don't do that
Those investors will learn the hard way when housing prices drop 30% and the renters stop paying
It's already happening. These idiots don't realize tenants can easily not pay and the fact that the landlord lives thousands of miles away means it'll be difficult to collect.
They don't care, they're in it for the future property value. Tear down the old and build new.
@@dlight9849
Yep. It's the long game. They WANT these neighborhoods to die and for WalMart or whoever to come sniffing around.
It happened to the neighborhood i was born in. Now it's a theme park.
Don’t pay?? Cleveland been not paying rent.. do you not see the condition of the properties 😂🤣
@@bubbasanches4591 As someone that owns 2 out of state properties I can assure you we know what to do when someone stops paying rent. That’s why we invest in red states. It’s extremely easy to evict.
all this video does is open the floodgates for more out of state investors to take interest if they havent done so already
This article is poop. Let's bag on successful people that can afford houses to appease the lower class. I'm lower class and look forward to buying multiple houses and I'm working hard to accomplish this. If this news station had their way I'm sure they'd want to limit me to 1 house. Trash 🗑
You can put each house in a separate LLC and different Address been happening for decades DUH no business reporters....
Do a better analysis, seriously. The real problem comes from large institutional buyers of individual homes, like blackrock and lots of other smaller institutional buyers (zillow has supposedly stopped but they were part of this group). Then you also need to look into the money that’s being laundered by Chinese buyers that buy and often times just leave the home vacant. This is very common in Canada and then came to the us once Canada introduced a foreign investment tax. As disgusting as some of these individual investor owners can be, they are not the root of the bigger problem
Actually, the real issue is unrealized cap gains tax credit rollovers. It creates a perpetual machine of gobbling up property to rent out that costs them a lot less than you think.
They know but the mainstream media are in on this bullshit as well..
The US govt has promoted this by keeping the fed rate at 0% for over a decade - institutional investors were able to borrow at the 0% - basically never having to pay back the borrowed money because it never accrues any interest.
I own 2 houses in Indiana and I rent a 2 bedroom apartment in LA. I can’t afford my own home, but I can still buy real estate. You have to think outside the box sometimes.
Props! Thats where I'm at
It’s insane to hear people complain about prices in the Midwest. My wife and I have a household income in the 6 figures but we can’t afford a shoebox in the ghetto.
Agreed!!! To be honest it's the school system to blame for not teaching students how money works and investing. The system is built to keep people poor and working. Investors (as myself) don't have to work after several yrs of hard work and investing
@@micon9460 nah, our parents then the school system
Good for you
That’s how the Bay Area, CA housing crisis began. Foreign investors paid cash and overbid homes in the 1990s. It got worse after that.
So did silicone valley with their shopping bags of cash. Priced most out of their homes.
That's not how it started. Tech made people a lot of money so they bid up housing prices
All good they can enjoy their investments tank
I'm going to disagree - in SF you have houses where skyscraper condo buildings should be (according to land values). The city will not let builders build more housing (buy up demolish houses and put in large multi-family buildings). Most of San Francisco should look like Manhattan or Miami Beach (today) according to the land value. There is also unnecessary red-tape and building codes around everything. And the bay area is surrounded by national parks that could be used to build more. The people that live in SF have a NIMBY attitude toward building more housing and economic progress. Ohio - we don't have this problem we have urban decay from manufacturing decline and to a lessor extent suburbanization segregation/racism. Completely different markets with different problems. California also has to deal with earthquakes/wildfires/and sinkholes (from bad foundation or landfill) and some mountains (which are largely unbuildable). Cleveland had 900,000 people in 1950's-1960's - now we are at 350,000ish...
The problem is enabled by the stupid politicking of the problem. "Investor" is treated as a dirty word for political purposes. There is no rental without an investor.
The problem is the stupid low prices these properties sell for because the local government allows unions to deny workers a good job! Cleveland can't get the corporate investment and jobs the rest of the world can. If Clevelanders had the right to a competitive job it would be a premier city.
The only "technology" companies that will invest in Cleveland are "slumlord as a service" companies. Cleveland needs to defend its citizens with regulations about maintenance and rent raising without investment.
On a positive note, renters can learn how to buy houses. Housemates can buy as a tenancy in common. The city can help by setting up programs. Banks can prioritize home buyers and decline real estate investors. Even sellers can choose who they sell to. Its a financial system that can be changed.
Unfortunately sellers can not choose who to sell to and even if they could they could have "acters" who buy as for example a couple then flip the house over to investers. I've had 2 on my street here in Columbus came in and told us they were planning to move in to the houses after they fixed them up, both lied one is a rental the other was flipped bought for $69,000 sold for $200,000.00 to thankfully a young lady who did in fact move in to it. Anna In Ohio
Oh boy. $170 increase is something to raise eyebrows? It is something that the nonprofit can help in, but you really need to expect it. I have lowered the rents by $700 during the Covid lockdown. After 2 years, I have raised the rent by $130 which is less than 6%, the tenants get pissed off and leave. Then I rent the unit out with more than $400 increase in rent. The rent is still under the market. Some times you need to stop reacting emotion and decide objectively what would benefit you.
It’s good that they leave and I’m going to tell you the reason why in case you don’t know. Being the greedy snake you people are you reel people in during the pandemic with low rent prices knowing it would attract people like a moth to a flame then once too trusting tenants moved in and get settled (that includes me to) you raise the rent small at first then the second or third renewal of the lease you go up $200, $300, $400, $500, etc and people can’t afford it because their wages can’t keep up with a big price hike like that then to make matters worse you greedy snakes use the it’s a inflation excuse as if the inflation is only affecting you but it’s okay. I am a firm believer that somebody is keeping score and I can promise you will get yours in the end.
It's exactly what corporations do to all of America..
People know that guns shots in the area keeps prices down
How? How are investors siphoning money from Cleveland's poorest communities?? How does an empty, dilapidated house create wealth? Not trying to be a wise-a$$, but as usual these reports claim there's an issue, but doesn't tell you why and how it's an issue and/or the solution.
These fools have lied in these cheap areas for years and failed to learn how to buy property there, IN A CHEAP NEIGHBORHOOD. They deserve to get screwed.
So buy homes if it’s so cheap in East Cleveland. I’m a realtor in. Cleveland these properties go for like 60/70k stop complaining and take care of the home you’re living in.
I could tell you the truth the why's&the who's about this whole dilemma...but no one would believe me anyway 😢🤦
Please, do tell. Someone has to spread the word.
What are the reasons? I am a landlord in another part of the country, but take very good care of my properties.
The answer without getting into details on the issue, which you can research yourself & easily accessible in this world of information today. However, the simple answer stems from a quote from Nikita Khrushchev of Russia in 1956 who stated a message heard around the world. Where the leadership of some countries took the message to heart & taken it a pond themselves to use this message for their own will to power over the U.S. The statement Nikita quoted was, "We will take America without even firing a shot. We do not have to invade the U.S. We will destroy you from within..." Which IDK for sure but if I'm right, is why SpeckledBird is being reluctant to express or even bother to explain his theory, but I could be wrong? Still it's the belief I hold on part of this problem we are seeing now. A lot of people today are so naive to think it could never happen to us here in the U.S. & that's BS! Cause it can & will if everyone doesn't get their head out of their azz & wake the f%(k up? People are even naive on the idea of everyone's WOKE today even though this idea couldn't be further from the truth, seriously. Anyways in a nutshell outside investors (which includes China, Russia, Middle East, etc...) are buying up the land & property in the U.S. that forms an offensive action to cripple this nation & it's citizens. Hence: "Without Ever Firing A Bullet." Ya dig?
@@216Numbskull That's a safe way of putting it...BlackRock...stay way clear of them... 🤺🤺🤺🤺🤺🤺🤺🤺
if you dont own the house, you cant control the rent.
No but people as a collective can. Rent Control, Supply Mandates, hell, throw in rent quotas, or make all rents income based so no one has to risk losing their home. Its easy, really. If you can't afford, and profit to provide affordable housing, you shouldn't be a landlord period. Coming from a person who has a family history of dealing with tenants. It should be our priority to keep people in homes when we can during hard, inflationary times.
Crash is coming even for investors so that greed will catch up with them. Locals will be able to buy a good price in six months.
It’s us investors that are sitting on cash. Nobody will benefit more from a crash than investors.
If the locals can't afford a $175 rent hike which locals are you speaking of? Investors with long money should invest in the development of starter homes, safer and needed much more than speculative purchases better left for civic-minded locals that are able to rehab the older homes for community investing.
Well, it's been a year now...
Our neighbor sold their house over 1 year ago, but it’s been mostly sitting empty. There was one month that someone lived in the home, but they disappeared months ago. To this day, I’ve yet to see anyone move in.
Y’all crazy - that’s how real estate has always been
‘Government rent assistance’ when it’s a minority they call that section 8
Low income tenants can't buy or maintain these houses. If investors don't buy them, and do at least some maintenance, to protect their investment, these homes will all be condemned eventually.
well, for this particular neighborhood the investor are not maintaining them either. The people might as well have a roof over their head.
No, the people may as well live in housing where plumbing and structure are in good shape. Homeowners, even poor ones don't usually allow this type of decay to happen
@@kgill8485 I would agree, the problem is that based on the houses being shown on the video, this is not the case. Many of these houses are left to rot.
In addition working class people need to stick together. It’s not a color problem it’s a people problem. Not a political party problem. We are in the same boat
This is why when your neighborhood is depressed you need to buy.
A good investor will make a home both affordable and up to code. Not all investors are the same, many want to add value but this has to come at a price right? Can't have it both ways. If you want shake the "rust" out of Cleveland and the rest of Ohio, then investment (the good, the bad, the ugly) has to happen. Corporations are doing it by inserting factories, warehouses, distribution, etc. The housing market and commercial real estate has to follow that trend.
International investors should not be able to buy property in the US.
Why? If they can provide housing to locals? Why do you care who owns as long as your housing needs met? Are you buying if a local?
This is not just a Cleveland issue! You have hit on a National Housing issue that should be addressed by the Federal Government. On top of that we have large corporations buying up communities!
Almost none of these are “foreign” investors. Putting that in the title is just an attempt to feed off xenophobia.
Why didnt he buy that house a long time ago? Unless hes been disabled for a long time he doesnt have many excuses. Could of probably bought it dirt cheap 5 10 15 20 years ago.
Some white people do have low credit or health problems. And there are so many of them.
@@yosquidd242 I pointed out the health problems aspect. The low credit can be fixed and isn't a barrier to buying a home over a 5 year period. Most people with bad credit can but a home in 5 years with hard work and focus.
People that have bad credit and accept that as the way it is and way it will be will always have bad credit by their own choice.
If that 13% pushed up prices does that mean 87% of owners benefited from it?
No, because for them to take advantage of that, they would need to sell. Even if they sold, they can't afford a better home because for this same reason, prices for better home increased as well.
@@colombiantom They buy the properties for tax write offs. Of course they benefit. Why else would they do it?!
@@truther001 Only 13% benefit from this, the investors, not the common folk
Many of these properties are left to rot. Why isn't slumlord laws being enforced? I live in a Coldwell Bank managed property. I have a leaky exterior wall. It took 11 months to get a new garbage disposal. My furnace doesn't heat my place when temps drop below 30 degrees. Laundry now has been shut down for the last 2 months though it is part of my lease. I have a leaky tub faucet for the past 5 years. I had to paint. Because it wasn't in the budget. My place hadn't been painter for 13 years. The front door has no functional weather seal. I was told If I don't like it move! Add insult to injury my rent has went up $151 It would cost me well over $3000 to move and would have to move at least 20 miles outside the city in which I live and I am disabled with limited income. If I made $100 less. I would qualify for over $1800 in governmental assistance. I don't know what to do. I can't afford to move and I am being priced out of my apartment. No family 55 years old with a car that starts on a good day. Soon enough I will be living in it not because of choice. Because I am considered to high of a risk to employ. Make to much for any governmental assistance. I never know anyone I could trust to be a roomate. My disability is Workers Comp based. I haven't had any raises. As workers comp doesn't work that way since 1999. People have it worse then I do I know. I am caught between a bank that doesn't give a shit. and housing and energy cost that take 65% of my income. With phone and internet and insurance I am left with only $200 in a good month to eat. Ad more insult to injury. My meds that helme function are so far on back order . With no idea when they will be available. I suffer daily with little to know relief. Because the Federal government allows drug companies to produce in a manufactured scarcity model. So Wall Street can profit from suffering. The Fed needs to nationalize big Pharma. They are out of control. Or is death part of the US's policy in population control?
I'm waiting to cash in on Southside Chicago. It's a finite world.
You missed that boat
Thanks to ppl like grant cardone and meet Kevin.. making property a income taking prey of innocent ppl whom wanna stay…
And what, their landlords are supposed to allow the home to be foreclosured?
foreign investment in Mexico is why Mexico is poor still
I'm a real estate investor and Cleveland was never really on my radar but after I saw this report I started looking into it. I'm amazed at the potential here. Thanks for the reporting on this. I too will set up separate companies for each one I buy in order to compartmentalize risk. I'm a pretty small investor but at these prices I should be able to get a few.
ok parasite
@@rabidgoon well that was mean
$175 a month is too much!? Wow. Count your blessings. There's still a lot of poverty in this country.
175 raise in rent
Increase
ban foreign investment in housing
Real life monolopy
Destroy and rebuild is a method of intentionally bringing down property value. Extracting capital using low income vouchers temporarily. The goal is to force property value down, then buy it up for cheap. Now, rebuild and rebrand it as a luxury community.
That's certainly what it looks like.
Or hold out when big companies try to expand to drive up the price to leave.
This is exactly what's happening. I receive calls and letters weekly from investors wanting to buy my property.
There should be a ban on foreigners owning property in the US.
Another example for the poor getting shit on
Some of the neighborhoods are scary and so are the homes. If Clevelanders want to take back their homes, they should have community resources available to help them. I don't really see why it's so bad if foreign investors take over and make the homes nicer. I know the rent may go up but do you want run down areas to continue?
This is happening everywhere! I live in California, it’s happening here. Everywhere, it needs to stop!!!
Ban out of state investors.
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I work as a contractor and these investors dont care except for their monopoly profits on their spreadsheets. They truly could care less.
Thank goodness Realtors are there to save the day. But wait, didn't a Federal Jury award plantiffs $1.8 Billion from the National Association of Realtors for conspiring to keep home sale commissions artificially high?
I recommend they organize as a community and blacklist renting at out of state properties. The free market will move accordingly.
1) you don't give them rent
2) they sell and leave
This can all be solved by a change in behavior. I know it is easier said than done but that is the truth
They buy cash upfront. I just went to chase bank to get a loan on a house I want to buy. They ask me for my social security number. I don't have one sorry we can't halp u is very hard if ur not America
I am an immigrant. I want to diversify just in case Thailand goes coocoo. Dollars are the best investment and American properties were cheap before the pandemic. My plan is to buy as many properties as possible, hire good property managers and retire. In Thailand I can live frugally and watch my Dollar account grow. If Thailand goes bananas then I can move back to one of my American properties.
Don't buy in Detroit unless you're ready to defend your property by any means.
@@themostsecretscience6409 ok
if you are responsible for raising rents way above what people can afford, you deserve the death penalty. you are responsible for millions of homelessness, and stealing peoples hard earned paychecks.
@@nunyadambusiness3530 you can always go homeless. 😊
@@themostsecretscience6409 I live in Detroit born and raised the city is on the rise it’s lot’s of investment and upcoming diverse neighborhoods don’t listen to assholes who never been here and just regurgitate what they see in the media
It’s called capitalism. People with capital are going to invest in assets that pay them a good return. That is the game the rich play. The folks complaining in this video have the right to do the same thing. If you are elderly, why are you renting? Should have purchased your own home as some point in your adult life.
Maybe many people sold their home for medical bills or people can't get home because of what they did in 2008. Many people got their credit destroyed in 2008.
ok but what law says that you have to reside at a particular location in order to purchase a property in it 🤷, it's simple just fine and foreclose and you would see notice a difference in the property upkeep ✊️😉
Don’t rent OWN !!!!!
For a LOT of Americans, owning a home is a pipe dream.
One needs to have a great credit rating to own their own house.
I'm glad we bought an inexpensive house in Detroit in 1992 when the getting was good.
Don't you get fined for letting your property get run down?
Here Åland/Finland foregners CANT buy real estate. Good for us.
Investors out of Dubai are buying buildings downtown. Its not good. You will own nothing and be happy... smh
Many people don’t understand the market. Some people have the funds to buy place and think they could just raise the prices likes they are in expensive cities. It doesn’t work like that. You have to keep the same pace and raise the properties accordingly
I don’t like how you guys tried to framed this video. 1. It ignores basic economics and 2. It comes off like a propaganda piece.
The politicians and banks are making all the money. Need to put up laws that dont allow for it. Allow squatters to take the houses. Elect sheriffs that support community not money.
Siphon money from Cleveland? You need to be happy somebody willing to buy that trash 😂🤣
With negative interest rates and corporate welfare. They take full advantage of the system.
Cleveland’s problem is that it’s in Ohio
Home values are declining rapidly in Cleveland.
This just tell me these are new investors. That have no actual real estate knowledge and never. Experienced a downturn real estate market..
Thomas: “I'm not asking for the world, I just want to be in one place.”💔😢
The government better not bail them out
Local government need to fight for local constituents. Cap foreign ownership! Pour penalties onto foreign investors who are not maintaining property. Create programs for local ownership. There are so many options to research for poorest communities in America.
true
Let's cap your income while we're at it. . .
@@eleazarabrego4596 ❤ sending u love. My comment struck a cord. Listen, when foriegn owners start pouring significant profits into the local community where they own property these types of articles will cease to exist. As an investor I make it a point to priortize the property needs. I do business in communities my properties are located. I want some of the rental income to circulate in the community several times. It's what every local economy needs. Cap my income any day if I'm not showing up as responsible and concerned investor.
Can't cap ownership of corporation. And anyone can start corporation in America.
ban foreign ownership of housing
What's new the poor get screwed we have to unite
Y'all just have bad case of red ass again! Because you don't own those houses! Right?
Greed, greed, greed....
So. Who allows this nonsense.
Same thing happening in Florida
Updates!?
why do we allow foreign investors especially Chinese investors to buy US homes. Me as an American practically is not allowed to buy property as easy in other parts of the world especially in places like China
I wouldn't let Spanish investors buy property's ether!!🤣
Here we go again
😂
Isn’t Cleveland like 50 or 55% renters? Investors like zip codes with decent median income and low unemployment numbers. In order for locals to become home owners there needs to be more resources to see the roadmap to home ownership. individuals must want it, working a job at 11 hr with a car note of $600 with 9% apr and bad spending habits won’t get you on that path.
Believe it or not the Rust belt might be the next boom market. Water crisis in the West and insurance companies leaving Florida.
The title should also say Out of State owners.
I don’t see the problem here. I mean, people are entitled to make as much money as possible. There shouldn’t be a cap on who can invest and how much to buy. This is America. Why shouldn’t people invest their money where it’s going to make the most fiscal sense? How about instead we teach, encourage native Clevelanders on how to invest in these properties and take back their community? I’m sorry, I’m just tired of all the scapegoating that goes on. The people who report this stuff don’t care anymore than the foreign investors do about these communities so stop with all the fear mongering.
Bad business leaders of America act like Republicans, Do not have a plan for the homeland, they only want tax breaks for the rich and wealthy. The American dream has been sold and the kids can't put down tech devices to learn how to repair or build our country's great infrastructure. The next problem coming will be food challenges for 50% of the population. No shelter, no food, climate change. The streets will be littered with bodies half dead.
there is no problem with that whatsoever but when you displace people and they live on the sidewalk you also shut your mouth about that too..
@@wayneroberts6642 , you’re right when people are on the sidewalk, we (American society) won’t say, let alone do anything about it either. I’m sorry, but I’m just sick and tried and people deciding when they want to conveniently to pull out the homeless, poor veteran, single mom with children card when it comes to getting a fair shake when it comes to lack of opportunities that they perceive is not coming their way. I’m not directly accusing you of that but I just think it’s so hypocritical when every time when rich foreigners are buying up all the assets in this country that that’s when others will start to champion the cause of the poor, the mentally ill, the disadvantaged inner-city kid to make it as though they care about these individuals but in reality they don’t. They’re just pissed that they’re not getting in on the “fun” when it comes to making money. As far as I’m concerned, the foreigners can come to cities like Cleveland, Detroit, St Louis, Kansas City, Buffalo, Pittsburg and the rest and buy all the available inventory. I DON’T GIVE A DAMN! This idea that we’re “concerned” isn’t washing with me.
@@jbissainthe Well that analogy is pretty ignorant & silly, sorry but you're a dipsh!t. If you think that there's absolutely NO problem with foreign investors buying up all the land & property in the U.S. isn't damaging to this entire nation which includes YOU! Then you need to "Get Your Mind Right." Seriously, capitalism in the U.S. is one thing when it's used from within. However, let me hip you to a little history on the message sent by Nikita Khrushchev of Russia that was heard around the world back in 1956? Then maybe you'll understand how this quote rings true today, becoming more reality each day by leaders of foreign countries & outside investors who are using this call to action in their own way to power over the America. Nikita quoted: "We will take America without even firing a shot. We do not have to invade the U.S. We will destroy you from within..." The meaning of the statement partially pertains to this issue of property in the U.S. By enabling the foreign outside allowing them to buy up as much U.S. land as they possibly can. Brings in the power to control from the inside which in turn has the ability to cripple this nation, deciding the fate of us all. But hey you keep believing this form of capitalism use by foreign investors is a good thing, as long as you make a buck! Right? Giddy Up! Let's see what your money buys when you realize that money means nothing up against real power. Because true power trump's money all day long, so your little bit of money is NO value to the people of power. Sure that little wealth may help you now in life in some ways, until it doesn't. When the ones with power are the ones pulling the strings in society, you'll be included on their list to crush to eventually. If this is your way of thinking how it should work? Then trust me you'll lose, you're playing against a stacked deck at a table you can't win on. Good Luck though, real talk!
@@216Numbskull , you’re gonna call me a dipshit? You’re gonna start calling me names, fuckin retard? After trying to insult me why would I want to listen to anything you have to say? Makes absolutely no sense. First of all, my analogy is on point. You know what? I was going to sit here and thoroughly explain my point but I’m not gonna bother wasting my time. Good luck with your future and I hope you find love, peace and happiness.
Holton Wise, I think y'all got some explaining to do.
Property tax is up and every vendor that maintain the houses has raised their prices . An investor is expected to keep their rent the same . This doesn’t make sense . People need to learn the basics of economics.
💯
I’m not asking for the whole world. I’m just looking for one place.
😂😂
Ain't nobody else going to be buying those houses.
Cashing in on Detroit and Canada too
What is the investor website?
Most of these out of towers buy and hold hoping that someone will buy it off for a profit..they're trying to predict which areas most likely to be gentrified which is why they target low income areas
But Ohio is a lot different than Colorado! Look at Michigan for a long-term reminder of what location, location, location really means.
Yeah that’s not cool
So?
I had no idea Cleveland was such a dump ("It's not all roses out here") because it is 13% owned by investors. Thank you "News 5" for keeping us informed!
Someone must have taken a dump in your mouth because there is nothing but mental manure coming out of it.
At least it's not Detroit
@@AznCracker13 yep thats the saying
I’m about to do the same. It’s a great investor opportunity.
Taxes never come down
Ask the Republicons why?
More than just the republicans In Illinois is government pensions bloated gov making 200 thousand after retirement is crazy
Its all good, we investors fixed many of these uninhabitable homes so don't blame us for trying to make an honest living.
I'm in California. I'm saving up to buy a house in Cleveland. House are so affordable there. We are not evil people. We just want to make money
If your not evil then buy in California and leave Cleveland alone. No one wants your business.
Actually a lot of people do. My house in Indianapolis had 20 calls in 2 days 😊
@@JH-qqqqqiim You're still getting 20 calls nowadays? As in this market?
@@xxxxMonkeyGirlxxxx too late now. You know they are coming.
You're evil.
$175 rent increase... Isn't that a mortgage in Cleveland?
😂
Does investing in REIT’s fuel this?
You can always live in the woods.
Everyone’s living costs are on the rise. Whether your poor, middle class or rich. The poor receive more than enough help- food, utilities, healthcare etc …. Middle class & rich get zero help!
Yeah like the 60 years of tax cuts on the top marginal tax rate isn't helping and massive increase in CEO pay whatever shall we do
Oh and don't forget quantitative easing
People with money have help and have choices, what lies you tell.
Middle-class gets squeezed the most. Not poor enough to get help from the government and yet not rich enough not to need help from anyone.
I guarantee non of the news reporters doing this story live in that community! So Cleveland should be thanking investors from others states for buying up the homes. The city of Cleveland doesn’t really give a sh$t though as long as can keep collecting property tax.
Cleveland banks could offer favorable home lones to lower income buyers as that’s who lives in those areas. The real problem is two major things. 1st is a lack of quality decent paying jobs. Owning a home requires not only paying a Mortage but also paying for the upkeep, which requires a disposable income. It’s not possible to keep up with the matainace of a home when someone works at Home Depot for 14 bucks a hr, heck 22 per hr would be a struggle.
2nd reason is the racial divide of Cleveland and many others US cities. White flight from these communities was a real thing and crippled the communities. I mean the only reason Cleveland heights is somewhat of a success story is it has a very large Jewish community that stays and invests in the area.
I been to Cleveland 3 times in my life almost got killed there all 3 times and I owned plenty of houses in the suburbs of Cleveland and lived out of state. Never been back to Cleveland since immediately liquidated the houses lol. May start investing again because the prices are dirt cheap. Yes Cleveland prices are going to rise substantially, get ready to join the rest of the world 🤷🏾♂️