- Joined
- Aug 21, 2019
You're a fool if you think they're ever coming off the balance sheets. Louis Rossmann is good for talking about how real estate in NYC is fucked and some of the buildings have gone multiple decades without occupancy, Blackrock has so much money that they will never be in a position where they need to sell these properties off. What you're witnessing is the modern version of Enclosure, something that occurred over the late Medieval and Early Modern Period in Britain that ended up with the landed magnates devouring the country to the detriment of the peasantry. This cycle has happened over and over in history. In Roman history you have a period of time between the Gracchi Brothers to Julius Caesar himself trying to fix the issue of landed magnates devouring the countryside and replacing the labor with slaves, A large portion of the Crusades was dictated over the the fact that land was at maximum carrying capacity and the Pope wanted to direct the violence out of Christendom, a problem that didn't get resolved until the Black Death killed half if not two thirds of all people in Europe.
This phenomenon is new to the American experience, mass purchasing of land like this was viewed as a taboo and the required funds just outright did not exist, the old Robber Barons of the Gilded Era would be repulsed by the conduct of these dip shits, they were vicious pieces of shit but a large part of their wealth was just civic improvements in an effort to aggrandize their legacy. There was attempts of course, Company Towns are a largely reviled part of US history and the song Sixteen Tons is a folk song describing how awful the whole experience was. But these Company Towns largely died the moment the "Company" went out of business and turned into ghost towns. Blackrock, Bill Gates are doing what was previously unthinkable and have begun to purchase prime real estate in large quantity with the goal to turn the population of the US into permanent renters. Its hard to come up with historical examples of such a large scale shock in the sovereignty of the individual, maybe Diocletian's reforms which turned the average Roman citizen into proto-serfs.
I think this is what's happening as well and I've been saying online for a couple years now. People, especially in cities, are getting turned into these neo-serfs who will never be able to retire because they will always be at the mercy of a landlord. "Can't afford rent and groceries? Not problem, we'll just give you some unsecured credit and you can pay us back later." But you're never going to manage to pay them back because rent and the cost of food will keep going up and your pay won't keep up with that inflation.
The sad part is mass immigration is going to stop any kind of population decline in the other direction. So unless people in third world shitholes suddenly stop having kids, there are going to be lots of people to buoy the rental market and ensure a steady stream of serfs.