BlackRock has said, the era of rising into the middle class by getting home ownership is over.

http://www.informationclearinghouse.info/56821.htm

In the case of housing, which has gone up – it’s the most rapid increase, over 10 percent in the last year, that’s essentially because BlackRock has said, the era of rising into the middle class by getting home ownership is over.

Our ideal here at BlackRock is the 19th-century ideal; really, it’s the 14th-century ideal. It’s the landlords. We want to turn the American economy away from a home ownership economy into a renter’s economy.

And if we had BlackRock and our fellow landlords can monopolize the control of housing, and bid it all the way, we all of a sudden will have a monopoly in housing costs. We can raise it 10 percent this year, 10 percent next year.

And the banks are going to lend to us to buy out all of this real estate at 1 percent or 2 percent, and they’ll charge 3 or 4 or 5 percent to other people.

All of a sudden you’re going to have a concentration of home ownership in the hands of large corporations. And the middle-class ideal of home ownership is going to be squeezed out.

Author: rogerglewis

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