Greg Abbott likes to take credit. He needs to own up to the extremely high inflation rate in Texas compared to the rest of the Country.

To maintain its 2021 standard of living, the average Texas household now pays an extra $12,348 a year. Source

Whether sky-high electrical prices to ensure that the billionaires kept the money they made during the freeze or the ever-increasing insurance costs. Gregg Abbot and the Republicans are why those prices have gotten out of hand.

We could also blame Wall Street for driving up the price of housing and increasing the rent when they purchase them.

In 2018, corporations bought one out of every 10 homes sold in America, according to Dezember, who notes that, “Between 2006 and 2016, when the home ownership rate fell to its lowest level in fifty years, the number of renters grew by about a quarter.”

This all really took off around a decade ago, when Morgan Stanley published a 2011 report titled “The Rentership Society,” arguing that—in the wake of the 2008 Bush housing crash—snapping up houses and renting them back to people who otherwise would have wanted to buy them could be the newest and hottest investment opportunity for Wall Street’s billionaires and their funds.

Turns out Morgan Stanley was right. Warren Buffett, KKR, and the Carlyle Group have all jumped into residential real estate, along with hundreds of smaller investment groups, and the National Home Rental Council has emerged as the industry’s premiere lobbying group, working to block rent control legislation and other efforts to regulate the industry. Source

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top