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Investors Buying Up the City of Oakland

By BayArea   Follow   Thu, 28 Jun 2012, 7:56pm   768 views   6 comments
In Oakland CA 94618   Watch (0)   Share   Quote   Permalink   Like   Dislike  

http://www.baycitizen.org/housing/story/report-investors-buy-nearly-half-homes/#comments

"According to a report released today by the Urban Strategies Council, a nonprofit think tank, real estate investors have purchased – usually with cash – 42 percent of the 10,508 homes in Oakland that went into foreclosure between January 2007 and October 2011. Many of these investors are turning the homes into rental properties and charging rent that is significantly higher than the monthly mortgage payments many families would make if they purchased the homes."

What will be the implications of investors essentially owning entire neighborhoods in the city... 2, 5, 10 years down the line? How will it affect residents, potentially buyers in the future, and even other investors?

The scale that this is going on right now is insane in cities like Oakland, Richmond, Pittsburg, Antioch, Vallejo, Bay Point, etc.

Given rental costs relative to buying costs (which poor people can't do with no credit nor downpayment), this is a classic case of the gap increasing between the lower and upper class...

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1. robertoaribas Follow Befriend (23) 55 threads 3,745 comments Scottsdale, AZ robertoaribas's website

   1   8:16pm Thu 28 Jun 2012   Share   Quote   Permalink   Like   Dislike   this can't be true! any number of trolling flamebaits on this site assure everyone, based on no data and nothing but their imaginations, that homes are not being bought, and prices will fall 200%...

2. clambo Follow Befriend (5) 1,070 comments Santa Cruz, CA

   2   8:20pm Thu 28 Jun 2012   Share   Quote   Permalink   Like (1)   Dislike   Buddy, I DARE you to go be a landlord in Oakland. If you can't handle that I recommend Juarez Mexico.

3. CrazyMan Follow Befriend 448 comments Campbell, CA

   3   8:34pm Thu 28 Jun 2012   Share   Quote   Permalink   Like (2)   Dislike   Maybe it'll actually improve the shit hole that is Oakland.

4. Goran_K Follow Befriend (4) 25 threads 1,516 comments Laguna Beach, CA Premium

   4   8:51pm Thu 28 Jun 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   Great, Oakland, Phoenix, Detroit, and Camden New Jersey are being bought up by investors. Maybe they will actually improve those places enough to make them attractive for people to consider living there.

5. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 168 threads 4,146 comments Premium

   5   8:57pm Thu 28 Jun 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   Oh, this is simple. They'll buy up the foreclosures cheap, hire snipers to take out the poor people and give the Oakland neighborhoods trendy names like CaNo (CastroNorth) and send Realtorscum to SF to market Oakland as half-priced assfucking paradise.

6. mdiablo Follow Befriend 2 comments

   6   6:22pm Fri 29 Jun 2012   Share   Quote   Permalink   Like (1)   Dislike   $2,595 for that neighborhood? Make it $2,495 and throw in a shotgun and some ammo. Anyone who can afford that kind of rent wont want to live in that hood.