Experience Fox News articles in a whole new way – now you can listen to them! We are thrilled to present an adapted op-ed from author Carol Roth’s latest book, “You Will Own Nothing.” In this thought-provoking piece, Roth delves into the concerning trend of the elite attempting to turn the American Dream of homeownership into a mere rental opportunity, diminishing the wealth-building potential for middle and working-class Americans.
Gone are the days when you could secure a mortgage from a major financial institution without competing against them or the companies they support to purchase a single-family home. Today, financial powerhouses like BlackRock, Blackstone, JPMorgan Chase, Goldman Sachs, and Capital One, among others, have injected massive amounts of funding into companies that acquire single-family properties and rent them back to hardworking Americans. This has led to an unprecedented decline in housing affordability, reaching historic lows in the United States and making homeownership increasingly inaccessible for the average American.
Roth emphasizes the importance of homeownership as a key asset for wealth creation, a critical component of the American Dream. However, the wealthy and influential individuals both domestically and around the world have a different agenda. They want to hoard assets and rent them out, effectively preventing individuals from building wealth through homeownership. This trend is not limited to the United States; it extends to countries like the UK and the Netherlands, where property prices have also become unaffordable for the average buyer.
Unfortunately, the financial, business, and political elite have overseen a massive transfer of wealth from Main Street to their pockets, particularly during economic crises like the Great Recession. While ordinary individuals suffered losses and even lost their homes, financial institutions received bailouts and were able to profit from the crisis by foreclosing on homes and selling them at reduced prices to well-capitalized buyers. This unfair advantage further widened the wealth gap as the elite capitalized on opportunities that were denied to the average American.
What distinguishes the current situation from previous years is the rise of corporate investors in the single-family real estate market. These corporations, backed by the financial elite, including those who frequent the World Economic Forum at Davos, have become formidable competitors who do not rely on mortgage approvals and often make all-cash offers. In the fourth quarter of 2021 alone, corporations purchased a staggering 80,000 homes, accounting for 18% of all single-family homes sold. Additionally, investors acquired roughly 22% of all US homes in 2022, leaving aspiring homeowners with limited opportunities.
The consequences of this practice are dire, especially for the middle and working classes and younger generations trying to achieve homeownership. Millennials, despite earning higher incomes than previous generations at the same age, struggle to accumulate wealth and fulfill their dreams of owning a home. The wealth gap widens, as housing affordability reaches an all-time low, making it increasingly difficult for ordinary Americans to break free from the cycle of renting.
It is essential to recognize that this issue extends beyond homeownership. The elite are also aggressively acquiring land, water rights, and other valuable assets, consolidating their power and influence. In this new financial world order, the concept of “owning nothing” represents a bleak reality where individual and generational wealth creation is stifled, leaving ordinary Americans vulnerable to the control and influence of the elite.
In the face of these challenges, it is crucial for individuals to strive for ownership in whatever capacity they can. If the elite continue to consolidate wealth and ownership, they effectively gain control over the lives of everyday Americans, limiting their opportunities for financial independence and upward mobility.
Listen to the warning bells and take action now, before it’s too late. The American Dream should not become a distant memory, but a beacon of hope and opportunity for generations to come. Together, we can reclaim our right to homeownership and preserve the fundamental values of prosperity and independence that define our nation.
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Don’t miss out on the full article from Carol Roth – click here to read more and be part of the conversation.
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