A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping centers, hotels and commercial forests. Some REITs engage in financing real estate. Explanation taken from a Wiki
You know those times in the middle of the night when you can't sleep and you potter through that inexhaustible source of videos on Youtube, well I watched one last night about Canada and Reits. The rather sad plight of people who rent apartments and houses and are then forced out by the above landlords so that their houses/apartments can be let for a higher price.
An easy way to make money, it tops up your pensions and dividends, unfortunately milking the poor will only last for a certain time and then there is social upheaval. With all the price rises, the rise of rents in this country will be able to slip under the mainstream, but when everything is owned and taxed who will be better off?
As for the heading it seemed to roll in rather nicely with the subject matter. But in actual fact someone said it last night when a member of parliament challenged the fact that Rees-Mogg's name was on a bill when he was not a minister anymore, it made me chuckle....
I agree that the danger of this is that operating as a business, a large scale on at that, brings something that should be tenant focused to profit focused. It is impersonal and benefits no one but the owners. A one way street, so to speak. I believe that to be wrong.
ReplyDeleteI suppose I was so surprised that it had been made big business to rent out. Somehow I had always figured it to be solo landlords renting out a spare house. I know you love your tenants Debby and give them the best, it was just the facet that it was something else people had to bear.
DeleteNo. I do agree with you entirely. When it becomes a business, no matter what you're talking about, a nursing home, a prison, a hospital, housing, the focus becomes profit not people. That is wrong. There are businesses that should be putting people first. They NEVER do.
DeleteI'm sure that I read somewhere that one of the banks (Lloyds?) was looking to get into the property rentals business. - what could possibly go wrong for either bank or Tennant?
ReplyDeleteSo problems from both sides Will, the banks have plenty of money to invest, the tenants less so but under my terms housing should be there as a security net, not allowed onto the business market as a point of profit.
DeleteI see Cruella got her job back. That was shabby.
ReplyDeleteJobs for your mates is classic of our government, they need to get their fingers sticky Tom.
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