As homeowners become involuntary renters, the homeowners who are left will end up subsidizing those rents. From Eric Peters at ericpetersautos.com:
Why are billion-dollar “capital” entities like BlackRock buying up hundreds of millions of dollars of formerly privately owned homes? It may be possible to divine the answer by looking at another number:
The millions of people on the cusp of being evicted from the places they rent.
According to the U.S. Census Bureau, there are some 6.7 million of these people – who’ve had their rents increase by $250 per month, on average. The majority of these people earn less than $25,000 annually – and all of them have had the buying power of whatever they earn reduced by about 15 percent, via what is styled “inflation,” in order to make the victims of it think that the things they need to buy or pay for (like rent) cost more. In fact, their money just buys – and pays for – less.
Many of these renters have had their rent subsidized as part of what was styled “pandemic” relief,” an odd way of putting it since the “pandemic” didn’t force anyone to stop working (or hiring workers).
Rather, it was the government that did it.
The same government also told landlords they could not evict renters who weren’t paying rent. Which meant that landlords were being forced by the government to pay their rent – via the cost of paying the property taxes the government didn’t hold in abeyance, as well as all the associated carrying costs of owning a rental property – including the monthly mortgage payment.