Jeff Bezos Wants to Be Your Landlord, Backs New Fund that Acquires Single-Family Homes in the US
It’s always interesting to see how billionaires think of ways to control more of the world and humanity. While Elon Musk sets his sights on futuristic endeavors like mass consciousness- and narrative-controlling social media, space exploration, and satellite internet, Amazon’s Jeff Bezos is going back to basics with good old feudalism.
Just days after making headlines for donating $120 million to different nonprofits that fight homelessness, the billionaire invested $500 million in Arrived, a real estate startup that aims to make being a landlord more affordable by allowing investors to buy and trade just portions of single-family homes.
The startup allows investors to “purchase shares of single-family rentals for as little as $100.” According to a Yahoo! Finance report, the fund, called the Single Family Residential Fund, has already snapped up “more than 388 homes with a total value of over $122 million. Properties are often fully funded within hours of going live, which has resulted in Arrived limiting the maximum investment on many of its offerings.”
Arrived, which is also backed by Marc Benioff, Spencer Rascoff, and Dara Khosrowshahi, is doing this at a time when it’s become nearly impossible for many young, working-class Americans to buy a home because of soaring costs and higher interest rates.
Critics warn that the startup’s strategy may lead to the monopolization of housing, allowing them to consolidate control over the housing supply and influence rental prices. This could make affordable housing even scarcer, particularly in high-demand areas, affecting individuals and families already struggling to secure adequate housing.
Representative Ro Khanna (D-Calif.) criticized the move and emphasized that “Housing should be a right, not a speculative commodity.”
However, it seems that donating to homelessness charities is enough to help Bezos sleep at night.
Information for this story was found via Yahoo, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
