Read on Twitter
Deeply suspicious that the current residential property investing fad among high-salary young people is going to produce a bunch of little slumlords. The formula being: buy a cheap property in a neighborhood they know nothing about, barely maintain it for passive income, repeat.
And this isn't exactly new - as long as property has been commodified this has been present in some form - but geographic income stratification and relatively inelastic rents make it appealing for somebody to buy a cheap property far away from their home and not think about it.
And recently, there's been an extra layer of influencer culture / instagramification of it all. Lots of pretty little graphics telling $200k/yr households how *easy* it is to landlord their way to sustained wealth in poor neighborhoods.
This has deleterious long-term effects. I think of Marktown, where absentee landlords keep selling their buildings to BP because they don't care enough to know that residents are desperately fighting to prevent the oil giant from acquiring and demolishing the whole neighborhood.
More on Marktown in this thread: https://twitter.com/SorenSpicknall/status/1342134866532573184
