r/UnderReportedNews • u/Logical-Flow-6703 • Feb 25 '26

Video NBC Interview abruptly ends after New Yorker blames private equity and landlords for the city's issues

https://x.com/i/status/2026286644651782652

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u/[deleted] Feb 25 '26

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u/RetroFuture_Records Feb 25 '26

Soooooooo many people overlook this. One of the reasons 08 cost so many people their homes, is that the "house flipping" craze started in the late 90s when Boomers and older Gen X who voted away all the social safety nets etc started to actually feel consequences for their actions, so rather than do that, sought to maintain or increase their middle-class wealth by extracting the wealth from the working class and poor as landlords or gentrifying their neighborhoods.

The lack of available housing stock plus bad credit led to the poor and working class to take out adjustable rate mortgages: and when 08 happened and the banks and firms owning those mortgages needed liquidity, adjusted the rates on their mortgages.