Staff Reports
Democrat candidate Robert Kennedy Jr has sounded the alarm about investment firms like BlackRock, State Street, and Vanguard, who are allegedly making it impossible for average Americans to own homes. Kennedy pointed out that these investment firms currently own a whopping 88 percent of the S&P 500, giving them immense power and influence over the housing market.
You'll Own Nothing: RFK Jr Says BlackRock Is Making Home Ownership in America Impossiblehttps://t.co/i5V0UB4jdi
— The Daily Fetched (@DailyFetched) September 4, 2023
According to Kennedy, these firms have access to massive amounts of capital, allowing them to make cash offers on homes and outbid regular homebuyers. This has led to a significant increase in home prices, making it increasingly challenging for average working Americans to afford a home. Kennedy highlighted that the average cost of a home has risen from $250,000 to $400,000 since 2019 alone.
Black Rock + State Street + Vanguard are robbing Americans of the ability to own homes. I have a plan to stop them — and to start a housing boom for everyone. #Kennedy24 pic.twitter.com/qfUfW4KM6c
— Robert F. Kennedy Jr (@RobertKennedyJr) September 3, 2023
The negative impact of rising home prices doesn’t stop there. Higher home prices have also driven up the cost of rent to record levels. Americans are now paying a staggering one-third of their income on rent, the highest ratio ever recorded. This means that even those who can’t afford to buy a home are facing financial struggles due to the unaffordability of rentals.
Kennedy’s warnings about BlackRock’s influence over the housing market align with recent revelations made by journalist James O’Keefe. O’Keefe’s investigation uncovered that BlackRock had been buying off politicians, further solidifying the firm’s hold on the housing market and raising concerns about their levels of control and power.
It seems that Kennedy’s concerns are certainly warranted. If investment firms like BlackRock continue to dominate the housing market, average Americans may find themselves forever locked out of homeownership, perpetuating wealth and opportunity gaps. The government should take action to ensure fair and accessible housing for all Americans, rather than further enriching these investment giants.
