Ben Shapiro Defends BlackRock After Report its En Masse Home-Buying is Driving Up Housing Prices

Rudy TakalaJun 10th, 2021, 4:09 pm
 
Ben Shapiro

Mark Ralston/Getty Images

Ben Shapiro stood out on Thursday as one of the few commentators to defend investment-firm BlackRock after a report revealed its “investment” practices had driven up prices in the housing market.

His commentary came in response to a Wall Street Journal report about roughly 200 investment firms buying thousands of homes — and sometimes entire neighborhoods — around the country before raising prices and capitalizing on home buyers and renters. The practice has enhanced already-skyrocketing inflation in the housing market.

“I see many people are enraged at Blackrock,” Shapiro noted in a series of messages weighing in on the issue. “Blackrock is buying homes from people willing to sell them. If you don’t like what they’re doing, target the loose governmental policy incentivizing this sort of investment. … If you’re mad at Blackrock and want to artificially prevent them from buying single-family homes, I’d like for you to explain to those who currently own the homes why you’re taking money out of their pocket.”

He said critics should blame the Federal Reserve’s “insane monetary policy” for reducing the cost of loans, adding, “If Blackrock is willing to take the risk of leveraging up to buy single-family housing at above-market prices, that their prerogative. So long as they own the downside risk. No bailouts. Ever.”

Conservatives elsewhere took a more populist tone on the issue, including Hillbilly Elegy author J.D. Vance, who suggested progressives would simply “ignore” the problem. The comment provoked Young Turks founder Cenk Uygur to assure readers the left “can’t stand BlackRock,” either.

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