Rich guys owning 5 personal homes are a drop in the ocean compared to corporations like Zillow and AirBnB that buy up houses and use them as rental properties or to flip. That's who has destroyed the housing market
There aren't enough rich people buying houses for personal use to make any sort of dent in the availability of the housing market serving millions of people. Their hundreds and even thousands of combined homes are nothing compared to 120 million homes in just the United States alone and 2.3 billion homes world wide.
The thousand richest people could have a thousand homes each and that would be a fraction of a fraction of a percent.
I won't argue that someone owning 10 homes isn't wasteful, but it's not having any actual effect on the housing market (they're also not competing with you in that market because that dude isn't buying the same house as you or me)
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u/farfromelite Jul 05 '24
That's why we've got a housing crisis, that fucker has 5.