New Jersey to put the freeze on home flippers
America has a profound housing crisis. Many of us are spending far more on rent and mortgages than we can afford. Homelessness is visibly getting worse. Perhaps a silver lining from the Fed raising interest rates now to defuse inflation is that it might pop this real estate bubble and bring housing prices back to planet Earth. But there’s another cause of the housing crisis that deserves urgent action: hedge funds. Billionaires looking to make a quick buck are swooping in to buy up properties and flip them, which in turn pushes up prices. New Jersey is one of several states that are taking action to stop this.
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