Which then, of course, they will rent out to everybody else who cannot afford to buy.
The whole point of jacking up the housing prices is to force more and more people into renting so that they will NEVER own anything.
It's the same principle at work as the rising cost of college. The goal there is to limit access by making it unaffordable.
This is the neoliberal dream at work, forcing everybody but a handful of rich to live in third world squalor.
This last economic downturn, which is still going on, is basically restructuring our society along class lines, aided and abetted by those assholes in Washington who are bribed by those interests to force the rest of us to live like third world peasants:
Five years since the 2008 crash, over twenty million people remain unemployed or underemployed, while wages continue to fall. Between 2007 and 2011, the US median household income has plunged by 11.6 percent, from $57,143 (in 2011 dollars) to $50,502.
What has taken place since the beginning of the crisis in 2007 is a massive intensification in the social oppression of the working class, reflected in a vast transfer of wealth from the working class—that is, the vast majority of the population—to the rich.
This is the product of policies pursued by the ruling class and its political representatives, under Bush and then Obama. The US government responded to the 2008 crash by offering hundreds of billions of dollars in bailouts and trillions in free credit to the banks. Working households, over ten million of which foreclosed on their houses since 2008, were offered nothing