JPMorgan to spend $1B on rental homes in the US to become a megalandlord
The megalandords are potentially a serious threat to democracy.Property rights are, to many theorists, the foundation of liberty. The widespread ownership of property is arguably the foundation of democracy. Owning your home gives you rights and independence; your home is your castle. The landlord's home is their castle.Now we are concentrating wealth and property back into the hands of a few, a corporate aristocracy. You can use property at their pleasure. What happens if you want to do something politically unpopular? Put a sign in your yard? Work someplace or say something on social media? What if you have a dispute with this landlord - can you compete in court with their lawyers? where else will you live? Will other megalandlords accept you?They also will have enormous influence in local communities. Property owners, not renters, are the influential people in any community. These new megalandlords will concentrate that power in a large corporation which has enormous resources. Local government will not be able to compete.How does this arrangement differ from feudalism, with the wealthy controlling the land and the rest reduced to renting it. Well past feudalism, the concentration of property ownership has been a serious obstacle to democracy in many countries trying to make that transition. Now we are going backward.Do you think these wealthy, powerful people, who pride themselves on their naked aggression and disregard of others' welfare, who have a long history of buying government, will not use this power?A crucial question is, is this part of the deliberate attack on democracy by the (unnamed) coalition of wealthy and corporations, or truly just an investment? Regardless, the power will be there for that coalition to utilize.