Hi guys, welcome back to step by step with me, Shelby Church. Today we have a really interesting,

I think at least solo episode. I'm going to be talking about a reason that everything,

but specifically housing is more unaffordable today that I never hear people talking about.

And there's a reason people don't talk about this. I'm calling it, I've heard other people call it

the bank of mom and dad or inheritocracy. And it's basically this idea that, well, it's not an

idea, it's a fact. It is the fact that a lot of people receive a gift from their parents for the

down payment of a house. And many people actually don't

realize this. I didn't realize this for the longest time. I had no idea. And real quickly,

before we jump into it, if you're watching the YouTube video, I am at an Airbnb right now. I'm in

Palm Springs for the Indian Wells Tennis Tournament, but just wanted to record an episode really

quickly while I'm here to get it

out for the week. But I've been thinking about this topic the last two weeks leading up to this

episode and doing research for it. And it's something that people just often don't even think about.

Right now, the common thing to point the blame at for unaffordable housing is those big investment firms buying up

housing. So companies like invitation homes, there are other ones that there are companies out there

that do this. They buy houses just to rent them out and they buy them in cash sometimes, probably

a lot of the time.

It's messed up what they're doing for sure.

But the fact of the matter is when you really go and look into the numbers,

it's not actually that much of the housing market that they bought.

It was found that nationwide, they own 2% of single family houses.

Now, don't get me wrong, I think they should own 0% of single family houses. I don't think corporations should be buying single family houses at all. Really, I mean, my stance is like, yeah,

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