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Billionaire Investors Are 'Supercharging' Housing Crisis: Report
Key Excerpts from Article on Website of Common Dreams
Posted: October 28th, 2024
https://www.commondreams.org/news/wall-street-buying-houses
The Institute for Policy Studies (IPS) joined Popular Democracy in compiling a 71-page report titled Billionaire Blowback on Housing. The two groups found that a small number of wealthy individuals and their investment arms, who control "huge pools of wealth," have spent some of their vast resources on "predatory investment and wealth-parking in luxury housing." Billionaires and their investment firms, such as Blackstone—now the world's largest corporate landlord—are "taking advantage of the tight low-income rental market, lack of publicly funded affordable housing, displacement after the foreclosure crisis, and inaccessible homeownership to get into the business of single-family and multifamily home rentals, and buying up mobile home parks," the report reads. Blackstone now owns 300,000 residential units across the U.S. and nearly doubled its portfolio in 2021. The housing crisis ... is characterized by record-breaking homelessness in 2023 with more than 653,000 people unhoused; half of tenants paying more than 30% of their income on rent ... and a significantly widened gap between the income needed to buy a house and the actual cost of a home. The number of vacant units in some communities exceed the number of unhoused people. For example, in 2017 there were more than 93,500 vacant units in Los Angeles and an estimated 36,000 unhoused residents, with vacancies treated as "a structural feature of the market thanks to the presence of a small class of wealthy investors who engage in speculative financial behavior."
Note: For more along these lines, see concise summaries of deeply revealing news articles on banking system corruption and financial inequality from reliable major media sources.
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